Crazy, Scary Morning Gives Way to Moderate Gains The bond market gamed the Fed today, and won (i.e. the long end sold until the short end priced in lower rate hike odds). OK, perhaps it's not quite that simple, but it's not too much more complicated. The only potentially complicating factor would be the unknown extent of Japan's participation.  We know the Bank of Japan (BOJ) bought Yen aggressively enough that it could not have been done without selling USD-denominated assets, such as the massive stockpile of Treasuries it owns, but there's uncertainty as to how much of that could have been drawn from the Fed's RRP facility.   Market Movement Recap 09:18 AM Sharply weaker overnight and early this morning as bonds "break" in the long end (read more). 10yr up 5.4bps at 4.284 and MBS down about a quarter of a point.  10:05 AM The crazy act is working and MBS just turned green, up 2 ticks (.06) now.  10yr yields are up only 1.4 bps on the day at 4.246.   12:34 PM Plenty of volatility still, but MBS now up a quarter point and 10yr yields down almost 1bp at 4.225. 02:28 PM Fading a bit from the highs with MBS down .19 from the mid-day price plateau.  10yr yields are down 1.2bps on the day at 4.221.  04:40 PM Back near the best levels for MBS with only a few minutes left.  Up 10 ticks (.31).  10yr yields are flat near their lows, down 1.2bps at 4.221. 

October 21, 2022 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 21, 2022 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 Crazy, Scary Morning Gives Way to Moderate Gains Fri, Oct 21, 2022 4:47PM Crazy, Scary Morning Gives Way to Moderate Gains The bond market gamed the Fed today, and won (i.e. the long end sold until the short end priced in lower rate hike odds). OK, perhaps it's not quite that simple, but it's not too much more complicated. The only potentially complicating factor would be the unknown exten... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 10:18AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 10:18AM EST Other News Servicing, Automation, Pricing, Property Data Products; Early November Events and Training Fri, Oct 21, 2022 9:47AM Denver’s airport has the longest runway in the U.S. at 16,000 feet (3 miles). As thousands of vendors, with some lenders thrown in for good measure, and me, head to Nashville for the MBA’s conference this weekend through next Wednesday, I am reminded of a bit of air travel trivia. Namely, if a commercial pilot seems to land quickly and taxi off the runway as... (read more) Latest Video We believe housing is in a structural supply deficit, says Raymond James' H... San Francisco Fed's Daly: Next Fed hikes should be smaller than 75 BPS The 2pm Bond Report - October 21, 2022 The reversal in bonds today doesn't make a lot of sense, says DoubleLine's ... Around the Web BusinessWire Finance of America to Discontinue Forward Mortgage Originations Wall Street Journal Fed Set to Raise Rates by 0.75 Point and Debate Size of Future Hikes CNBC Rent got cheaper in September: Here are the 10 cities where it dropped the most CNBC IRS: These are your 401(k) and IRA contribution limits for 2023 Calculated Risk Blog Q3 GDP Tracking: In 2% Range CNBC Existing home sales fall to a 10-year low in September, as mortgage rates soar Calculated Risk Blog Total Housing Completions Will Increase About 6% in 2022 CNBC Fed's Harker sees 'lack of progress on inflation,' expects aggressive rate hikes ahead Calculated Risk Blog Realtor.com Reports Weekly Active Inventory Up 34% Year-over-year; New Listings Down 15% Calculated Risk Blog Black Knight: Mortgage Delinquency Rate decreased in September CNBC 3 charts showing the market turmoil wreaked during UK PM Liz Truss tenure CNBC 10-year Treasury climbs to fresh 14-year high CNBC British pound falls 1%, reversing the Liz Truss resignation bounce

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