Volatility is Possible, But It Wasn't Possible Today Bonds have decidedly engaged in a stereotypical year-end grind.  It's just like any other sideways grind, but the year-end versions tend to last longer and remain confined in narrower ranges.  Breakouts are possible, of course, but breakouts that happen at this time of year are just as likely to be reversed  in short order.  Today's video discusses why the "golden age of lock/float risk" is almost over. Econ Data / Events 20min of Fed 30yr UMBS Buying  10am, 1130am (M-F) and 1pm (T-Th) Q3 GDP 33.4 vs 33.1  Philly Fed Biz Activity -26.8  v -15.9 Consumer Confidence 88.6 vs 97.0 f'cast Existing Home Sales 6.69m vs 6.70m f'cast Market Movement Recap 08:35 AM Calm, sideways trading overnight.  Brexit concession from the EU hurt EU yields at 2:50am ET (fishing water rights).  US yields followed somewhat, but remained in positive territory.  10yr is less than 1bp lower on the day at .93 and 1.5 UMBS are up 2 ticks (0.06). 02:17 PM VERY slow/sideways.  Nothing significant to report.  Scattered  Brexit headlines, but no impact.  No reaction to AM data.  S&P futures unchanged.  10yr yield down 1.7bps at .921%.  MBS up 2 ticks (.06)--all in similar shape compared to several hours ago.

December 22, 2020 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Volatility is Possible, But It Wasn't Possible Today Volatility is Possible, But It Wasn't Possible Today Bonds have decidedly engaged in a stereotypical year-end grind.  It's just like any other sideways grind, but the year-end versions tend to last longe... (read more) Housing News Existing Home Sales Take a Pause After Five Months of Gains Existing home sales finally took a breather in November, breaking a five month stretch of gains, often substantial ones. The National Association of Realtors® (NAR) said that pre-owned single-family homes, townhomes, condos, and cooperative apart... (read more) Rob Chrisman Correspondent, MLO Jobs; Digital, Trailing Doc; FHA's Foreclosure and Eviction Moratorium Extension I hope that everyone had a happy solstice yesterday, with a few folks writing to suggest that “It is the shortest day, of the longest year, of our lives.” Given my background in capital markets I am regularly asked how some lenders offer ... (read more) Housing News FHA Extends COVID Relief Measures Until March The Department of Housing and Urban Development (HUD) has extended the timeframe for several of the relief programs it put into effect last spring through its Federal Housing Administration (FHA) to help lenders, servicers, and homeowners cope with t... (read more) Housing News Experts Say Homeowners Exiting Forbearance Will Need Outreach, Assistance The Urban Institute (UI) recently held a webinar with housing experts to look at distress in the housing market. In a report on the findings, researchers Jung Hyun Choi and Daniel Pang say that, as of November, 3.7 million homeowners who had taken ad... (read more) Mortgage Rate Watch How Much Lower Are Today's "All-Time Low" Mortgage Rates? 2020 has safely secured its place in the record books as the year of all-time lows in mortgage rates --one of them anyway. Several other years have recently boasted as many new instances of record lows, but none have done so with the average 30yr fix... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/6 7:35PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/6 7:35PM EST Latest Video Why home prices aren't likely to go down over the winter Consumer Confidence Index in December at 88.6 vs 97.5 estimated The 9 a.m. Bond Report: December 12, 2020 Existing home sales in November drop for the first time in 5 months Around the Web Calculated Risk Blog Comments on November Existing Home Sales CNBC Existing home sales declined for the first time in 5 months in November as prices rose and supply fell news.google.com U.S. third-quarter GDP growth revised slightly higher CNBC U.S. Treasury yields fall amid fears of new coronavirus strain news.google.com The next stimulus deal will be even harder to get CNBC Rental assistance in new Covid relief plan is not enough, experts warn CNBC 'It's a start:' Stimulus bill includes $25 billion in emergency rental relief, extends eviction moratorium NPR Here Is What's In Congress' COVID-19 Relief Package Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Decreased in November news.google.com Americans will get stimulus checks as soon as next week, Mnuchin says - CNBC CNBC Americans will get stimulus checks as soon as next week, Mnuchin says NAHB Eye on Housing Sluggish Job Growth in November: State-Level Analysis Calculated Risk Blog Seven High Frequency Indicators for the Economy

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