Weaker Start, But MBS Outperform The week got off to a weaker start with most of the losses seen during the overnight session, but gradual ongoing selling during domestic hours.  There were no overt market movers behind the weakness unless we want to give credit to anxiety over the Treasury auction cycle or technical resistance.  Even if auctions aren't the source of the outright weakness, they do likely have a hand in helping MBS outperform today.  5.5 UMBS were only down about an eighth of a point while Treasuries with comparable durations had lost roughly twice as much ground (implication being that MBS don't have to worry about 3 big supply gluts to start the week). Market Movement Recap 09:44 AM Moderately weaker overnight and now choppy/sideways.  10yr up 3.9bps at 4.241.  MBS down an eighth. 11:01 AM Treasuries underperforming with 10yr up 4.7bp at 4.249.  MBS down 5 ticks (.16). 03:35 PM MBS continue outperforming, down only 3 ticks (.09).  10yr up 5.1bps at 4.253.

March 25, 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 25, 2024 Mortgage Rates Basically Unchanged Over The Weekend Mon, Mar 25, 2024 4:07PM Mortgage rates enjoyed a decently strong week last week, with the average top tier conventional 30yr fixed rate moving down to 6.91% by Friday from 7.09% on the previous Friday.  To put today's "unchanged" headline in perspective, that same number is up to 6.92% this afternoon. To put all of the above in an even broader perspective, the recent, major extremes consist of October 2023's highs at just over 8% and late December lows just over 6.6%.  In other words, we've moved a bit higher in 2024, but are still holding on to a majority of the improvement from long-term peak. There wer... (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 Weaker Start, But MBS Outperform Mon, Mar 25, 2024 4:18PM Weaker Start, But MBS Outperform The week got off to a weaker start with most of the losses seen during the overnight session, but gradual ongoing selling during domestic hours.  There were no overt market movers behind the weakness unless we want to give credit to anxiety over the Treasury auction cycle or tech... (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 9:29AM 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 9:29AM EST Other News DPA, Non-QM, LOS, U/W, Accounting Tools; California Insurance Problems Continue; Disaster and FEMA News Mon, Mar 25, 2024 11:54AM Here in Louisville, KY, at the TMC event, this one is making the rounds. “What does a real estate agent’s wife say if she can’t sleep? ‘Honey, tell me about your day at work.’” Inventory continues to be low. While lenders everywhere seem concerned about the implications of the proposed NAR settlement (and I am sure that the real estate industry will figure o... (read more) Latest Video Former Dallas Fed President discusses whether three rate cuts this year is ... Brown Harris Stevens CEO: The housing market has done 'incredibly well' con... Taylor Morrison CEO: We're in a good place as interest rates have 'slightly... February new home sales narrowly miss expectations to the downside Around the Web CNBC Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers Marketwatch California homeowners face an insurance crisis. What will it mean for home prices in the state? Marketwatch Kevin Warsh, floated as Trump Fed chief, says Powell is 'goosing' the economy Marketwatch Cook says Fed has to move carefully before cutting interest rates Calculated Risk Blog March Vehicle Sales Forecast: 15.6 million SAAR, Up 5% YoY Market Watch Treasury yields edge higher at start of busy holiday-shortened week Reuters Fed gets an earful about 'stranglehold' from high rates CNBC Treasury yields inch higher as investors look to key data in week ahead Calculated Risk Blog ICE: Mortgage Delinquency Rate Decreased in February CNBC Former Fed Vice Chair Clarida sees possibility of fewer rate cuts than expected this year Calculated Risk Blog Q1 GDP Tracking: Around 2% Eye on Housing Which Local Markets Track National Trends the Most: Multifamily Focus CFPB Prepared Remarks of CFPB Director Rohit Chopra at the Peterson Institute for International Economics Event on Revitalizing Bank ...

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