Another Bad 7yr Auction Day, Even If We Can't Blame The Auction Bonds were feeling a bit defensive ahead of today's 7yr auction, and rightfully so!  7yr auction days have been rough in 2021.  The past 3 examples were rough, in large part due to auction results themselves.  Today was a bit different.  The auction was actually decent.  Bonds ended up selling off for other reasons.  More details on those in today's video... Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm FHFA Home Prices 12.2 vs 12.1 prev Case Shiller Prices 11.9 vs 11.7 f'cast, 11.1 prev Consumer Confidence 121.7 vs 113.0 f'cast, 109.0 prev Market Movement Recap 08:31 AM Mostly sideways but slightly weaker overnight.  Low volume/volatility.  No standout market movers.  10yr yields starting up 1.5bps at 1.583.  UMBS 2 ticks (-0.06) weaker at 103-16 (103.5). 12:11 PM Definitely favoring weakness ahead of the 7yr auction--almost exclusively seen in Treasuries.  10yr yields are up 2.5bps at 1.593% and 2.5 UMBS are down 3 ticks (-0.09) at 103-15 (103.47). 01:05 PM Nice, average results at 7yr auction, but only after a bit of AM bond market weakness helped soften prices.  Not much movement since then with 10yr at 1.597 and MBS staying flat in a range between 1 and 3 ticks (0.03 - 0.09) weaker on the day. 02:56 PM Treasuries have weakened somewhat abruptly heading into the close with some traders citing a big corporate bond offering from Citi (why would that matter?).  There's also a technical consideration as 10yr yields moved quickly up to the 1.62% level.  Either way, MBS have avoided most, but not all of the drama with 2.5 coupons now down an eighth of a point on the day.

April 27, 2021 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Another Bad 7yr Auction Day, Even If We Can't Blame The Auction Another Bad 7yr Auction Day, Even If We Can't Blame The Auction Bonds were feeling a bit defensive ahead of today's 7yr auction, and rightfully so!  7yr auction days have been rough in 2021.  The pa... (read more) Housing News S&P Analysts: Accelerating Home Prices Reflect Economic Recovery A month after interest rates began to rise, neither the S&P CoreLogic Case-Shiller indices nor that from the Federal Housing Finance Agency (FHFA) found any slowdown in home price appreciation. Both logged double digit annual increases , in all c... (read more) Rob Chrisman Servicing, Sales Jobs; Processing, Broker, Price Products; Events and Training Coming Soon While the market digests the acquisition of Flagstar by NY Community Bancorp by the end of 2021, and talk of more deals in the works, in previous generations a “pension” from a company was a big deal, something that could make or break a ... (read more) Housing News New Home Sales Top 1 Million, Setting Post-Recession High 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 ... (read more) Mortgage Rate Watch Mortgage Rates Improve on 7-Week Lows 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... (read more) Housing News MBA Forecasts Record Purchase Volume This Year 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 originati... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/6 2:24PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/6 2:24PM EST Latest Video Consumer Confidence Index 121.7, beating 113 estimate CNBC Fed Survey finds strong support for stocks, not bonds The 9am Bond Report - April 27, 2021 Here's why tax flight could become a harsh reality for states that are rais... Around the Web Reuters Citing 'stunning progress' on coronavirus, Biden eases outdoor mask guidelines CNBC Jerome Powell is a heavy favorite on Wall Street to be renominated as Fed chair Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in February CNBC Pfizer's new at-home pill to treat Covid could be available by end of the year, CEO hopes CNBC New houses are still more expensive than existing homes, despite what the data says CNBC New houses are still more expensive than existing homes, despite what the data says Calculated Risk Blog HVS: Q1 2021 Homeownership and Vacancy Rates National Associattion of Realtors Where to Find a Home: Areas With Great Opportunities for Homebuyers and Homebuilders CNBC February home prices see the biggest gain in 15 years, S&P Case-Shiller says CNBC February home prices see the biggest gain in 15 years, S&P Case-Shiller says CNBC The Fed will stay put in 2021 despite growing concerns about overheating economy, CNBC survey says CNBC Treasury yields rise ahead of Fed policy meeting CNBC If Fed Chair Jerome Powell sounds too optimistic' this week, he'll rattle Wall Street, Morgan Stanley warns

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