No Whammies in Treasury Borrowing Estimate Bonds were slightly weaker overnight but quickly moved into stronger territory as volume and liquidity ramped up for the new week. Gains were modest and linear--largely extending the friendly trends seen last Thu/Fri. The only key calendar event was the Treasury refunding estimates this afternoon.  While there are some potentially alarming ways to read the newswires (i.e. "June borrowing estimates up to $514b vs $123b previously"), the large apparent change is due to accounting and not reflective of a $391 bln increase in spending or decrease in revenue. In other words, there were no whammies for the bond market. If anything, it was treated as good news based on yield movement at 3pm ET. Market Movement Recap 10:21 AM Moderately weaker overnight, but pushing back since 9am ET.  10yr up 1.3bps at 4.25 and MBS down 2 ticks (.06). 01:33 PM Gains continue.  MBS up 1 tick (.03) and 10yr down 1.2bps at 4.225 03:20 PM Favorable reaction to Treasury refunding estimates.  MBS up 2 ticks (.06) and 10yr down 3.0 bps at 4.205

April 28, 2025 Download our Mobile App: Download our Mobile App: MBS Commentary No Whammies in Treasury Borrowing Estimate No Whammies in Treasury Borrowing Estimate Bonds were slightly weaker overnight but quickly moved into stronger territory as volume and liquidity ramped up for the new week. Gains were modest and linear--larg... (read more) Mortgage Rate Watch Mortgage Rates Start New Week Slightly Lower Mortgage rates ended last week at the lowest levels since April 7th.  The average lender remained at those same levels at the start of business today, but many lenders offered modest improvements as the day progressed. Mortgage lenders prefer t... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.81% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.81% 0.00 0.00 15 Yr. Fixed 6.15% -0.02 0.00 30 Yr. FHA 6.18% -0.01 0.00 30 Yr. Jumbo 6.95% 0.00 0.00 7/6 SOFR ARM 6.35% -0.02 0.00 30 Yr. VA 6.19% -0.01 0.00 Updates Daily - Last Update: 4/30 15 Yr. Fixed Rate 6.15% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.81% -0.02 0.00 15 Yr. Fixed 5.94% -0.09 0.00 Updates Weekly - Last Update: 4/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.89% -0.01 0.00 15 Yr. Fixed 6.17% -0.03 0.76 30 Yr. Jumbo 6.88% -0.02 0.60 Updates Weekly - Last Update: 4/30 MBS / Treasuries UMBS 30YR 5.5 99.66 -0.08 Price / Yield Change MBS UMBS 5.5 99.66 -0.07 UMBS 6.0 101.35 -0.06 GNMA 5.5 99.83 -0.03 GNMA 6.0 101.06 -0.05 Pricing as of: 4/30 11:25PM EST 10 Year US Treasury 4.1853 +0.0248 Price / Yield Change US Treasury 2 YR Treasury 3.619 +0.012 5 YR Treasury 3.749 +0.021 7 YR Treasury 3.958 +0.019 10 YR Treasury 4.184 +0.023 30 YR Treasury 4.698 +0.012 Pricing as of: 4/30 11:25PM EST Latest Video Treasury expects to borrow $514B for the second quarter, $391B higher than ... Home prices declines in major markets Fmr. Atlanta Fed Pres. Lockhart: Increasingly concerned the Fed will face a... Consumer sentiment up slightly in Mid-April Around the Web forexlive Dallas Fed Survey Comments Highlight Widespread Tariff Impacts Calculated Risk Blog Housing April 28th Weekly Update: Inventory up 1.3% Week-over-week, Up 31.0% Year-over-year Dallas Fed Dallas Fed Business Activity Lowest Since May 2020 Calculated Risk Blog HVS: Q1 2025 Homeownership and Vacancy Rates CNBC Treasury yields little changed as investors look ahead to key inflation report CNBC Treasury Secretary Bessent says it's up to China to de-escalate trade tensions Calculated Risk Blog The Normal Seasonal Pattern for Median House Prices Calculated Risk Blog Q1 GDP Tracking: No Growth FXStreet Michigan Consumer Sentiment Drops To 52.2, Beating Analyst Expectations Calculated Risk Blog Intercontinental Exchange: Mortgage Delinquency Rate Increased in March CNBC Treasury yields little changed as investors hope for U.S.-China trade deal CNBC European real estate investment rises in the first quarter but macro uncertainty clouds outlook Fannie Mae Forecast for Housing Activity Revised Slightly in April Outlook

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