Good Times Still Mostly Rolling Despite Token Correction on Friday Bonds sold off on Friday, with the easiest scapegoat being the extra strong Consumer Sentiment number (72.6 vs 65.5 f'cast). 10yr yields remained below yesterday's highs, and although MBS prices were lower than yesterday's, they'd outperformed Treasuries earlier in the week.  In short, most of the week's gains remain intact.  In fact, considering it was a summertime Friday with super strong data after 4 straight days of gains that took bonds into overbought territory in the short term, one might consider a 6bp bump to 10yr yields and a 3/8ths of a point loss in MBS to be a victory, of sorts. Econ Data / Events Consumer Sentiment  72.6 vs65.5 f'cast, 64.4 prev Sentiment, Current Situation 77.5 vs 70.4 f'cast, 69.0 prev Inflation expectations 1yr - 3.4 vs 3.3 f'cast 5yr - 3.1 vs 3.1 f'cast Market Movement Recap 10:05 AM Modestly weaker all morning with sharper selling after sentiment data.  MBS down 3/8ths and 10yr up roughly 4bps. 01:02 PM Additional weakness into the PM hours, but stabilizing now and recovering.  10yr at 3.81.  MBS down only a quarter. 04:05 PM Weakest levels of the day in 10s (up 6 bps at 3.827) and down 3/8ths in MBS (not quite weakest levels of the day). 

July 14, 2023 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 Jul 14, 2023 Rates Moved Higher Today, But This Week Was a Step in The Right Direction Fri, Jul 14, 2023 3:51PM Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation data showed prices falling faster than expected. Rates responded with a full recovery despite giving up some of the improvement on Friday after strong Consumer Sentiment data. If rates could only choose one thing to be afraid of, it would be inflation.  Rates are based on bonds.  Bonds offer investors a fixed schedule of cash flow.  Over time, inflation can make that cash buy much less "stuff" than it did at first.  Invest... (read more) 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 Good Times Still Mostly Rolling Despite Token Correction on Friday Fri, Jul 14, 2023 4:12PM Good Times Still Mostly Rolling Despite Token Correction on Friday Bonds sold off on Friday, with the easiest scapegoat being the extra strong Consumer Sentiment number (72.6 vs 65.5 f'cast). 10yr yields remained below yesterday's highs, and although MBS prices were lower than yesterday's, they'd outperformed Treasur... (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 8:52PM 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 8:52PM EST Other News TPO, Outsourcing, DPA, MSR Transfer, Compliance Products; Company and State Events Fri, Jul 14, 2023 10:48AM “If they raise the interest rates one more time, you're going to hear Janet Yellen.” Much of the talk in the hallways here at the California Association of Mortgage Professionals event near San Francisco revolves around the Federal Reserve likely raising short term rates on July 26th due to the need to raise interest rates further to bring down inflation tha... (read more) Latest Video BlackRock CEO Larry Fink on economic outlook: I think our economy is going ... Consumer sentiment soars in July Wharton Professor Jeremy Siegel: Here's why the Fed should stop raising rat... Regional banks are positioned to be resilient in earnings, says RBC's Gerar... Around the Web CNBC Biden administration announces student debt forgiveness for 804,000 federal borrowershere's who qualifies CNBC 1 in 3 federal student loan borrowers spent money they thought was going to be forgivenhere's where relief stands Calculated Risk Blog 3rd Look at Local Housing Markets in June Eye on Housing Residential Building Workers Wage Growth Trending Down Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-July Reuters US weekly jobless claims unexpectedly fall bls U.S. PPI cools to 0.1% in June CNBC St. Louis Fed President Bullard says he's stepping down in August CNBC Treasury yields moderate after two-day slide on light inflation data Calculated Risk Blog Q2 GDP Tracking: Around 2% Eye on Housing Remodeling Market Sentiment Edged Down in Second Quarter of 2023 Calculated Risk Blog Hotels: Occupancy Rate Down 2.3% Year-over-year CNBC 2-year Treasury yield continues to slide after cool June CPI figure

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