MBS Outperform; Bonds Stay Defiantly Sideways Overall The stock market tried a few different moves on the bond market today and while correlation is still visible at times, Treasuries generally refused to be dragged very far from home.  MBS did just a bit better, benefitting from light supply at today's Fed buying operations. Econ Data / Events 20min of Fed 30yr UMBS Buying  10am, 1130am (M-F) and 1pm (T-Th) Jobless Claims 870k vs 840k f'cast, 866k prev Continued Claims 12.58m vs 12.75m prev New Home Sales 1.011m vs 895k f'cast, 965k prev (highest in 14 years) Market Movement Recap 08:47 AM Bonds were modestly stronger overnight, staying in line with stock market weakness as stimulus remains elusive.  S&P futures down .75%.  10yr yields down 1 bp to .67%.  And 2.0 UMBS up 2 ticks (0.06) to 103-03 (103.09).  No reaction to jobless claims data. 01:19 PM No major changes for bonds for the entire day so far.  7yr Auction went fine (solid "B").  Stocks have been pushing higher since the NYSE open, but bonds haven't cared too much.  10yr yields still at .67%.  MBS up another tick to 103-04 (103.125). 03:03 PM MBS squeezed a bit higher in the afternoon after a morning of lighter supply at Fed buying operations (under 7 billion offered in each session versus higher volume days that range from 8-11 billion).  2.0 coupons now up 5 ticks (.16) at 103-05 (103.16)

September 24, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Sep 24, 2020 Mortgage Rates in Drift Mode Wed, Sep 23, 2020 4:16PM Mortgage rates didn't do much today. The average lender was effectively unchanged from yesterday. The same could be said yesterday, and the day before that, and so on and so on... The only major adjustment to rates in recent weeks has been the abrupt spike of roughly 0.15% that occurred for some lenders when they re-implemented the new adverse market fee. Not sure what that is? Get caught up HERE . The adverse fee will continue working its way through the industry in the coming weeks. No lender is immune. This presents a great opportunity to lock refinance loans if you have one in process with... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Recap: MBS Outperform; Bonds Stay Defiantly Sideways Overall Thu, Sep 24, 2020 3:14PM MBS Outperform; Bonds Stay Defiantly Sideways Overall The stock market tried a few different moves on the bond market today and while correlation is still visible at times, Treasuries generally refused to be dragged very far from home.  MBS did just a bit better, benefitting from light supply at today's Fed buyi... (read more) MBS Price Change UMBS 5.0 99.55 -0.23 UMBS 5.5 101.16 -0.12 UMBS 6.0 102.46 -0.07 GNMA 5.0 99.88 -0.19 GNMA 5.5 101.13 -0.06 GNMA 6.0 102.10 -0.08 Pricing as of: 9/9 12:31PM EST US Treasury Yield Change 2 YR Treasury 3.536 +0.048 5 YR Treasury 3.602 +0.041 7 YR Treasury 3.806 +0.038 10 YR Treasury 4.076 +0.037 30 YR Treasury 4.721 +0.031 Pricing as of: 9/9 12:31PM EST Other News Serious Delinquencies Grow, but Fewer Overall Missed Payments in August Thu, Sep 24, 2020 9:13AM As the COVID-19 crisis dragged into its sixth month in August the total number of mortgage delinquencies continued to ebb, but the rate of decline appears to be slowing. Black Knight, in its first look at the month's loan performance data, found the national delinquency rate down 3 basis points to 6.88 percent. There were 13,000 fewer delinquent loans in Aug... (read more) Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA Wed, Sep 23, 2020 3:56PM Mark Calabria, Director of the Federal Housing Finance Agency (FHFA) is stepping up his agency's actions to spring Fannie Mae and Freddie Mac (the GSEs) from their decades long federal receivership. Most recently he called on the mortgage industry to give feedback on FHFA's strategic plan which includes steps to do so. FHFA's strategic plan for fiscal years ... (read more) FHFA Says 2-Month House Price Gain was Largest Ever Wed, Sep 23, 2020 3:53PM Home prices rose another 1.0 percent in July, bringing the year-over-year gain to 6.5 percent according to the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA). The agency also revised its previously reported 0.9 percent price change for June 2020 to 1.0 percent. All nine of the census divisions posted both month-over-month and a... (read more) Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service Thu, Sep 24, 2020 8:59AM I need to make a dart board for the wall behind me for Zoom calls that has “rates up” and “rates down” and “rates the same” on it. Until we see actual year-over-year inflation above 2 percent, the Federal Reserve will hold short-term rates near 0 percent. Any questions? The Fed believes it will take three years before empl... (read more) Latest Video Economist Diane Swonk: Fed is 'running out of rabbits to pull out of a hat'... American Homes 4 Rent CEO on rising demand for single-family rentals The Bond Report 9 a.m.: September 24, 2020 August home sales pop above 1 million, the best rate in 14 years Around the Web Reuters TREASURIES-Yields dip on mixed economic data, stalled stimulus - Reuters NAR - Realtor.com Looking for a Home in the Suburbs? Good Luck, So Is Everyone Else Calculated Risk Blog Hotels: Occupancy Rate Declined 32% Year-over-year Reuters Fed's Powell says evictions, mortgage defaults may rise without more fiscal aid - Reuters Calculated Risk Blog A few Comments on August New Home Sales CNBC A Roth IRA may help fund your home purchase. Here are the pros and cons CNBC Watch live Powell and Mnuchin testify before the Senate on the economic recovery CNBC Weekly jobless claims total 870,000, vs 850,000 expected CNBC Retailers have started paying rent again but are still fighting with their landlords CNBC Coronavirus pandemic fuels affordability crisis for homebuyers CNBC Treasury yields fall with coronavirus, Fed testimony; jobless claims in focus Calculated Risk Blog NMHC: Rent Payment Tracker Shows Decline in Households Paying Rent in September Calculated Risk Blog AIA: "Architectural billings in August still show little sign of improvement"

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