Data and Headlines Drive Modest Volatility Ahead of The Fed There were two different bouts of modest volatility in the bond market today.  The first followed the 10am JOLTS data as the stronger headline/revisions caused some initial selling.  Buyers bounced back with help from softer internal components--both in JOLTS and via the labor differential in the Consumer Confidence data.  Afternoon volatility followed headlines regarding a rocket attack in Beirut which left bonds sideways near their best levels of the day.  The Fed announcement is the next major calendar event, but Wednesday AM data is still capable of causing some movement.  Econ Data / Events Job Openings 8.184m vs 8.0m f'cast, 8.23m prev Job Quits (lower is better) 3.282 vs 3.459m prev Consumer Confidence 100.3 vs 99.7 f'cast, 100.4 prev Market Movement Recap 10:22 AM Unchanged overnight, stronger early, now back to unchanged after data.  MBS down 1 tick (0.03).  10yr down 0.5bps at 4.17 01:04 PM Quick surge in bonds on geopolitical headlines.  10yr down 3.4bps at 4.142.  MBS up an eighth. 03:29 PM Fairly flat after early afternoon gains.  10yr down 3.6bps at 4.141.  MBS up an eighth.

July 30, 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 30, 2024 Mortgage Rates Trickle to New 6 Month Low Before Fed Announcement Tue, Jul 30, 2024 3:42PM Mortgage rates began the day with the average lender quoting just slightly higher rates compared to yesterday's latest levels.  By the end of the day, however, that average had fallen to its lowest level in more than 6 months, even if only by the thinnest of margins. Rates are driven by movement in the bond market and bonds responded to several inputs today.  The morning hours were basically a wash with some aspects of the Job Openings and Labor Turnover Survey (JOLTS) pushing rates higher while other components of the same report helped limit the damage. The early afternoon brough... (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 Data and Headlines Drive Modest Volatility Ahead of The Fed Tue, Jul 30, 2024 4:06PM Data and Headlines Drive Modest Volatility Ahead of The Fed There were two different bouts of modest volatility in the bond market today.  The first followed the 10am JOLTS data as the stronger headline/revisions caused some initial selling.  Buyers bounced back with help from softer internal components--bo... (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 Borrower Checklist, POS, Subservicer Products; STRATMOR on Purchase Business; Fannie's Earnings Tue, Jul 30, 2024 12:54PM Is it a surprise to anyone that millions of renters could afford to buy a home with their mortgage payment not exceeding 30 percent of their income? Despite 39 percent of U.S. families renting in 2022, nearly 8 million qualified as "income mortgage-ready," per Zillow, meaning they could likely handle a mortgage payment for a typical home in their area. Some ... (read more) Latest Video Inflation has been 'streaky' and a rate cut may be premature, says former R... Overall sentiment for regional banks has gone up in anticipation for rate c... JOLTs and consumer confidence data beat expectations CNBC Fed Survey: 81% of respondents expect first rate cut in September Around the Web CNBC Housing affordability is 'moving in the right direction,' economist says. Here's what to know Marketwatch Job openings fall slightly. Labor market is still strong but cooling Marketwatch Home prices climb to set another record high in May, Case-Shiller says, but rise is losing steam Reuters US Treasury expects to borrow $740 billion in third quarter Marketwatch Consumer confidence picks up a bit in July Eye on Housing Home Price Gains Moderate for Third Straight Month Eye on Housing Downshift for Construction Job Openings CNBC U.S. crude oil falls below $76 per barrel, lowest level since early June CNBC 2-year Treasury yield inches higher as Fed meeting is set to begin Calculated Risk Blog Comments on May Case-Shiller House Prices, FHFA: House Prices Unchanged in May Calculated Risk Blog HVS: Q2 2024 Homeownership and Vacancy Rates Eye on Housing Student Housing Construction Investment Declines in the Second Quarter of 2024 CNBC Euro zone's economy grew 0.3% in second quarter, above expectations despite German contraction

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