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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.
MBS Commentary
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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)
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Housing News
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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)
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Housing News
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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)
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Rob Chrisman
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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)
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Mortgage Rate Watch
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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)
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Housing News
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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)
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