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3-Day Weekend for Volatility; Waiting on Supply
After Friday's bond market rout, today's relatively calm trading data stood in stark contrast. On one hand, it's nice not to see losses accelerate further. On the other hand, it would have been nice to see Friday afternoon's rally extend into the new week. As it stands, traders may be waiting to see how this week's bond market supply is digested, both in terms of Treasury auctions and the general glut of corporate bond supply. Losses were minimal--especially in MBS where 2.5 coupons remained above Friday's pre-NFP levels.
Econ Data / Events
Fed MBS Buying 10am, 1130am, 1pm
Market Movement Recap
08:42 AM Slightly weaker overnight. If stimulus deal passage is having any effect, it's barely noticeable. There was short-covering on Friday after the jobs report (bond buying for the purpose of closing short positions) and today's losses undo a logical amount of that strength. 10yr is back up to 1.60% versus Friday's 3pm close of 1.556%. MBS are less than an eighth of a point lower
12:07 PM Flat all morning in MBS while Treasuries have been edging back up toward overnight high yields. No major market movers in play. Heavy corporate bond issuance is weighing on Treasuries in general. 10yr up 2.6bps at 1.6%. UMBS 2.5 down 3 ticks (.09) at 103-13 (103.41).
02:53 PM Extremely calm trading session to start the new week. 10s are going out right where they came in. 2.5 UMBS are unchanged from the last update. No obvious market movers and clearly no market movement.
MBS Commentary
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3-Day Weekend for Volatility; Waiting on Supply
After Friday's bond market rout, today's relatively calm trading data stood in stark contrast. On one hand, it's nice not to see losses accelerate further... (read more)
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Mortgage Rate Watch
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Mortgage rates jumped quickly today after Q&A session with Federal Reserve Chair Jerome Powell. What did he say to cause such drama? Actually, it's more about what he didn't say. For some reason, market participants were expecting (or at least ho... (read more)
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Rob Chrisman
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Let’s start the week with a gaggle of questions. Do you feel old knowing that Taylor Swift is older than the four Beatles were when they broke up? Have you heard of “suspicious foreign players” passing themselves off as underwriters... (read more)
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Housing News
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A new policy paper from the Urban Institute (UI) looks at the recent amendments to the senior preferred stock purchase agreement (PSPA) agreed to by outgoing Treasury Secretary Steven Mnuchin and Mark Calabria, Director the Federal Housing Finance Ag... (read more)
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Housing News
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As Black Knight has repeatedly predicted, end of February expirations drove the number of mortgage loans in forbearance lower this past week. There was a decline of 22,000 loans in forbearance plans during the week ended March 2, an 0.8 percent decli... (read more)
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Housing News
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The Consumer Financial Protection Bureau (CFPB) has proposed to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The rule, proposed last June, is designed as a replacement for... (read more)
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