No Bad News in Today's Treasury Announcement There have been a few occasions in the past few years where Treasury's quarterly refunding announcement sent shockwaves through the bond market.  Today turned out not to be one of them.  Treasury showed traders the light at the end of the issuance tunnel late last year (part of the reason for the big rally in November) and now we're simply seeing the general fruition of those predictions.  In fact, the Q3 borrowing estimate was more than $100bln LOWER than last time.  Markets don't have a perfect way to predict how these estimates will change quarter to quarter, but the trading reaction tells us it was only a very small surprise, but also a pleasant one. Market Movement Recap 10:13 AM Modestly stronger overnight.  10yr down 2.3bps at 4.173.  MBS up 1 tick (.03). 12:15 PM MBS near lows, unchanged on the day.  10yr still down 1.6bps at 4.18 02:40 PM Sideways since 11am.  10yr down 2bps at 4.175.  MBS up 1 tick (.03). 03:10 PM Small improvement after Treasury refunding announcement.  MBS up 2 ticks and 10yr down 2.8bps at 4.168.

July 29, 2024 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.58% -0.04%   5.99% 6.87% 15 Yr. Fixed 6.15% -0.01%   5.55% 6.25% 30 Yr. Jumbo 6.81% +0.01%   6.1% 6.95% Compare Mortgage Rates from Local Lenders for Jul 29, 2024 Mortgage Rates Start Week at 6 Month Lows Mon, Jul 29, 2024 4:00PM Although the range has been very narrow for the past few weeks, average mortgage rates nonetheless fell to the lowest levels in more than 6 months.  Top tier conventional 30yr fixed scenarios are well into the high 6's now, with our proprietary daily average at 6.81, matching the levels seen on July 15th and 18th.   Rates are driven by the bond market and bonds had a calm and positive day.  There were no major economic reports, but positive momentum remained intact from last Friday's well-received inflation report.   In addition to economic data, bonds are drive... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.58% -0.04 0.00 15 Yr. Fixed 6.15% -0.01 0.00 30 Yr. FHA 6.15% 0.00 0.00 30 Yr. Jumbo 6.81% +0.01 0.00 7/6 SOFR ARM 6.30% +0.06 0.00 30 Yr. VA 6.17% 0.00 0.00 Updates Daily - Last Update: 6/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.47% -0.05 0.00 15 Yr. Fixed 5.81% -0.03 0.00 Updates Weekly - Last Update: 6/18 Mortgage Bankers Assoc. 30 Yr. Fixed 6.60% 0.00 0.63 15 Yr. Fixed 6.02% +0.03 0.65 30 Yr. Jumbo 6.62% -0.04 0.57 Updates Weekly - Last Update: 6/17 UMBS 30YR 5.0 98.13 +0.13   96.76 100.50 UMBS 30YR 5.5 100.20 +0.12   98.96 101.64 10 YR Treasury 4.456 -0.040   3.948 4.668 No Bad News in Today's Treasury Announcement Mon, Jul 29, 2024 4:14PM No Bad News in Today's Treasury Announcement There have been a few occasions in the past few years where Treasury's quarterly refunding announcement sent shockwaves through the bond market.  Today turned out not to be one of them.  Treasury showed traders the light at the end of the issuance tunnel late las... (read more) MBS Price Change UMBS 4.5 95.81 +0.19 UMBS 5.0 98.13 +0.13 UMBS 5.5 100.20 +0.12 GNMA 4.5 95.94 +0.00 GNMA 5.0 98.56 +0.28 GNMA 5.5 100.36 +0.21 Pricing as of: 6/20 9:46AM EST US Treasury Yield Change 2 YR Treasury 4.179 -0.007 5 YR Treasury 4.234 -0.033 7 YR Treasury 4.340 -0.030 10 YR Treasury 4.456 -0.040 30 YR Treasury 4.896 -0.035 Pricing as of: 6/20 9:46AM EST Other News FHA, Buyer Literacy, LOS Products; Disaster News; Malik Wilkes Interview on Credit Union Trends Mon, Jul 29, 2024 12:03PM Language has oddities. For example, plurale tantums: items that are usually referred to in plural, often preceded by “pair of” even when there is only one item: pants, pliers, glasses, scissors, sunglasses, tweezers, etc.) Mortgage banking has its own language. Like “Agencies,” which we accept as being primarily Freddie Mac and Fannie Mae. For fans of the Ag... (read more) Latest Video Here's what to expect from the Fed's rate decision this week Bleakley's Peter Boockvar: Powell may be cautious about rate cut for credib... The data are mounting up for the Fed to cut rates, says Roger Ferguson The economy has demonstrated that these are normal interest rates, says Ed ... Around the Web Reuters US Treasury expects to borrow $740 billion in third quarter CNBC 1 million people now owe more than $200,000 in federal student loans CNBC Homeowners insurance premiums rose 21% last year. Climate change is partly to blame, experts say Calculated Risk Blog Final Look at Local Housing Markets in June and a Look Ahead to July Sales CNBC Treasury yields fall as investors look to key data, Fed meeting in week ahead Calculated Risk Blog Housing July 29th Weekly Update: Inventory up 1.3% Week-over-week, Up 39.4% Year-over-year CNBC Feds key inflation gauge rose 2.5% in June from a year ago, in line with expectations CNBC Defining a buyer's market 'is always a bit tricky,' real estate expert says: 4 signs to monitor Eye on Housing Personal Saving Rate Drops to Lowest Rate Since November 2022 Eye on Housing Student Housing Construction Investment Declines in the Second Quarter of 2024 CNBC Sales of $100 million homes set to double this year as trophy properties recover Eye on Housing Market Share of 5,000+ Square Foot Homes Declines in 2023 Calculated Risk Blog Personal Income increased 0.2% in June; Spending increased 0.3%

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