Delivered to over
70,000+ industry professionals
each day, the Daily Newsletter is the
definitive recap of the day's most
relevant mortgage and real estate news and data. View the latest Newsletter below.
View our most recent newsletter below, or use the date selector to view past newsletters.
Nice Recovery But Resistance Remains
Rates were under pressure overnight with 10yr hitting the highest yields in more than 2 weeks. Since then, bonds have surged back into stronger territory but remain more or less blocked by the same old floor.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
Consumer Confidence 92.6 vs 94.5 f'cast , 98.3 prev
Market Movement Recap
08:16 AM Bond weakness continued during Asian hours, but reversed course in the European session. Domestic trading is starting out just barely stronger for bonds and weaker for stocks.
09:16 AM 8:20am CME open brought buyers, plain and simple. It wasn't huge, but it was enough for a few bps of strength in Treasuries and nearly an eighth of a point of gains in MBS. Stocks aren't doing anything interesting yet. No other market movers in play.
01:02 PM MBS were already at best levels, but Treasuries are heading back in that direction after a strong 7yr auction. MBS up a quarter point. 10yr yield down nearly 3bps. Stocks have been rising, but still a hair weaker on the day.
03:37 PM Best levels of the day now, potentially benefiting from stock market losses. 10yr yields challenging the .58% floor (but not clearly breaking it). 2.0 UMBS up a quarter point at 103.125.
MBS Commentary
|
|
Nice Recovery But Resistance Remains
Rates were under pressure overnight with 10yr hitting the highest yields in more than 2 weeks. Since then, bonds have surged back into stronger territory but remain ... (read more)
|
|
Housing News
|
|
The U.S. homeownership rate moved significantly higher in the second quarter of 2020, reaching the highest level since the third quarter of 2008 at a rate of 67.9 percent. The U.S. Census Bureau reported the rate in the first quarter of the year was ... (read more)
|
|
Mortgage Rate Watch
|
|
Mortgage rates have been falling so much and with such regularity in 2020 that there's scarcely been a reason (or even an opportunity) to talk about anything else. Now suddenly, we have 2 straight business days with the average lender's rates getting... (read more)
|
|
Rob Chrisman
|
|
I could see that my cat Myrtle was miffed last night. I doubt if it had anything to do with the supply chain issues impacting appliances and new home construction, although her mini-frig has been on back-order for two months. My guess is that it had ... (read more)
|
|
Housing News
|
|
Home prices increases slowed slightly in May on both a month-over-month and an annual basis according to the S&P CoreLogic Case-Shiller Indices. The U.S. National Home Price Index which covers all nine U.S. census divisions, rose 4.5 percent in M... (read more)
|
|
Housing News
|
|
The National Association of Home Builders' (NAHB') Housing Trends Report for the second quarter of 2020 found slightly less than a quarter of prospective home buyers could afford a median-priced home in their local markets, leaving 77 percent shut ou... (read more)
|
|
|
|
|