Good News and Bad News About Today's Selling The bad news is that bonds resumed their weaker tendencies today with 10yr yields moving back up into the 4.6's.  Culprits included stronger economic data, hawkish Fed comments, and possibly the fact that the previous day's gains were driven by corrective short-covering.  The good news is a bit of stretch to be considered as such.  In order to do so, we must consider that today's high yields stopped well short of the high yields seen on Tuesday.  This pattern of "lower highs" is often seen at the beginning of a sideways consolidation, effectively ending the previous directional trend (at least for the time being).  It's a bit too soon to conclude that's the way things will play out this time, but on an objective note, today was the first time since April 5th that yields made it past the 48 hour mark without hitting a higher high.  Econ Data / Events Jobless Claims 212k vs 215k f'cast, 212k prev Philly Fed Index 15.5 vs 1.5 f'cast, 3.2 prev Philly Fed Prices 23.0 vs 3.70 prev Market Movement Recap 08:37 AM roughly unchanged overnight a hair weaker after data.  MBS down 1 tick (.03) and 10yr up 1.7bps at 4.606. 09:41 AM Back to weakest levels after NYSE open.  MBS down an eighth.  10yr up 3.6bps at 4.625. 12:39 PM More Losses.  MBS down 10 ticks (.31).  10yr up 5.4bps at 4.644 03:13 PM hovering sideways near weakest levels.  MBS down 9 ticks (.28).  10yr up 4.8bps at 4.638

April 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 Apr 18, 2024 Mortgage Rates Higher Today, But Not Quite as High as Tuesday Thu, Apr 18, 2024 3:36PM Tuesday marked the highest mortgage rates since November, capping a mini surge that began after last week's inflation data. After a moderate improvement yesterday, rates moved back up toward (but thankfully not above) the recent highs today.  Financial markets reacted to stronger economic data and comments from Federal Reserve officials regarding the possibility of no Fed rate cuts in 2024 and even a small chance of rate hikes.  Importantly, Fed members don't see hikes as being likely and the economic data would have to accelerate enough to justify a change in strategy.  We're... (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 News and Bad News About Today's Selling Thu, Apr 18, 2024 3:55PM Good News and Bad News About Today's Selling The bad news is that bonds resumed their weaker tendencies today with 10yr yields moving back up into the 4.6's.  Culprits included stronger economic data, hawkish Fed comments, and possibly the fact that the previous day's gains were driven by corrective short-coveri... (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 5:50AM 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 5:50AM EST Other News MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events Thu, Apr 18, 2024 11:12AM What loan officer hasn’t had a memorable co-signing experience? Some more so than others. Along those lines, if you head to Disneyland or Disneyworld, and find bone chips or ashes on the floor of your favorite ride, it is probably not an accident. Nor is eking out a gain, or at least breaking even, in residential lending an accident. At the Great River Confe... (read more) Latest Video March home sales dropped despite a surge in supply: Here's what you need to... Existing home sales fell less than expected The outlook for homebuilders Zelman's Alan Rather names Beazer Homes as a winner in the housing sector Around the Web CNBC Mortgage rates are now at the highest level of the year, and could go even higher Marketwatch Leading index for U.S. economy retreats again in March Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.19 million SAAR in March Marketwatch Philly Fed factory gauge jumps in April to highest level in two years Marketwatch D.R. Horton's stock rallies as limited home supply boosts profit and sales CNBC Wall Street pushes out rate-cut expectations, sees risk they don't start until March 2025 Calculated Risk Blog Weekly Initial Unemployment Claims Unchanged at 212,000 Eye on Housing Most Home Buyers Want One, Medium-Sized Home Office Eye on Housing How Quickly Do Prices Respond to Monetary Policy? CNBC Treasury yields dip as investors digest remarks from Fed officials CNBC Treasury yields dip as investors assess interest rate path ahead Reuters Confirmed euro zone inflation fall bolsters ECB's June rate cut plan Calculated Risk Blog Fed's Beige Book: "Economic activity expanded slightly"

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