Best Closing Levels in More Than a Month Don't look now, but rates just inched their way down to the best levels since the first week of May.  It's probably NOT fair to credit geopolitical developments for the bond market improvement.  While those developments arguably had an impact at times during the day, they were also arguably a zero sum game by the end of the day (due to a rapid de-escalation of armed conflict).  What's left over is the improvement seen earlier in the day due to the shift in Fed Funds Rate expectations after comments from Bowman.  This no doubt increases the market's anticipation for Fed Chair Powell's congressional testimony over the next two days. Econ Data / Events S&P Services PMI 53.1 vs 52.9 f'cast, 53.7 prev Existing Home Sales 4.03m vs 3.96m f'cast, 4.00m prev Market Movement Recap 10:10 AM Modestly stronger overnight with additional gains after Bowman comments on supporting a July rate cut.  MBS up 6 ticks (.19) and 10yr down 6.3bps at 4.315 12:38 PM Slow, steady bond gains over the past 2 hours.  10yr down 8.3bps to 4.296 and MBS up 9 ticks (.28). 02:43 PM Off the strongest levels but still stronger on the day.  MBS up 7 ticks (.22) and 10yr down 5.8bps at 4.321 03:40 PM Technically down an eighth from the highs.  MBS still up 6 ticks (.19) and 10yr still down 4.6bps at 4.333

June 23, 2025 Download our Mobile App: Download our Mobile App: MBS Commentary Best Closing Levels in More Than a Month Best Closing Levels in More Than a Month Don't look now, but rates just inched their way down to the best levels since the first week of May.  It's probably NOT fair to credit geopolitical developments f... (read more) Mortgage Rate Watch Mortgage Rates Lowest Since May 1st Mortgage rates ended the previous week roughly in line with the best levels since May 1st.  Today's modest improvement made it official.  Mortgage rates are primarily a function of trading levels in the bond market and bonds have had a few... (read more) Rob Chrisman HELOCs and 2nds, Doc Tracking, Execution, POS, Webinars and Training; Rates Steady Despite Iran Conflict For many, business is slow out there, and the industry waits for the House vote on the abusive trigger lead bill. Depository banks continue to focus on residential lending in their own footprint while scaling back distant originations, and IMBs conti... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.72% -0.07% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.72% -0.07 0.00 15 Yr. Fixed 5.96% -0.06 0.00 30 Yr. FHA 6.21% -0.04 0.00 30 Yr. Jumbo 6.85% -0.04 0.00 7/6 SOFR ARM 6.29% -0.08 0.00 30 Yr. VA 6.22% -0.05 0.00 Updates Daily - Last Update: 6/26 15 Yr. Fixed Rate 5.96% -0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% -0.09 0.66 15 Yr. Fixed 6.14% -0.02 0.70 30 Yr. Jumbo 6.81% -0.12 0.63 Updates Weekly - Last Update: 6/18 MBS / Treasuries UMBS 30YR 5.5 99.93 -0.07 Price / Yield Change MBS UMBS 5.5 99.93 -0.07 UMBS 6.0 101.58 -0.07 GNMA 5.5 100.09 -0.07 GNMA 6.0 101.44 -0.11 Pricing as of: 6/27 1:09AM EST 10 Year US Treasury 4.2578 +0.0224 Price / Yield Change US Treasury 2 YR Treasury 3.744 +0.025 5 YR Treasury 3.819 +0.017 7 YR Treasury 4.016 +0.017 10 YR Treasury 4.258 +0.023 30 YR Treasury 4.810 +0.010 Pricing as of: 6/27 1:09AM EST Latest Video Fed's Michelle Bowman: It's time to consider adjusting rate policy Fed's Goolsbee: If tariff air clears, we should proceed with cuts Bonds no longer hedge stock market risk, says Carlyle's Jason Thomas May existing home sales rise 0.8% vs. -1.3% estimated Around the Web Marketwatch Fed interest-rate cut in July gains support. What does Powell think? CNBC Fed Governor Bowman favors July interest rate cut if inflation stays low CNBC May home sales increase very slightly, but prices hit another record high CNBC Middle East ocean freight rates soar on Iran conflict, Strait of Hormuz shipping risks Calculated Risk Blog Housing June 23rd Weekly Update: Inventory up 0.4% Week-over-week, Up 30.7% Year-over-year CNBC Treasury yields inch higher after U.S. bombs Iran CNBC Fed Chair Powell speaks on Capitol Hill this week with politics front and center CNBC Senators will stay in D.C. until Trump's 'big, beautiful bill' passes, Thune says CNBC Fed Governor Waller says central bank could cut rates as early as July Calculated Risk Blog California Home Sales "Sputter" in May; 4th Look at Local Markets Reuters Still early to assess tariff impact on economy, Fed report says Eye on Housing Single-family Construction Loan Volume Grows Calculated Risk Blog Q2 GDP Tracking: Wide Range

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