Fed Delivers. Bonds Surge As far as the Fed is concerned, bonds don't have to stress out about rates rising too terribly quickly right now.  Granted, they can only directly control the shortest-term rates, but they just pledged to keep buying as much of the longer-term stuff as they have been.  MBS and Treasuries appreciate it, to say the least. Econ Data / Events 11:30-11:50 AM (ET) -  Fed 30yr UMBS Buying    Market Movement Recap 07:56 AM Treasuries flat during Asian hours, then rallied during European hours. 10yr yields  bounced at .79% just after 6am and are up to .804% to start the domestic session.  MBS are opening slightly weaker, but have yet to find liquidity.  Note: prices will be visually lower on the chart due to the roll. 12:23 PM Bond yields followed stock prices lower at the NYSE open, and MBS came along for the ride with modest gains.  Treasuries are still down 4.8bps at .78, but MBS have slipped into an illiquid "mystery price" mode again with buyers and sellers on different planets.  2.0 MBS are indicated +2 ticks (0.06) on the day, but are likely just a bit stronger by the time liquidity improves. 02:13 PM Yields spiked briefly and inexplicably after the Fed, but have no returned to pre-Fed levels.  MBS are at the best levels of the day.  Fed committed to continuing purchases at a pace that at least matches the current pace.   02:39 PM Bonds have thought things over and decided the Fed's message is an unequivocal buy signal.  10yr yields are down more than 7bps at .754.  UMBS 2.0 coupons are skyrocketing, relatively, up more than 5/8ths of a point on the day.

June 10, 2020 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Fed Delivers. Bonds Surge Fed Delivers. Bonds Surge As far as the Fed is concerned, bonds don't have to stress out about rates rising too terribly quickly right now.  Granted, they can only directly control the shortest-term rate... (read more) Housing News Credit Access Retreats Back to Six-Year Lows Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 1... (read more) Housing News Quarantines Lift, Mortgage Volume Explodes The Mortgage Bankers Association (MBA) says that mortgage application volume rose significantly during the week ended June 5 as many states began to lift restrictions on individuals and businesses imposed in response to the COVID-19 pandemic. MBA's M... (read more) Mortgage Rate Watch Mortgage Rates Are Quickly Shaking Off Last Week's Panic Mortgage rates moved lower again today, with the average lender erasing a good amount of the weakness seen last week. That's good news considering rates hit all-time lows on the afternoon of June 1st (last Monday). After that, however, rates rose at ... (read more) Rob Chrisman Ops Jobs; Marketing, AMC, Forbearance Products; Freddie and Fannie News Not only are origination staff asking for refreshed marketing efforts as volumes show a tinge of falling off, but how about this note that I received from a CEO of a large lender in the Northeast? “Rob, what are you hearing about signing bonuse... (read more) Housing News May Homebuying Sentiment Shows Signs of Recovery After falling an aggregate of 29.5 points in March and April, Fannie Mae says its Home Purchase Sentiment Index (HPSI) has begun to recover. The Index rose 4.5 points in May to 67.5 from an all-time survey low in April. Four of the six index componen... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/5 3:11PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/5 3:11PM EST Latest Video We're not even thinking about raising rates: Powell Labor market may have hit bottom, but we will be cautious: Fed's Powell Federal Reserve leaves interest rates unchanged, will maintain until confid... Fisher on the Federal Reserve: Fed's job is to be as realistic as possible Around the Web Reuters S&P 500 ends lower in volatile trade following Fed statement Reuters U.S. Treasury chief says considering more direct payments in next coronavirus aid bill Reuters Instant View: Fed sees GDP falling 6.5% in 2020, keeps rates at zero Reuters Fed sees growth contracting by 6.5% on year, pledges bondbuying at least 'at current pace' Reuters Mnuchin says U.S. recovery has begun, will gain strength in third, fourth quarter Reuters J&J moves up start of coronavirus vaccine human trials to July Reuters With crisis response in place, Fed focuses on long term CNBC Here's what negative interest rates from Fed would mean for you CNBC As small businesses rehire and rebuild, the road to full recovery is a long one Calculated Risk Blog BLS: CPI decreased 0.1% in May, Core CPI decreased 0.1% Reuters Fed easing speculation keeps dollar under pressure CNBC What's next from the Fed will help decide the course for markets Reuters S&P 500, Dow ease as focus shifts to Fed; tech pushes Nasdaq to closing record

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