Sideways Victory For Bonds and Rates We've been tracking both a sideways trend and an uptrend in bond yields for more than 2 months now.  The uptrend has been winning (and SHOULD win), but bonds were strong enough today to make a case for a return to the sideways range.  With rates near all-time lows, "sideways" is a victory. Econ Data / Events 11:30-11:50 AM (ET) -  Fed 30yr UMBS Buying    Philly Fed Biz Survey: +27.5 vs -23.0 f'cast , -43.1 prev Jobless Claims: 1.508m vs 1.3m f'cast , 1.566m prev Market Movement Recap 08:48 AM Bonds were stronger out of the gate overnight as stocks slumped.  Correlation remains extremely high between the two.  After a rebound toward higher yields and stock prices, markets reversed course again just before 5am, moving lower into the domestic session.  Stocks have bounced slightly since 8am, but bonds are trying to hold their ground with 10yr yields trading near 0.70% vs a ceiling range of .72-.74.  MBS are underperforming, but also in positive territory (nearly an eighth of a point). 12:24 PM Treasuries have been steady as stocks recoup a portion of overnight losses.  MBS are near their best levels of the day, up an eighth of a point, still, just under 102 for 2.0 coupons. 02:24 PM VERY slow, sideways day for both MBS and Treasuries (albeit sideways at stronger levels).  No major change from the last update.

June 18, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 18, 2020 Mortgage Rates Mostly Steady as Markets Wait For Info Wed, Jun 17, 2020 5:06PM Mortgage rates joined many other sections of financial markets today in doing almost absolutely nothing . Both stocks and bonds were almost perfectly flat. Neither was overly interested in responding to economic data or Round 2 of Fed Chair Powell's congressional testimony. That's not too surprising considering today's economic data wasn't hotly anticipated and Powell would have been hard-pressed to say something we haven't already heard him say several times (he was in the hot seat yesterday as well as last week after the Fed Announcement). Beyond that, financial markets know the Fed is commi... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.048 +0.009   3.621 4.780 MBS Live Recap: Sideways Victory For Bonds and Rates Thu, Jun 18, 2020 3:10PM Sideways Victory For Bonds and Rates We've been tracking both a sideways trend and an uptrend in bond yields for more than 2 months now.  The uptrend has been winning (and SHOULD win), but bonds were strong enough today to make a case for a return to the sideways range.  With rates near all-time l... (read more) MBS Price Change UMBS 5.0 99.73 -0.05 UMBS 5.5 101.25 -0.03 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.04 -0.03 GNMA 5.5 101.20 +0.02 GNMA 6.0 102.14 -0.04 Pricing as of: 9/9 12:10AM EST US Treasury Yield Change 2 YR Treasury 3.498 +0.010 5 YR Treasury 3.570 +0.009 7 YR Treasury 3.776 +0.008 10 YR Treasury 4.048 +0.009 30 YR Treasury 4.698 +0.007 Pricing as of: 9/9 12:10AM EST Other News Conventional Loans Stealing Market Share Thu, Jun 18, 2020 11:28AM The dominance of conventional lending continued to grow in May . Ellie Mae's Origination Insight Report says those loans made up 82 percent of originations during the month, up from 81 percent in April and 70 percent at the end of 2019. The FHA share has shrunk from 17 percent to 9 percent over that period and VA loans had a 6 percent share, down from 9 perc... (read more) Freddie Says Economic Stimulus Softened Pandemic's Impact Thu, Jun 18, 2020 10:43AM Freddie Mac's Economic and Housing Research Group says say that, heading into summer, the housing market is rebounding from the COVID-19 pandemic's damage faster than expected. Purchase demand is recovering, and any home price response has, so far, been muted. Still, the company's quarterly forecast is much more uncertain than usual. The report credits the g... (read more) CFPB Attempts to Clarify Servicer Credit Reporting Requirements Wed, Jun 17, 2020 4:36PM There has apparently been considerable confusion regarding servicer obligations to report to credit agencies regarding loans in forbearance. The original guidance issued to servicers by the GSEs Fannie Mae and Freddie Mac in mid-March regarding the COVID-19 emergency instructed them "to suspend reporting the status of a mortgage loan to credit bureaus during... (read more) LO Jobs; Digital, QC, Cap. Mkts. Products; Ginnie/FHA Changes Thu, Jun 18, 2020 9:12AM Capital markets folks focus on risk management every day. The public is getting a taste of another kind of risk management when they go to a bar, tattoo parlor, or hair salon. What happens when the government doesn’t specify what masks are acceptable ? Should COVID just be part of our health landscape, as many have suggested from the outset, and we sho... (read more) Latest Video How working from home could lengthen recession Jobless claims total 1.5 million, vs 1.3 million expected Evercore ISI's Krishna Guha on the Fed's response to the coronavirus crisis What investors are taking from Fed chair Jerome Powell's testimony before t... Around the Web Calculated Risk Blog Lawler: Early Read on Existing Home Sales in May CNBC The economy is snapping back, but still has a long way to go, alternative data shows CNBC The flight to the suburbs is real and growing, as coronavirus changes the way people live CNBC Options traders bet on Wells Fargo to surge after Fed stress tests Calculated Risk Blog Hotels: Occupancy Rate Declined 43.4% Year-over-year Calculated Risk Blog Comments on Weekly Unemployment Claims Reuters IMF says deeper-than-expected contraction in U.S. economy likely in second quarter NAHB Eye on Housing Remodelers' Net Profit Margins Are Flat Calculated Risk Blog Philly Fed Manufacturing firms reported "signs of improvement" in June Reuters Wirecard faces loan crunch over missing $2.1 billion CNBC U.S. weekly jobless claims total 1.508 million, vs 1.3 million estimate CNBC Bank of England adds another 100 billion to bond-buying program to combat coronavirus slowdown Reuters Fed's Powell beats drum for more government aid to bolster economy

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