Stronger Case For Stability, But Not Complacency With today's solid gains, this week becomes the best argument we've seen for a shift in 2021's rising rate trend.  Without some fundamental shock to the economy or covid outlook, we won't be surprised if this rally has a tough time making huge progress toward lower rates.  For now, it's best thought of as a sideways consolidation, but that's still a big victory compared to most of the rest of the year.  All that having been said, the case for higher rates remains compelling in the bigger picture, so it's important to stay on guard for an eventual relapse of the previous trend. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Jobless Claims 744k vs 680k f'cast, 728k prev Market Movement Recap 08:15 AM Modestly stronger overnight with more of the gains seen during European hours.  Steady demand, with some help from ECB meeting minutes.  10yr yields were 1.642 at lows, but are now up to 1.662 after an early stateside bounce.  MBS opening 3 ticks up (+0.09). 09:46 AM Additional gains, once again right in line with the 9:30am NYSE open.  Treasuries are leading the charge with 10yr yields now down 4.6bps at 1.633.  UMBS 2.5 coupons are up almost a quarter of a point. 12:26 PM Bonds hit their best levels at 10am, bounced modestly and are now back in line with the best levels.  Supportive comments from Powell are helping.  Current levels match those seen in the last update. 03:08 PM Calmly consolidating near day's best levels.  10yr yields hit the 3pm close just over 1.63%, almost 5bps lower on the day.  UMBS 2.5s are still roughly a quarter point higher on the day.

April 8, 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 8, 2021 Another Tentatively Decent Day For Rates Wed, Apr 7, 2021 4:33PM Mortgage Rates have been doing pretty well so far in April. They bounced at long-term highs on March 31st (matching the highs from 2 weeks prior), but have been descending gently since then. Today's move was definitely modest. The average borrower wouldn't see much of a difference--if any--versus yesterday's rate offerings. But given the rising rate reality of 2021, it's a victory to merely avoid hitting new highs. It's tough to say how long this interlude of stability will last. It could be over soon , or it could be weeks before we get back to recent highs. When it comes to how far rates mig... (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: Stronger Case For Stability, But Not Complacency Thu, Apr 8, 2021 4:00PM Stronger Case For Stability, But Not Complacency With today's solid gains, this week becomes the best argument we've seen for a shift in 2021's rising rate trend.  Without some fundamental shock to the economy or covid outlook, we won't be surprised if this rally has a tough time making huge progress toward lowe... (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 7:14PM 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 7:14PM EST Other News Jumbo Loans Easier to Obtain as Economy Recovers Thu, Apr 8, 2021 11:15AM Non-government lenders continue to return to mortgage lending after fleeing at the start of the pandemic. The Mortgage Bankers Association (MBA) says this has helped increase the supply of jumbo mortgages for six straight months and helped drive MBA's Mortgage Credit Availability Index (MCAI) up slightly in March. The Index rose 0.6 percent to 125.4 last mon... (read more) People Are Finally Starting to Think About Selling Homes Instead of Just Buying Them Wed, Apr 7, 2021 2:22PM Consumer attitudes perked up in March, sending the Fannie Mae Home Purchase Sentiment Index (HPSI) up 5.2 points compared to February. The company said four of the HPSI's components rose during the month, taking the index to 81.7. The percentage of respondents who say it is a good time to buy a home rose to 53 percent from 48 percent and there was a 3 point ... (read more) Pandemic Threatens Women's Growing Homeownership Rates Wed, Apr 7, 2021 12:08PM After years of gains in educational attainment, employment, and wages, women have increased their rates of both homeownership and headship (the number who are heads of households). Now the Urban Institute (UI) says the pandemic may have put those advances at risk. Jung Hyun Choi, Laurie Goodman, and Jun Zhu write in UI's Urban Wire blog that 30 years ago a m... (read more) Apr. 8: Non-QM, reno, jumbo products; SaaS, sales, underwriting products; correspondent news; underwriting shifts Thu, Apr 8, 2021 9:55AM "i" before ‘e’ except after ‘c’” has finally been disproved by science. Does “machine learning” equal “Artificial Intelligence (AI)”? Nope . And did you know that over the past 12 months, in the U.S. there has been a net loss of 2,563 bank branches (3,585 branches shuttered while 1,022 were opened) per S&... (read more) Latest Video Powell: Risk remains from possible increase in Covid cases Fed will hike rates sooner, but bull market is on for 2021, says Jeremy Sie... The 9am Bond Report - April 8, 2021 U.S. weekly jobless claims total 744,000, vs. 694,000 estimate Around the Web Freddie Mac Freddie Eligibility Updates (PSPA and QRM Rule) Fannie Mae Fannie Guideline Changes Due to PSPA and QRM Rule Reuters West Virginia's Manchin, flexing political muscle, leaves U.S. Senate Democrats in lurch CNBC Watch Fed Chair Jerome Powell debate the global economy with the IMF live Reuters Yellen tells world's big economies: spend big, danger lurks Redfin Work From (Second) Home: Demand for Vacation Homes Continues to Soar, Even as Offices Show Signs of Life Reuters Biden seeks to ease housing shortage with $5 billion 'carrot, no stick' approach CNBC U.S. weekly jobless claims total 744,000, vs 694,000 estimate CNBC IMF warns debt overhang and financial vulnerabilities pose double threat to economic recovery CNBC These are 2021's best cities for first-time homebuyers Reuters S&P edges up in wake of Fed minutes CNBC Biden willing to negotiate on corporate tax rate, but says inaction not an option on infrastructure CNBC Fed officials expect it will be 'some time' before it starts tightening policy, minutes show

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