Winning Streak Thwarted, But Not By Much This morning's Day Ahead pondered the possibility of a 4th straight day of intraday gains for bonds--something that hasn't happened since last September.  These bullish musings apparently angered the bond gods, who are a stern and unforgiving lot.  Literally moments later, bonds turned red and have been red ever since.  On the bright side, 10yr yields have been orbiting 1.56% fairly reliably these past 4 days (in other words, they've been flat despite some intraday volatility).  This is actually another strong showing considering we have another condensed Treasury auction cycle at the beginning of next week. 2021's rising rate intermission continues... Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm IHS/Markit PMIs: Composite.........62.2 vs 59.7 previously Services............63.1 vs 61.9 f'cast, 60.4 previously Manufacturing....60.6 vs 60.5 f'cast, 59.1 prev New Home Sales 1.021m vs 886k f'cast, 846k prev (highest since 2006) Market Movement Recap 08:29 AM Bonds were microscopically weaker in Asia but gained ground steadily in Europe.  Domestic session is starting just slightly stronger, with most of the improvement happening at the 8:20am CME Open.  10yr is almost 1bp lower at 1.535 and MBS 2.5 coupons are up 1 tick (0.03). 10:21 AM Steady weakness since the 9:30am NYSE open.  Stronger PMI and New Home Sales data may actually be contributing.  10yr yields now up 3bps to 1.572 and 2.5 UMBS down just over an eighth. 02:06 PM Decent recovery in the 11am hour as bonds found technical support before breaking above 1.585% (now down to 1.56%).  UMBS are down only 2 ticks on the day now (-0.06) at 103-22 (103.69).

April 23, 2021 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 Apr 23, 2021 Mortgage Rates Improve on 7-Week Lows Thu, Apr 22, 2021 5:06PM Mortgage rates fell to the lowest levels since March 2nd or 3rd (depending on the lender) yesterday and today they fell just a bit more. Most borrowers will see the exact same rate quotes as yesterday, but a few will have slightly lower upfront costs (or higher lender credits). Even then, the improvement isn't big, but the average day-over-day move rarely is when it comes to rates. The underlying bond market (the primary consideration for lenders in setting daily mortgage rates) was fairly stable today. In the early afternoon, headlines surrounding the proposed increase in capital gains tax ra... (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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Recap: Winning Streak Thwarted, But Not By Much Fri, Apr 23, 2021 2:49PM Winning Streak Thwarted, But Not By Much This morning's Day Ahead pondered the possibility of a 4th straight day of intraday gains for bonds--something that hasn't happened since last September.  These bullish musings apparently angered the bond gods, who are a stern and unforgiving lot.  Literally moments ... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 7:04AM EST US Treasury Yield Change 2 YR Treasury 3.500 +0.012 5 YR Treasury 3.576 +0.015 7 YR Treasury 3.785 +0.017 10 YR Treasury 4.062 +0.022 30 YR Treasury 4.720 +0.030 Pricing as of: 9/9 7:04AM EST Other News New Home Sales Top 1 Million, Setting Post-Recession High Fri, Apr 23, 2021 12:09PM New home sales reversed direction in March, fully recovering from the 18.2 percent nosedive those sales took in February. The Census Bureau said sales of newly constructed homes rose 20.7 percent to a seasonally adjusted annual rate of 1.021 million units. This is 66.8 percent higher than the sales 612,000 unit pace in March 2020, although that rate was impa... (read more) MBA Forecasts Record Purchase Volume This Year Fri, Apr 23, 2021 10:33AM The Mortgage Bankers Association (MBA) is predicting a banner year for purchase mortgage originations. The Association's chief economist and senior vice president Mike Fratantoni told attendees at MBA's Spring Conference and Expo that those originations are on track to grow 16.4 percent this year, setting a probable new record at $1.67 trillion. Refinancing ... (read more) It's March and the Spring Market is MIA Fri, Apr 23, 2021 10:32AM Existing home sales declined for the second straight month in March. The National Association of Realtors® (NAR) said single-family homes, townhomes, condos, and cooperative apartments sold at a seasonally adjusted annual rate during the month of 6.01 million units. This is down 3.7 percent from February’s sales pace, but still marks an increase of... (read more) MLO Jobs; LOS, Sales, ARM, HELOC, Servicing Risk Products; Ocwen, PHH, TCB, Redwood Trust Company News Fri, Apr 23, 2021 10:28AM My cat Myrtle seems immune to marketing and advertisement. Not everyone is, of course, and there are some clever, albeit ominous, ways to get messages across . Google, of course, knows how to get messages across, knows a lot about you, and knows how to make money. Housing inventory is so limited, even Google took notice back in 2017. Remember when it announc... (read more) Latest Video The 9am Bond Report - April 23, 2021 Century 21 Real Estate CEO on record high home prices, investor demand Home sales are down because of supply, not demand The 9am Bond Report - April 22, 2021 Around the Web CNBC The Fed is unlikely to hint at policy changes next week, even with a stronger economy Reuters Stocks up after tax scare; oil gains CNBC The pause on federal student loan payments ends Sept. 30here's how to prepare Calculated Risk Blog Q1 GDP Forecasts: Around 7% Calculated Risk Blog A few Comments on March New Home Sales Calculated Risk Blog New Home Sales Increase to 1,021,000 Annual Rate in March; Highest Since 2006 CNBC Turkish crypto exchange boss goes missing, reportedly taking $2 billion of investors' funds with him Redfin Housing Market Update: Supply Shortage Intensifies, Driving Prices Up 18% Calculated Risk Blog Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Decreased Slightly CNBC Euro zone's economic recovery gathers pace in April with France returning to growth CNBC Treasury yields rise slightly with focus on Biden's tax proposal CNBC Biden to propose capital gains tax of 39.6% to fund education and child care, reports say Calculated Risk Blog Hotels: Occupancy Rate Down 13% Compared to Same Week in 2019

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