Uneventful Trading Day Despite Technical Test For all that we've talked about the 4.32% technical level and considering yields hit the 3pm close at 4.338, one might expect today to have been important, interesting, or eventful.  In truth, it was none of those things as this magnitude of breakout is well within the margin of error typically applied to broad technical targets. Even then, what would a breakout really mean if we're still waiting for Wednesday's Fed events to confirm or reject a breakout?  In other words, Monday can't be anything other than a placeholder.   Market Movement Recap 09:31 AM Flat overnight and modestly weaker in early trading.  MBS down an eighth and 10yr up 1.2bps at 4.32. 12:22 PM Bouncing around the weakest levels of the day.  MBS down 5 ticks (.16) and 10yr up 2.8bps at 4.336. 02:02 PM Weakest levels of the day with MBS off 7 ticks (.23) and 10yr yields up 3.6bps to 4.344.

March 18, 2024 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 Mar 18, 2024 Mortgage Rates Inch to March Highs Mon, Mar 18, 2024 3:50PM Rates marched higher to the highest levels in March today, but most lenders are only microscopically worse off than Friday afternoon.  In the slightly bigger picture rates have moved up roughly a quarter of a percent in just over a week and that's a relatively quick move. The last time rates rose a quarter of a point in short order was at the beginning of February.  The entire jump happened in a single day following the release of much stronger jobs data.  It was also followed by additional momentum thanks to inflation data in the following week. The current move is also data ... (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 Uneventful Trading Day Despite Technical Test Mon, Mar 18, 2024 4:03PM Uneventful Trading Day Despite Technical Test For all that we've talked about the 4.32% technical level and considering yields hit the 3pm close at 4.338, one might expect today to have been important, interesting, or eventful.  In truth, it was none of those things as this magnitude of breakout is well within t... (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 12:08PM 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 12:08PM EST Other News DSCR, FHA DPA, LOS, Warehouse, AI, Social Media Products; NAR Settlement Updates Mon, Mar 18, 2024 11:05AM Lenders are refinancing borrowers who took out intermediate ARMs 3, 5, or 7 years ago and whose rates have gone up. Some here in Las Vegas, walking around humming this tune while at the ICE and Lender Toolkit event, will say that adjustable-rate mortgages are a gamble that paid off from 1982 through 2021 but not now. Las Vegas is packed, and yesterday I aske... (read more) Latest Video The Fed's unlikely to cut interest rates this year, says Richard Bernstein ... The Fed is more focused on inflation than the labor market, says Dennis Loc... Homebuilder sentiment turns positive for the first time since July Post Brothers CEO discusses trends in office-to-home conversions Around the Web CNBC Homebuilder sentiment turns positive for the first time since July CNBC Fed and other banks to make 'major progress' on rates this year, BIS chief says Calculated Risk Blog Housing March 18th Weekly Update: Inventory Up 1.3% Week-over-week, Up 22.2% Year-over-year Marketwatch No more 6%? Home buyers and sellers will soon negotiate their own commissions with agents. CNBC The best time to sell your home in 2023, listings in this period sold for $7,700 more, research finds CNBC Treasury yields little changed as investors look to Fed meeting Calculated Risk Blog LA Port Traffic Increased Sharply Year-over-year in February Calculated Risk Blog Realtor.com Reports Active Inventory UP 21.7% YoY; New Listings up 15.8% YoY CNBC Treasury yields mixed as investors fret over interest rate outlook Calculated Risk Blog 3rd Look at Local Housing Markets in February Eye on Housing Strong Rebound in Single-Family Permits at the Start of 2024 Calculated Risk Blog GDP Tracking: Around 2% Calculated Risk Blog Industrial Production Increased 0.1% in February

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