3-Day Weekend for Volatility; Waiting on Supply After Friday's bond market rout, today's relatively calm trading data stood in stark contrast.  On one hand, it's nice not to see losses accelerate further.  On the other hand, it would have been nice to see Friday afternoon's rally extend into the new week.  As it stands, traders may be waiting to see how this week's bond market supply is digested, both in terms of Treasury auctions and the general glut of corporate bond supply.  Losses were minimal--especially in MBS where 2.5 coupons remained above Friday's pre-NFP levels. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Market Movement Recap 08:42 AM Slightly weaker overnight.  If stimulus deal passage is having any effect, it's barely noticeable.  There was short-covering on Friday after the jobs report (bond buying for the purpose of closing short positions) and today's losses undo a logical amount of that strength.  10yr is back up to 1.60% versus Friday's 3pm close of 1.556%.  MBS are less than an eighth of a point lower  12:07 PM Flat all morning in MBS while Treasuries have been edging back up toward overnight high yields.  No major market movers in play.  Heavy corporate bond issuance is weighing on Treasuries in general.  10yr up 2.6bps at 1.6%.  UMBS 2.5 down 3 ticks (.09) at 103-13 (103.41). 02:53 PM Extremely calm trading session to start the new week.  10s are going out right where they came in.  2.5 UMBS are unchanged from the last update.  No obvious market movers and clearly no market movement. 

March 8, 2021 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Mar 8, 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 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Recap: 3-Day Weekend for Volatility; Waiting on Supply Mon, Mar 8, 2021 3:38PM 3-Day Weekend for Volatility; Waiting on Supply After Friday's bond market rout, today's relatively calm trading data stood in stark contrast.  On one hand, it's nice not to see losses accelerate further.  On the other hand, it would have been nice to see Friday afternoon's rally extend into the new week.&n... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.22 UMBS 6.0 102.38 -0.16 GNMA 5.0 99.76 -0.32 GNMA 5.5 101.03 -0.16 GNMA 6.0 102.01 -0.18 Pricing as of: 9/9 5:53PM EST US Treasury Yield Change 2 YR Treasury 3.557 +0.070 5 YR Treasury 3.615 +0.054 7 YR Treasury 3.814 +0.045 10 YR Treasury 4.085 +0.046 30 YR Treasury 4.731 +0.041 Pricing as of: 9/9 5:53PM 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) Credit, AE, MLO, Branch Jobs; Automation, FHA/VA, Fintech, URLA Products; Events and Training Mon, Mar 8, 2021 9:43AM Let’s start the week with a gaggle of questions. Do you feel old knowing that Taylor Swift is older than the four Beatles were when they broke up? Have you heard of “suspicious foreign players” passing themselves off as underwriters in applying for jobs? Have you begun talking about “restart economics”? If you’re reading t... 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