Bonds Talked Into Modest Gains by Europe US bond traders didn't necessarily come into work with the intention of adding to yesterday's rally.  It was only after European bonds exploded into stronger territory that US yields grudgingly followed--very grudgingly.  In fact, as soon as European trading wrapped up for the day, US yields rose back to meet yesterday's 3pm closing levels.  Several big corporate bonds may have added some pressure.  We can also consider that US bonds already had a fairly big rally after the Fed yesterday.  But the simplest view would be that it didn't make sense to get too carried away with the jobs report on deck in the morning. Econ Data / Events Jobless Claims 183 vs 200 f'cast,186k prev Unit Labor Costs, Q4 1.1 vs 1.5 f'cast, 2.0 prev Market Movement Recap 09:05 AM Flat to slightly stronger overnight.  Additional gains after ECB announcement.  10yr down 8bps at 3.34%.  MBS up 3/8ths of a point 12:51 PM Largely sideways during the domestic session, but off the best levels from earlier this morning.  10yr down 3.8bps at 3.376.  MBS up 6 ticks (.19) in 4.5 coupons and 3 ticks (0.09) in 5.0 coupons. 01:51 PM Weakest levels of the day in Treasuries with 10yr up to 3.404 (still down 1.3bps on the day).  MBS are also still slightly stronger, but more than a quarter point off the highs. 03:18 PM Not much additional weakness over the past hour.  Still slightly stronger on the day but near the weakest levels of the day.

February 2, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Bonds Talked Into Modest Gains by Europe Bonds Talked Into Modest Gains by Europe US bond traders didn't necessarily come into work with the intention of adding to yesterday's rally.  It was only after European bonds exploded into stronger terr... (read more) Mortgage Rate Watch Mortgage Rates Back Under 6% For First Time in Months, But Just Barely Mortgage rates responded favorably to yesterday's press conference with Fed Chair Powell.  We discussed that move in detail in yesterday's commentary: Fed Hikes Rates. Mortgage Rates Drop. Here's How That Works. Now today, the average lender im... (read more) Rob Chrisman Bidding, Credit Verification, DPA, Warehouse, Marketing, Disaster Alert, TPO Products Happy Groundhog Day, where the rodent saw its shadow this morning, so plan on six more weeks of winter. There’s an old Yiddish proverb “We plan, God laughs.” Lots of people plan on owning a home, and will need financing. (Today’s podcast features an ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.19% +0.20% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.19% +0.20 0.00 15 Yr. Fixed 5.30% +0.13 0.00 30 Yr. FHA 5.62% +0.26 0.00 30 Yr. Jumbo 5.75% +0.10 0.00 5/1 ARM 6.38% +0.26 0.00 30 Yr. VA 5.65% +0.28 0.00 Updates Daily - Last Update: 2/3 15 Yr. Fixed Rate 5.30% +0.13% Rate Change Points Freddie Mac 30 Yr. Fixed 6.09% -0.04 0.00 15 Yr. Fixed 5.14% -0.03 0.00 Updates Weekly - Last Update: 2/2 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.19% -0.01 0.65 15 Yr. Fixed 5.50% -0.04 0.73 30 Yr. Jumbo 5.99% +0.07 0.48 Updates Weekly - Last Update: 2/1 MBS / Treasuries UMBS 30YR 5.0 100.27 -0.50 Price / Yield Change MBS UMBS 5.0 100.31 -0.45 UMBS 5.5 101.36 -0.39 GNMA 5.0 100.67 -0.36 GNMA 5.5 101.39 -0.28 Pricing as of: 2/3 12:24PM EST 10 Year US Treasury 3.5339 +0.1319 Price / Yield Change US Treasury 2 YR Treasury 4.253 +0.153 5 YR Treasury 3.631 +0.140 7 YR Treasury 3.579 +0.132 10 YR Treasury 3.514 +0.112 30 YR Treasury 3.621 +0.068 Pricing as of: 2/3 12:24PM EST Latest Video Affordability constraints continue to deter first-time home buyers, says Fa... Initial jobless claims decline to 183,000 Factory orders for December up 1.8% ECB raises rates by 50 basis points Around the Web CNBC Mortgage rates drop to the 5% range for the first time since September CNBC Fed raises rates a quarter point, expects 'ongoing' increases Calculated Risk Blog Inflation Adjusted House Prices 3.6% Below Peak The Basis Point Whats the best home equity strategy for homeowners and lenders in the 2023 rate & housing market? Calculated Risk Blog January Employment Preview Eye on Housing Unaffordable Prices Are Back on Top as Most Common Reason Buyers Cant Make Purchase NMHC Rents Continue to Fall as Apartment Market Loosens, Transactions Pull Back Due to Higher Interest Rates CNBC Bank of England chief tempers talk of a pause or pivot in rate hikes Reuters Bank of England Raises Borrowing Costs to 4%, Hints Rates Near Peak CNBC European Central Bank raises rates by 50 basis points, pledges further hike in March Eye on Housing December Private Residential Spending Dips CNBC Treasury yields hold steady as investors digest Fed rate decision Calculated Risk Blog Construction Spending Decreased 0.4% in December

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