Delivered to over
70,000+ industry professionals
each day, the Daily Newsletter is the
definitive recap of the day's most
relevant mortgage and real estate news and data. View the latest Newsletter below.
View our most recent newsletter below, or use the date selector to view past newsletters.
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.
MBS Commentary
|
|
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
|
|
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
|
|
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 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 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
|
|
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)
|
|
|
|
|
|
|
|
|
|
National Associattion of Realtors
|
|
|
|
|
|
|
|
|
|
|