Locking vs Floating Remains a Question of Covid vs The Economy Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  Keep the underlying, gradual, uptrend in rates in mind on days where it seems like things are going well for bonds.  Those can be great days to lock in this environment. Econ Data / Events 11:30-11:50 AM (ET) -  Fed 30yr UMBS Buying    Existing Home Sales: 3.91m vs 4.12m f'cast, 4.33m prev Market Movement Recap 08:19 AM Bonds traded about as flat as they ever trade overnight despite a modest push back toward higher levels in stocks.  The domestic session is starting with 10yr yields and MBS both within one trade of unchanged. 12:29 PM Modest reversal from the day's best levels.  MBS were up nearly an eighth of a point, but are back to unchanged now.  10yr yields are up to .687 from .674.  Very small moves, light volume, narrow ranges. 01:04 PM Weakness a bit more pronounced now, with UMBS 2.0 coupons down to 101-26 (101.81), which is just over an eighth of a point weaker from some lenders' rate sheet print times.  10yr yields just turned higher on the day by half a bp.

June 22, 2020 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Locking vs Floating Remains a Question of Covid vs The Economy Locking vs Floating Remains a Question of Covid vs The Economy Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  Keep the underlyin... (read more) Housing News Mortgage Delinquencies at Nine-Year High Black Knight reports another breathtaking increase in mortgage delinquencies in its "first look" at May loan performance data. The rate, which soared by 90 percent in April, grew another 20.4 percent, to 7.76 percent of all active mortgages. This put... (read more) Housing News May's Poor Existing Sales Show the Effects of Lockdown Existing-home sales fell again in May, although only at a little more than half the rate of decline in April. Still, it marked the third month of falling sales as a result of the coronavirus outbreak. The National Association of Realtors® (NAR) s... (read more) Rob Chrisman Marketing, TPO, Cost Analysis Products; June's Remaining Training and Events After nearly 100 years, Eskimo Pie ice cream will get a new name . (The name "Eskimo" is commonly used in Alaska to refer to Inuit and Yupik people, according to the Alaska Native Language Center at the University of Alaska. This name is considered d... (read more) Mortgage Rate Watch The Great Debate For Rates, Housing, And The Market Coronavirus hit markets with unprecedented force in March. Stock prices and bond yields sank. When the outlook grew less dire, markets began moving back in the other direction. As quarantine measures ease, fear surrounding a second wave of COVID-19 i... (read more) Housing News Forbearance Numbers Continue to Retreat The number of homeowners in active forbearance plans fell again this past week. Black Knight estimates there are now 4.6 million people remaining in the plans which mortgage servicers are required to provide as part of the CARES Act package of COVID-... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.79% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.79% +0.02 0.00 15 Yr. Fixed 5.99% +0.01 0.00 30 Yr. FHA 6.30% +0.02 0.00 30 Yr. Jumbo 6.87% 0.00 0.00 7/6 SOFR ARM 6.33% -0.06 0.00 30 Yr. VA 6.31% +0.02 0.00 Updates Daily - Last Update: 7/10 15 Yr. Fixed Rate 5.99% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.72% +0.05 0.00 15 Yr. Fixed 5.86% +0.06 0.00 Updates Weekly - Last Update: 7/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.77% -0.02 0.62 15 Yr. Fixed 6.04% -0.02 0.63 30 Yr. Jumbo 6.69% -0.09 0.65 Updates Weekly - Last Update: 7/9 MBS / Treasuries UMBS 30YR 5.5 99.55 -0.01 Price / Yield Change MBS UMBS 5.5 99.54 -0.02 UMBS 6.0 101.32 -0.04 GNMA 5.5 99.83 -0.01 GNMA 6.0 101.36 -0.02 Pricing as of: 7/11 3:22AM EST 10 Year US Treasury 4.3582 +0.0114 Price / Yield Change US Treasury 2 YR Treasury 3.878 +0.001 5 YR Treasury 3.941 +0.006 7 YR Treasury 4.135 +0.009 10 YR Treasury 4.363 +0.016 30 YR Treasury 4.885 +0.015 Pricing as of: 7/11 3:22AM EST Latest Video New York City real estate prices could correct further, says Bess Freedman Covid cases will determine market volatility: Citi's Kristen Bitterly Home sales down 26.6% vs. one year ago Manhattan real estate prices could drop 10% this year as New York City atte... Around the Web CNBC The Fed's corporate bond buying is stoking bubble fears NPR California Hits New High In COVID-19 Hospitalizations Calculated Risk Blog Comments on May Existing Home Sales NPR Get A Comfortable Chair: Permanent Work From Home Is Coming NAHB Eye on Housing Texas Led with Substantial Employment Gains in May Calculated Risk Blog NAR: Existing-Home Sales Decreased to 3.91 million in May, Rebound Expected in Coming Months Calculated Risk Blog Chicago Fed National Activity "Suggests Economic Growth Increased Substantially in May" CNBC The U.S. currency's demand as an 'emergency dollar' could be waning, Deutsche Bank says CNBC Treasury yields retreat as coronavirus cases spike Calculated Risk Blog Sacramento Housing in May: Sales decline 37% YoY, Active Inventory down 23% YoY Redfin Home Prices Flat, Other Indicators Suggest the Market is Rebounding from Coronavirus Shutdowns CNBC Fed adds coronavirus scenarios to this year's bank stress tests Calculated Risk Blog Q2 GDP Forecasts: Probably Around 33% Annual Rate Decline

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