Bonds Break The Range, But Mortgage Rates Are Dragging Their Feet The simple version of the story: mortgage rates aren't moving lower nearly as quickly as the bond market suggests they should be.  There are some very good reasons for that.  Today's video discusses those as well as the lock/float implications. Econ Data / Events 20min of Fed 30yr UMBS Buying  10am, 1130am (M-F) and 1pm (T-Th) US Q2 GDP -32.9 vs -34.1 f'cast , -5.0 prev Jobless Claims 1.434m vs 1.450m f'cast , 1.422m prev Continued Claims 17.018m vs 16.2m f'cast , 16.151m prev Market Movement Recap 08:37 AM No major reaction to GDP/Claims.  This follows general strength in the overnight session leaving 10yr yields a total of 2.6bps lower on the day at .551. UMBS 2.0s are an eighth of a point higher on the day at 103-12 (103.375). 11:49 AM Little-changed after the morning's modest rally, but potentially seeing resistance in Treasuries at .54%.  UMBS 2.0 is hitting resistance at 103-14 (103.44).  Stocks are well off their lows now, but still down on the day. 03:47 PM Bonds have held ground quite well despite a relatively big recovery in stocks.  10yr yields remain near lows of day and MBS near highs--little changed from the last update.

July 30, 2020 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Bonds Break The Range, But Mortgage Rates Are Dragging Their Feet Bonds Break The Range, But Mortgage Rates Are Dragging Their Feet The simple version of the story: mortgage rates aren't moving lower nearly as quickly as the bond market suggests they should be.  There ... (read more) Mortgage Rate Watch Mortgage Rates Fall Nicely, But The Going Gets Tougher From Here Mortgage rates improved nicely overnight. The average lender's morning rates were very close to the lowest levels ever . This was a distinct possibility based on yesterday afternoon's bond market movement. Mortgage rates are most directly influenced ... (read more) Rob Chrisman LO, AE Jobs; Retention, Valuation Tools; LOS Survey; Economic News/Cap Markets Lenders are “tonning it,” as indicated by Fannie Mae’s net income of $2.5 billion for the second quarter of 2020, compared with net income of $461 million for the first quarter of 2020. But with most of us hunkered down, the economy... (read more) Housing News Pending Home Sales Continue Remarkable Rebound Pending home sales soared again in June, although the liftoff was relatively shallow compared to the 43 percent increase in May. The National Association of Realtors'® (NAR's) Pending Home Sales Index (PHSI). The index, a forward-looking indicato... (read more) Housing News Freddie Mac's Volume Increased in June, Delinquencies Skyrocketed Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 14.2 percent in June compared to a 5.5 percent gain in May. The portfolio balance at the end of the period was $2.46 trillion compared to $2.407 trill... (read more) Housing News Mortgage Apps Pull Back for the First Time in a Month Mortgage application volume declined for the first time in four weeks during the week ended July 24. The Mortgage Bankers Association (MBA) said is Market Composite Index, a measure of that volume, was down 0.8 percent on a seasonally adjusted basis ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.67% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.67% 0.00 0.00 15 Yr. Fixed 5.91% 0.00 0.00 30 Yr. FHA 6.19% -0.01 0.00 30 Yr. Jumbo 6.80% 0.00 0.00 7/6 SOFR ARM 6.29% -0.04 0.00 30 Yr. VA 6.20% -0.02 0.00 Updates Daily - Last Update: 7/1 15 Yr. Fixed Rate 5.91% +0.00% 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 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 99.91 -0.02 Price / Yield Change MBS UMBS 5.5 99.90 -0.03 UMBS 6.0 101.56 -0.02 GNMA 5.5 100.06 0.00 GNMA 6.0 101.42 +0.01 Pricing as of: 7/1 11:05PM EST 10 Year US Treasury 4.2465 +0.0073 Price / Yield Change US Treasury 2 YR Treasury 3.775 -0.002 5 YR Treasury 3.837 -0.003 7 YR Treasury 4.021 +0.008 10 YR Treasury 4.248 +0.009 30 YR Treasury 4.769 +0.002 Pricing as of: 7/1 11:05PM EST Latest Video How commercial real estate companies are faring during the coronavirus pand... White House economist Joe LaVorgna: We're viewing massive GDP plunge as a '... U.S. weekly jobless claims total 1.434 million US Q2 GDP shrunk by a record 32.9%, vs 34.7% expected Around the Web CNBC How the HEALS Act compares to the HEROES Act Redfin How Much Does a Home Inspection Cost? NAHB Eye on Housing Housing Share of GDP Climbs to 13-Year High CNBC What it's like to face eviction in a public health crisis CNBC Homeowner expected relief from a mortgage deferral, instead got a bill for $4,700: 'I about fell over' Redfin Survey: Almost Half of Recent Homebuyers Made an Offer Sight-Unseen, the Highest Share on Record Calculated Risk Blog Hotels: Occupancy Rate Declined 38% Year-over-year Calculated Risk Blog Comments on Weekly Unemployment Claims Calculated Risk Blog Q2 GDP: Investment CNBC GOP HEALS Act gives some businesses a second shot at Paycheck Protection Program loans NAHB Eye on Housing Builder Confidence in the 55+ Housing Market Rebounds in Second Quarter CNBC U.S. weekly jobless claims total 1.434 million, vs 1.45 million expected CNBC U.S. second-quarter GDP plunged by a record 32.9%, vs 34.7% expected

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