Strong Move Today. Need Confirmation in Coming Days Bonds walked their own path today with gains overnight holding fairly steady during the first part of the domestic session.  Mid-day testimony from Powell/Yellen had no effect on Treasuries/MBS, but a late-day "risk-off" move has bonds pushing well into their best levels of the day.  1.62% continues to hold as a floor and we need a strong break below there in order to add confirmation to the week's positive vibes.  Those prospects may depend on the Treasury auctions in the coming days as well as the month-end trading environment (and Japan's fiscal year-end trading). Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Market Movement Recap 08:29 AM Stronger overnight again--especially in Europe (again).  Best levels near 7am and bouncing back modestly since then.  1.626% lows raise concerns about resistance.  No major market movers in play.  Traders/analysts speaking in generalities (i.e. oversold momentum subsiding, US/China sanction concerns, EU covid resurgence concerns). 12:43 PM Very calm so far, even as Powell's speech begins (just reading prepared remarks).  Treasuries sold and rallied to end up right at AM levels currently (-4.8bps at 1.65%).  2.5 UMBS are up nearly a quarter point and haven't really budged all day (2 tick or 0.06 trading range throughout). 02:49 PM Steady at the best levels of the day--just slightly stronger than last update with 10yr down 5.5 bps at 1.64 and 2.5 UMBS up a quarter point.

March 23, 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 23, 2021 Watch Out For Fake Mortgage Rate News Thu, Mar 18, 2021 4:48PM Despite your thoughts on the term "fake news," we have to talk about it in the context of mortgage rates . It's highly pertinent, even if deception is far from the intention. Thursday is a big day for mortgage rate news because that's when Freddie Mac's weekly mortgage rate survey is published. Why does that matter? Because, while any given lender can do a fine job of tracking their own rates over time, Freddie is one of the only games in town when it comes to capturing a broad average rate offering among multiple lenders. It doesn't hurt that their numbers go back to the 70's and that they're... (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: Even Stronger Than Yesterday, But Confirmation Still Needed Tue, Mar 23, 2021 3:33PM Strong Move Today. Need Confirmation in Coming Days Bonds walked their own path today with gains overnight holding fairly steady during the first part of the domestic session.  Mid-day testimony from Powell/Yellen had no effect on Treasuries/MBS, but a late-day "risk-off" move has bonds pushing well into their b... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.22 UMBS 6.0 102.37 -0.17 GNMA 5.0 99.73 -0.34 GNMA 5.5 101.04 -0.14 GNMA 6.0 102.01 -0.17 Pricing as of: 9/9 5:50PM EST US Treasury Yield Change 2 YR Treasury 3.558 +0.071 5 YR Treasury 3.615 +0.054 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.087 +0.047 30 YR Treasury 4.731 +0.041 Pricing as of: 9/9 5:50PM EST Other News February New Home Sales Decline Sharply Tue, Mar 23, 2021 11:01AM The two-month rally in new home sales ended abruptly and definitively in February. The U.S. Census Bureau and Department of Housing and Urban Development said sales of newly constructed single-family homes dropped by 18.2 percent to a seasonally adjusted annual rate of 775,000 units but remained 8.2 percent higher than sales in February 2020. The January est... (read more) February's Shortened Calendar Likely Responsible for Delinquency Increase Tue, Mar 23, 2021 10:59AM Mortgage delinquency rates rose in February, ending eight straight months of recovery from the spike that followed the onset of the pandemic. Black Knight, in its first look at February loan performance data, said the national mortgage delinquency rate, the percentage of all mortgages that were 30 days or more past due, grew to 6.0 percent from January's 5.8... (read more) Payment Concerns Ebbing for Homeowners, Renters --Survey Mon, Mar 22, 2021 4:34PM A new Freddie Mac survey found that both homeowners and renters are still concerned about their ability to pay their mortgage or their monthly rent as the pandemic wears on. but those concerns have lessened since last fall. The COVID-19 Tracking Poll has contacted over 1,000 respondents on an irregular basis over the past year. Two thirds are homeowners, the... (read more) MLO Jobs; Sales, Tech., Subservicer Audit Products; Approaching Webinars and Training; Forbearance Numbers Decline Further Tue, Mar 23, 2021 10:47AM Are you looking for signs of the times? The Wall Street Journal, along with supermarket flyers everywhere, tells us that there are more real-estate agents than there are homes for sale in the U.S.! (At the end of January, NAR, viewed by some as a cartel , registered 1.04 million homes for sale, down 26% from a year earlier and the lowest on record going back... (read more) Latest Video Treasury's Yellen: Affordable housing is a top priority for Biden administr... Yellen: Tax changes will help pay for infrastructure Powell says he expects temporary rise in inflation this year The 9am Bond Report - March 23, 2021 Around the Web Reuters Yellen says no plans to lengthen U.S. Treasury maturities Reuters Fed's Powell tells lawmakers inflation risk remains low CNBC The national eviction ban is set to expire at the end of March. The CDC likely will extend it Calculated Risk Blog A few Comments on February New Home Sales CNBC Watch Yellen and Powell testify live before House panel on Covid aid Reuters Fed's Kaplan says he is among policymakers expecting rate hike in 2022 CNBC Fed's Kaplan said he expects an interest rate hike in 2022 Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Increased in February CNBC Treasury yields fall following Fed Chair Powell's comments on the economy Reuters Fed Chair Powell: U.S. economy looks to be strengthening Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 5.05%" Reuters White House: Report that Biden may spend $3 trillion is premature Calculated Risk Blog Housing Inventory March 22nd Update: At Record Lows

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