There are still 4 business days left in the month of February and thus still 4 days for the bond market to undergo an epic recovery that helps mortgage rates come back down. But traders and market-watchers alike have pined for--if not outright expected--such a recovery several times in the past few weeks only to be disappointed . Merely avoiding additional rate spikes would be a victory at this point. Even if we can manage to avoid further rate spikes, February will still go down as the worst month for rates since January 2018 (March 2020 was worse at face value, but it's not really a fair comparison due to the unprecedented bond market reaction to the pandemic). Some back-of-the-napkin math (OK, it's actually more official than that) shows the average lender charging at least a quarter of

February 23, 2021 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch February Easily The Worst Month For Rates in Long Time There are still 4 business days left in the month of February and thus still 4 days for the bond market to undergo an epic recovery that helps mortgage rates come back down. But traders and market-watchers alike have pined for--if not outright expect... (read more) Rob Chrisman MLO, Ops Jobs; Underwriting, Loss Mit, Broker, Corresp., Jumbo Products; VA, FHA, Ginnie Changes (To listen to the audio version of today’s commentary, please click here .) Being home schooled was the goodest thing I ever did! Disparities in mortgage approval rates and higher student loan debt are contributing to a significant gap between ... (read more) Housing News December Home Price Gains Highest Since 2014 Both the S&P CoreLogic Case-Shiller and The Federal Housing Finance Agency (FHFA) report that the country ended the year with more than a 10 percent annual increase in home prices. The Case-Shiller U.S. National Home Price Index, which covers all... (read more) Housing News Existing Home Sales Rise, But Inventories Hamper Results Existing home sales started the 2021 with a small increase from the December sale levels, the second consecutive monthly gain. The National Association of Realtors® (NAR) said transactions that include pre-owned single-family homes, townhomes, co... (read more) Housing News Prevention Measures and Increased Borrower Equity Lower Foreclosure Risk The Urban Institute (UI) says the surge in foreclosures predicted as the COVID-19 pandemic drove unemployment to the highest level since the Great Depression may not materialize, even when the current forbearances end. Two UI researchers, Michael Nea... (read more) MBS Commentary MBS Live Recap: Glimmer of Hope in Bonds, But It Might Be a Trap Glimmer of Hope in Bonds, But It Might Be a Trap Bonds started the day in roughly unchanged territory and promptly began tanking.  This was a bigger deal for MBS than Treasuries as the latter managed to ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.89% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.89% +0.02 0.00 15 Yr. Fixed 6.14% +0.02 0.00 30 Yr. FHA 6.38% 0.00 0.00 30 Yr. Jumbo 6.95% -0.03 0.00 7/6 SOFR ARM 6.24% -0.02 0.00 30 Yr. VA 6.40% 0.00 0.00 Updates Daily - Last Update: 6/5 15 Yr. Fixed Rate 6.14% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.85% -0.04 0.00 15 Yr. Fixed 5.99% -0.04 0.00 Updates Weekly - Last Update: 6/5 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.92% +0.06 0.69 15 Yr. Fixed 6.21% +0.09 0.72 30 Yr. Jumbo 6.94% +0.09 0.72 Updates Weekly - Last Update: 5/21 MBS / Treasuries UMBS 30YR 5.5 99.02 +0.03 Price / Yield Change MBS UMBS 5.5 99.03 +0.04 UMBS 6.0 101.04 +0.04 GNMA 5.5 99.31 +0.03 GNMA 6.0 101.01 +0.04 Pricing as of: 6/5 10:56PM EST 10 Year US Treasury 4.3877 -0.0068 Price / Yield Change US Treasury 2 YR Treasury 3.911 -0.009 5 YR Treasury 3.982 -0.017 7 YR Treasury 4.202 +0.075 10 YR Treasury 4.386 -0.009 30 YR Treasury 4.875 +0.003 Pricing as of: 6/5 10:56PM EST Latest Video Here are the highlights from Powell's testimony on inflation, yields Fed will tolerate above average inflation before reacting: Economist Consumer Confidence Index in February hits 91.3 The 9am Bond Report - February 23, 2021 Around the Web Reuters Is Fed Chair Powell 'cool' with more fiscal aid? Suddenly he won't say Reuters S&P 500, Dow closes higher in late session turnaround CNBC Commentary: The Fed has a simple tool it can deploy to curb market speculation Reuters Powell says economy still needs Fed support, markets not driven by loose money Reuters Fed's Powell says support for economy needed for 'some time' Calculated Risk Blog Case-Shiller: National House Price Index increased 10.4% year-over-year in December CNBC Treasury yields rise ahead of Fed Chair Powell's testimony on the economy Reuters Nasdaq, S&P 500 fall, pressured by rising U.S. Treasury yields CNBC House panel advances $1.9 trillion Covid relief bill as Democrats move toward passage this week CNBC More Americans are looking to move as remote work gains acceptance during Covid pandemic CNBC Market nervousness growing over Powell's testimony to Congress this week Reuters Explainer: U.S. Treasury's cash drawdown - and why markets care Calculated Risk Blog Housing Inventory Feb 22nd Update: At Record Lows

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