4th Straight Day Inside Last Thursday's Range Last Thursday was the best rally day we've seen in months and it took yields to their lowest levels since early March.  Against that backdrop, it seems like a sort of victory to be able to remain inside Thursday's trading range for the past 4 days.  Trading levels aside, the lack of volatility can be chalked up to an absence of significant market movers.  The calendar picks up a bit tomorrow with the ECB announcement and Jobless Claims bright and early. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Market Movement Recap 08:33 AM Very flat during Asian hours with a small bump higher in yield at the start of EU trading hours.  Bonds have been bouncing back since then and are now unchanged vs yesterday at 1.57% in 10yr yields and 103-17 (103.53) in UMBS 2.5 coupons.  No notable market movers. 11:20 AM Some weakness after Bank of Canada's policy announcement and press conference--not normally something we care about, but bonds seem to care to some small extent, likely due to the T word (tapering).  10yr yields up 2bps at the worst moments, but now up only 1.4bps at 1.58%.  2.5 UMBS briefly turned red, but are back up 1 tick (+0.03). 01:45 PM Weakness began drying up just after the last update and we're back to unchanged in 10yr yields and +.125 in MBS.  The gains were intact before the 20yr bond auction at 1pm, and we've been flat since then. 03:22 PM Modest buying at the 3pm CME close, but not enough to break today's range in Treasuries.  MBS, on the other hand, have been grinding higher all afternoon and did, in fact, just hit their highest levels of the day, up 5 ticks (.16) at 103-23 (103.72).

April 21, 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 Apr 21, 2021 Mortgage Rates Back Near Lowest Levels in Weeks Tue, Apr 20, 2021 4:23PM Mortgage rates hit their lowest levels in more than a month last Thursday, but reversed course later that afternoon. With that, it looked like rates would continue settling in to a sideways range for April (not a bad outcome considering the abrupt rate spike seen in the first 3 months of the year). But now today, the bond market (the primary consideration for mortgage rates) bounced back into the same stronger territory seen last week. Most mortgage lenders updated their pricing by the afternoon, bringing the average conventional 30yr fixed quote back near last week's lows. Based on the ground... (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: 4th Straight Day Inside Last Thursday's Range Wed, Apr 21, 2021 3:28PM 4th Straight Day Inside Last Thursday's Range Last Thursday was the best rally day we've seen in months and it took yields to their lowest levels since early March.  Against that backdrop, it seems like a sort of victory to be able to remain inside Thursday's trading range for the past 4 days.  Trading leve... (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 5.5 101.05 -0.14 GNMA 6.0 102.01 -0.17 Pricing as of: 9/9 5:47PM EST US Treasury Yield Change 2 YR Treasury 3.555 +0.068 5 YR Treasury 3.614 +0.052 7 YR Treasury 3.813 +0.045 10 YR Treasury 4.085 +0.045 30 YR Treasury 4.728 +0.038 Pricing as of: 9/9 5:47PM EST Other News Mortgage Applications End Losing Streak Wed, Apr 21, 2021 9:45AM Mortgage application volume broke out of a six-week slump in a big way during the week ended April 16. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, jumped 8.6 percent on a seasonally adjusted basis and was 9 percent higher on an unadjusted basis. It was the first positive posting for the index since the week end... (read more) UI Says HARP 2.0 Could Help Pandemic-Era Borrowers Tue, Apr 20, 2021 10:53AM The Urban Institute (UI) is advocating for a streamlined refinancing program similar to the Home Affordable Refinance Program (HARP) which aided many homeowners during the Great Recession to assist those impacted by the pandemic. HARP, which was used by more than 3.4 million borrowers between 2009 and 2018, offered simplified documentation, automated apprais... (read more) Brighter Outlook For Housing and Economy - Fannie Mae Mon, Apr 19, 2021 12:30PM Incoming data for March has caused Fannie Mae to again revise its forecast for the year's growth in gross domestic product (GDP). The company's Economic and Strategic Research (ESR) team said a sharp uptick in the economy last month followed a weather-related retreat in February. Most evident was a jump in employment to 916,000 new jobs in March from 468,000... (read more) AE, MLO, Ops Jobs; Subservicing, Jumbo, Sales Products; MLO to Broker Training; Investor Underwriting Changes Wed, Apr 21, 2021 9:50AM Over the weekend I visited a gas station, and the fellow in the kiosk had a name tag with, “Tim, Fuel Leader” inscribed on it. I will leave making fun of the title to you, but seeing him in there made me wonder how much interaction and collaboration he has with… who? In this era of scheduled virtual calls, spontaneity, brainstorming, and a... (read more) Latest Video The 9am Bond Report - April 21, 2021 Zentner: The long-term downtrend in rates is really just a low-rate trend No better hedge against risk than Fed chair Powell, says Jefferies' Zervos Second phase of Biden infrastructure plan expected to cost $1.5T: Source Around the Web Reuters Yellen lays out 'bold' climate agenda for U.S. economy, markets Calculated Risk Blog Philly Fed: State Coincident Indexes Increased in 49 States in March Reuters U.S. Senate committee advances sweeping China bill Calculated Risk Blog DOT: Vehicle Miles Driven decreased 10.6% year-over-year in February Reuters Analysis: U.S. banks' bond bonanza driven by extraordinary market conditions, regulatory decisions Calculated Risk Blog AIA: "Demand for Architecture design services continues to rapidly escalate" in March Redfin Luxury-Home Sales Rise 42% In First Quarter, Far Outpacing 7% Growth In Affordable-Home Sales CNBC Treasury yields are flat as muted trading continues Yahoo News Bank of Canada Becomes First to Signal Exit From Stimulus Reuters Stocks, yields, oil fall as pandemic fears linger Federal Reserve Clarida, The Federal Reserve's New Framework andOutcome-Based Forward Guidance Reuters Exclusive: Fed will limit any overshoot of inflation target, Powell says Calculated Risk Blog The Upward Slope of Real House Prices

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