Nice Tuesday For Bonds, But It's All About Wednesday Tuesday turned out to be great for bonds with MBS up nearly a quarter of a point for most of the day and 10yr yields ultimately dropping into the 4.35's by the final hour of trading.  As nice as it is to see a rally these days, it's best thought of as an isolated, random victory without any bearing on the bigger picture.  Granted, we may be seeing some evidence of "value buying" with yields getting near 4.5% on Monday, but Wednesday's CPI would still need to cooperate in order to confirm that hypothesis.  To be clear, there is no way to know whether CPI will do that.  It's just another coin flip in the game of helping or hurting rates, but on a much bigger scale than the average economic report. Econ Data / Events Nonfarm Payrolls 303k vs 200k f'cast, 270k prev Unemployment Rate 3.8 vs 3.9 f'cast, 3.9 prev Earnings 0.3 vs 0.3 f'cast, 0.2 prev (revised up 0.1) Market Movement Recap 08:05 AM Steadily stronger overnight.  10yr down 4.6 bps at 4.381 and MBS up 6 ticks (.19) 10:00 AM Fairly flat in the first two hours.  MBS up 7 ticks (.23) and 10yr down 5bps at 4.377 01:07 PM Modest selling in Treasuries after the auction, but nothing serious.  10yr down 4.8bps at 4.553.  MBS up 6 ticks (.19). 04:07 PM Sideways all afternoon, but modest gains in the past few minutes.  MBS up a quarter point.  10yr down 7.2bps at 4.356

April 9, 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 Apr 9, 2024 Decent Recovery For Mortgage Rates, But Huge Volatility Potential Ahead Tue, Apr 9, 2024 4:27PM Mortgage rates roughly matched their highest levels in months yesterday, but managed to turn things around today.  One could argue that the broader bond market (which dictates rates) began to turn things yesterday morning and that the only reason rates moved higher was the overnight bond market movement.   So today was either a new recovery or a continuation of yesterday's recovery, but none of that matters now.  Wherever we may be this afternoon, we may be somewhere completely different tomorrow afternoon.  While that's true every day the market is open, it's a much ... (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 Nice Tuesday For Bonds, But It's All About Wednesday Tue, Apr 9, 2024 4:27PM Nice Tuesday For Bonds, But It's All About Wednesday Tuesday turned out to be great for bonds with MBS up nearly a quarter of a point for most of the day and 10yr yields ultimately dropping into the 4.35's by the final hour of trading.  As nice as it is to see a rally these days, it's best thought of as an isola... (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 2:00AM 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 2:00AM EST Other News Servicing, Non-QM DSCR, RON Products; Freddie and Fannie News; Rate Cut Outlook Tue, Apr 9, 2024 11:37AM Here in the Hill Country near Austin, Texas, there’s an active market of sellers and buyers of real estate. It is a safe bet that most use agents; around 90 percent of buyers use them, and Clever released data on average real estate commission rates in the U.S. as they stand now. Clever found that on the median-priced home of $431,000, the average U.S. home ... (read more) Latest Video Fmr. Kansas City Fed Pres. Thomas Hoenig: There's no real case for the Fed ... The Fed's 'play-by-play commentary' imposes unnecessary volatility into mar... June might be too soon for easing to start: Regions Bank CIO Alan McKnight Inflation outlook mostly steady but jumps for rent, NY Fed survey shows Around the Web Marketwatch Will inflation ever go down? Thats what frustrated Americans are asking ahead of March CPI. CNBC Buyers of newly built homes can face a property tax surprise. Heres why Calculated Risk Blog An Update on the House Price Battle Royale: Low Inventory vs Affordability Marketwatch Consumers expect mortgage rates to go up in the next year, but Fannie Mae expects a 'thaw' in the housing market CNBC $1 million homes are now 'typical' in a record number of U.S. cities, analysis finds. Heres where they are Marketwatch Treasury yields aren't acting like the Fed is done hiking interest rates CNBC Small business optimism hits 11-year low as inflation fears won't go away CNBC 10-year Treasury yield falls as investors await inflation data Calculated Risk Blog 1st Look at Local Housing Markets in March Calculated Risk Blog Leading Index for Commercial Real Estate Decreased 9% in March Marketwatch European Central Bank to stand pat this week but faster-than-the-Fed rate cuts may hit euro Eye on Housing Residential Building Wages See Fastest Growth in More Than Two Years Calculated Risk Blog Moody's: Retail Vacancy Rate Unchanged in Q1

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