Decent Day Despite Lukewarm Treasury Auction. Dovish Fed Helps This morning's weaker Durable Goods data had no effect on trading levels.  At the time, bonds were in the process of moving up in yield after a decent little overnight rally, and the selling pressure continued until 9:30am.  After drifting sideways for a few hours, a tepid 5yr Treasury auction failed to spook bond traders.  Tentative gains followed with help from fairly dovish Fed speakers and mild slump in stocks.   All told, another good day in building a case for support, but still not enough to rest easy. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Durable Goods -1.1 vs 0.8 f'cast, 3.5 prev Core Cap-Ex    -0.8 vs 0.5  f'cast, 0.6 prev Market Movement Recap 08:21 AM Bonds opened stronger in Asia and rallied heading into European hours.  10yr yields hit 1.59% before bouncing.  The general tug-o-war was between fresh lockdown fears (global) and stronger econ data in Europe, as well as pre-auction hesitation in Treasuries.  MBS are starting the day down 2 ticks (0.06), but that's a solid showing considering yesterday's closing levels. 09:28 AM Paradoxical upward pressure on yields since 9am.  Hedge funds were better sellers, based on the expectation that dealers would lighten up ahead of this afternoon's Treasury auction.  Dealers then sold as expected.  Traders are taking baby steps due to uncertainty over quarter-end rebalancing among managed funds.  MBS and Treasuries are now in negative territory on the day (10yr up 3 bps and MBS down almost an eight). 01:10 PM 5yr auction was acceptable but not great.  Bonds are little-changed in response with 10yr yields up just under 2bps higher on the day at 1.64%.  UMBS are outperforming with 2.5 coupons up 1 tick on the day. 03:04 PM Best levels of the day now with a little flurry of buying at the 3pm CME close.  10yr is down 1bp on the day at 1.612% and 2.0 UMBS are up 2 ticks (.06) trading just under 103.0.  

March 24, 2021 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Mar 24, 2021 Mortgage Rates Lowest in Nearly a Week Tue, Mar 23, 2021 4:14PM Mortgage rates moved lower at a decent pace today for the 2nd day in a row. The average lender is still offering the same "note rate" compared to yesterday, but the costs associated with that rate are lower. In other words, "effective rates" (a synthetic rate that accounts for changes in upfront costs, thus allowing us to observe smaller day-to-day changes in the form of an interest rate) are lower. Why distinguish between effective rates and note rates? Simply put, note rates don't tend to move enough to be worth tracking each day (most lenders offer rates in 0.125% increments). During more s... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Recap: Decent Day Despite Lukewarm Treasury Auction. Dovish Fed Helps Wed, Mar 24, 2021 3:44PM Decent Day Despite Lukewarm Treasury Auction. Dovish Fed Helps This morning's weaker Durable Goods data had no effect on trading levels.  At the time, bonds were in the process of moving up in yield after a decent little overnight rally, and the selling pressure continued until 9:30am.  After drifting sidew... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:52PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:52PM EST Other News Mortgage Profits Decline but Remain Close to Record Levels Wed, Mar 24, 2021 8:50AM Mortgage originators' profits remained strong in the fourth quarter of 2020, although they were down considerably from the previous period. The Mortgage Bankers Association's (MBA's) Mortgage Bankers Performance Report says that independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net gain of $3,738 on each loan they orig... 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