Rates Still Trying to Establish a Ceiling The rising rate trend of 2021 is increasingly being called into question--even if only temporarily--due to the inability of 10yr yields to quickly break above 1.75%.  That said, at levels of 1.72-1.74% so far this morning, it's definitely not time to celebrate just yet.  Much of the global market is out on holiday.  As such, we have yet to see the full reaction to Friday's strong jobs report.  The remainder of the week is fairly light in terms of calendar data, thus providing a glimpse of less adulterated trading motivations.  Such weeks can end up being boring and sideways, but if we see a strong move down and away from 1.75% (or up and through--not the preferred option, but an option nonetheless) it would offer a strong comment on the state of the rising rate trend. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm ISM Services PMI 63.7 vs 59.0 f'cast, 55.3 prev Prices Paid 74.0 vs 71.8, highest since 2008 Market Movement Recap 08:23 AM Fairly flat overnight with Asian markets leaving 10yr yields almost perfectly unchanged.  After a few hours without any trading (EU markets closed), early domestic trading has been slightly weaker.  Yields up 2.4bps to 1.74% and 2.5 UMBS opening 3 ticks (0.09) lower. 11:07 AM Steady gains for MBS this morning as Treasuries move mostly sideways.  This outperformance in MBS could be viewed as simply as correcting the underperformance seen late last week.  No major reaction to stronger ISM data.  2.5 coupons up an eighth.  10yr yields up 1.5bps at 1.73%. 02:46 PM Gains stalled just before the noon hour with MBS briefly up almost a quarter point.  10yr yields bottomed out at 1.700.  Both have pulled back slightly since then.  10yr is unchanged at 1.713 and 2.5 UMBS are up 6 ticks (.19).

April 5, 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 Apr 5, 2021 Another Decent Day For Mortgage Rates Thu, Apr 1, 2021 4:12PM Mortgage rates have been trying to find a ceiling in the past 3 weeks after rising at the quickest pace in years. That search seemed to be going well until late last week when rates failed to break below the floor that's blocked other recent attempts at progress. The situation deteriorated at the start of the current week with the average lender back in line with long-term highs on Tuesday. We caught a break after that with the average lender showing modest improvements both yesterday and today. How much improvement? Prepare to be underwhelmed. It's far easier to count victories as an "absence... (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 Showing For Bonds Despite Strong Data Mon, Apr 5, 2021 3:57PM Rates Still Trying to Establish a Ceiling The rising rate trend of 2021 is increasingly being called into question--even if only temporarily--due to the inability of 10yr yields to quickly break above 1.75%.  That said, at levels of 1.72-1.74% so far this morning, it's definitely not time to celebrate just yet.&... (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 7:43PM 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 7:43PM EST Other News Residential Outlays Dominate Construction Spending Fri, Apr 2, 2021 11:25AM Construction spending, public and private, was at a seasonally adjusted annual rate of $1.517 trillion in February. The U.S. Census Bureau said this was down 0.8 percent from the January rate of $1.529 trillion but was 5.3 percent higher than spending in February 2020. On a non-adjusted basis there was a total of $105.612 billion worth of construction put in... (read more) Pending Home Sales Take a Big Hit, Back to Pre-Covid Levels Wed, Mar 31, 2021 10:57AM February's pending home sales suffered a double digit month-over-month decline in February and fell below the pace a year earlier for the first time in eight months. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) dropped from 122.8 to 110.3, a decline of 10.6 percent from January and 0.5 percent compared to February ... (read more) FHA Will Keep Mortgage Insurance Fund Rates Stable Wed, Mar 31, 2021 11:03AM The newly installed Secretary of the Department of Housing and Urban Development (HUD) released her first quarterly report on the agency to Congress on Tuesday. A key point regarded the Federal Housing Administration's Single Family Mutual Mortgage Insurance (MMI) Fund. Secretary Marcia L. Fudge said the fund has remained resilient despite the financial chal... (read more) AE Jobs; Lead Gen Products; Wholesaler's New Products; Training, Events, and Webinars Mon, Apr 5, 2021 10:06AM “Some are born to meet, some achieve meetings, and some have meetings thrust upon them.” There are definitely in-person meeting “green shoots” sprouting ahead of the residential and commercial lending conference season. A survey done during a session last week hosted by the Mortgage Bankers Association for state and local organization... (read more) Latest Video Treasury Sec. Yellen calls for global minimum corporate tax The 9am Bond Report - April 05, 2021 Treasury Secretary Yellen to call for global minimum corporate tax What's comes next after the Archegos fallout Around the Web Reuters Strong economic data lifts Dow, S&P 500 to record closes Calculated Risk Blog Denver Real Estate in March: Sales Up 1% YoY, Active Inventory Down 67% CNBC "This is not the time for amateurs," says real estate agent of fiercely competitive housing market Zillow Acceleration in Student Loan Debt Could Block Millions From Homeownership CNBC Homeowners behind on their mortgages could get a reprieve on any foreclosures until 2022 CFPB CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures Calculated Risk Blog ISM Services Index increased to "all-time high of 63.7%" in March Calculated Risk Blog Seven High Frequency Indicators for the Economy CNBC Yellen to push for global minimum tax on corporations CNBC U.S. Treasury yields are little changed after bumper jobs report CNBC To combat financial illiteracy, education needs to start early in the classroom, advocates say Calculated Risk Blog Comments on March Employment Report Fannie Mae Consumers Continue to See Housing as a Safe, High-Potential Investment

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