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Bonds Beginning The Week on The Defensive
After weeks of gradual strength in bonds, this week begins with rates under modest pressure. The rest of the week brings several other potential market movers in addition to the ongoing hyperfocus on covid numbers.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
Durable Goods Orders: 7.3 vs 7.0 f'cast , 15.1 prev
Cap-Ex 3.3 vs 2.3 f'cast , 1.6 prev
Market Movement Recap
08:45 AM Stocks stayed modestly stronger in the overnight session with the street giving credit to generally positive earnings reports. Bonds avoided paying too much attention, spending the night mostly flat and starting the domestic session in just slightly stronger territory. No major reaction to the Durable Goods data.
12:55 PM Very little to report as bonds are little-changed from the outside. Treasuries are minutes away from digesting the 5yr auction and that could be a reason yields are near the higher end of the day's range. 2.0 UMBS are outperforming, up 3 ticks on the day (0.09) still trading just shy of 103.00.
01:04 PM 5yr auction, 2.88 vs .284 forecast. Not causing a huge reaction, but could be the reason for modest weakness in Treasuries just now
03:22 PM A bit more weakness over the past 90 minutes with 10yr yields now up more than 2bps on the day. MBS are still positive. Stocks are at their highs.
MBS Commentary
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Bonds Beginning The Week on The Defensive
After weeks of gradual strength in bonds, this week begins with rates under modest pressure. The rest of the week brings several other potential market movers i... (read more)
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Housing News
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The National Association of Home Builders' (NAHB') Housing Trends Report for the second quarter of 2020 found slightly less than a quarter of prospective home buyers could afford a median-priced home in their local markets, leaving 77 percent shut ou... (read more)
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Rob Chrisman
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In these days when you can’t even get 100% of Americans to agree that water is wet, we have hurricanes, gold prices skyrocketing, COVID relief debates, and ninety-nine days more of “fun” until the election. Yes, it appears that anot... (read more)
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Mortgage Rate Watch
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The bond market saw yet another week with rates in a holding pattern at historic lows. With coronavirus being the primary motivation for rates, it wouldn't be a surprise to see indecision continue until we get a clearer idea of how things will shake ... (read more)
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Housing News
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It had been threatened from the beginning of the Trump administration, but this week the hammer fell. U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson has announced the formal termination of the Obama Administration's Affir... (read more)
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Housing News
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New Home sales have done it again, rising for the third straight month. The U.S. Census Bureau and Department of Housing and Urban Development estimate that newly constructed single-family homes were sold at a seasonally adjusted annual rate of 776,0... (read more)
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