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 hoping) that Powell would say something to address the recent run-up in longer term rates. Some commentary went so far as to suggest the Fed would suddenly have a change of heart about a tweak to its bond buying program that it just went to some effort to distance itself from in recent months. The tweak in question is most widely known as "operation twist. " It consists of the Fed selling some of its shorter maturity bonds and replacing them with longer maturities. The net effect is downward pressure on longer-term rates like mortgages and 10yr Treasury

March 5, 2021 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Mar 5, 2021 Mortgage Rates Surge After Powell Comments Thu, Mar 4, 2021 5:27PM 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 hoping) that Powell would say something to address the recent run-up in longer term rates. Some commentary went so far as to suggest the Fed would suddenly have a change of heart about a tweak to its bond buying program that it just went to some effort to distance itself from in recent months. The tweak in question is most widely known as "operation ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.57 +0.12   95.05 100.11 UMBS 30YR 5.5 101.08 +0.08   97.47 101.40 10 YR Treasury 4.089 -0.020   3.932 4.780 MBS Live Day Ahead: Huge Jobs Report; Bonds Weaker, But Surprisingly Resilient to Start Fri, Mar 5, 2021 10:30AM Today began with Nonfarm Payrolls coming in at 379k vs 182k forecast.  Last month's numbers were revised up to 166k from 49k.  The unemployment rate ticked down a hair without being offset by a drop in the labor force participation rate.  The hourly work-week returned to more normal levels after hitting a record high in the last report.  ... (read more) MBS Price Change UMBS 4.5 97.54 +0.13 UMBS 5.0 99.59 +0.14 UMBS 5.5 101.09 +0.09 GNMA 4.5 97.54 +0.03 GNMA 5.0 99.81 +0.16 GNMA 5.5 100.88 +0.09 Pricing as of: 11/4 5:28AM EST US Treasury Yield Change 2 YR Treasury 3.573 -0.036 5 YR Treasury 3.692 -0.032 7 YR Treasury 3.876 -0.029 10 YR Treasury 4.085 -0.024 30 YR Treasury 4.667 -0.027 Pricing as of: 11/4 5:28AM EST Other News UI Urges Abandoning New Fannie/Freddie Amendments Fri, Mar 5, 2021 11:54AM 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 Agency (FHFA) on January 14, 2021. The PSPA governs Treasury's financial relationship with the GSEs Fannie Mae a... (read more) Rate of Forbearance Improvement Slows as March Expiration Looms Fri, Mar 5, 2021 11:43AM 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 decline. Black Knight says that there are still more than 100,000 loans in plans that expired at the end of last mo... (read more) CFPB Extends Compliance Date for New QM Rule Fri, Mar 5, 2021 11:37AM 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 the so-called GSE patch. CFPB says it is proposing the extension to ensure that homeowners struggling with th... (read more) Recruiting, Training, MLO, AE Jobs; DPA, Tech Products; Principals and Attorneys Weigh in on Wholesale Tumult; Strong Jobs Data! Fri, Mar 5, 2021 9:59AM In the legal field, virtual litigation is thought to be here to stay, vaccine or no vaccine. And as the pandemic continues, and remote hiring continues for lenders, CEOs, owners, and managers are grappling with the thought of having scattered workforces going forward, and there will be no, “Okay, everyone back to the office!” when people were hir... (read more) Latest Video The 2pm Bond Report - March 05, 2021 The 9am Bond Report - March 05, 2021 U.S. added 379,000 jobs in February, vs 210,000 estimate Fed won't step in on bond yields until it reaches wider credit spreads: Ros... Around the Web Calculated Risk Blog Q1 GDP Forecasts: Around 5.5% SAAR Calculated Risk Blog AAR: February Rail Carloads down 11.1% YoY, Intermodal Up 1.8% YoY CNBC Job growth in February may mark the start of a hiring boom as the economy reopens CNBC Despite rising inflation, experts say the Fed won't budge on rates Calculated Risk Blog Trade Deficit Increased to $68.2 Billion in January CNBC Miami's commercial real estate boom picks up steam as pandemic pushes companies to seek new digs CNBC The spring housing market just lost more than 200,000 new listings Reuters Tantrums come and go, but the Fed insists it will stay the course CNBC Job growth surges in February above expectations CNBC European markets fall as Fed comments reignite global stock jitters CNBC 10-year Treasury yield holds above 1.5% ahead of February jobs report Reuters Fed's Powell pledges patience, says easy policy appropriate housingwire.com UWM to block brokers working with Fairway and Quicken

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