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Bonds Continue Pushing The Record Pace, But MBS Are Lagging
Yesterday we asked what would come next for bonds after breaking through resistance levels (.58 in 10yr yields and 103.00 in 2.0 UMBS), what comes next. Such breakouts can be the cue for a corrective bounce or a quick rush of additional momentum. It looks like we're getting the latter, although it's more apparent in Treasuries. MBS are lagging due to increased supply, but prices nonetheless hit new all-time highs.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
Market Movement Recap
08:17 AM Bonds stronger overnight, largely during European session. Weaker stocks helped. 10yr starting out just under the .54% technical level. MBS are opening more than an eighth of a point higher.
11:31 AM Bonds are off their best levels of the morning. At first, this was a bond-specific move, but stock strength since 10:30am is also correlated. 2.0 UMBS are now up just over an eighth of a point (versus a quarter point earlier) and 10yr yields are up to .5249 from lows of .5134.
02:55 PM Not much changed from the last update, but MBS continue dragging their feet near the lows of the day. Treasuries, conversely, are near their best levels of the day. Underperformance is largely due to increased supply pressure in MBS.
MBS Commentary
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Bonds Continue Pushing The Record Pace, But MBS Are Lagging
Yesterday we asked what would come next for bonds after breaking through resistance levels (.58 in 10yr yields and 103.00 in 2.0 UMBS), what comes n... (read more)
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Rob Chrisman
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Sure, you’re making bank now, but are you planning for next year? Is your company doing anything to “team up”? Many lenders, vendors, and real estate companies have strategic partnerships with other companies. There’s strength... (read more)
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Mortgage Rate Watch
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Mortgage rates have fallen more aggressively than ever and they've been remarkably willing to set record after record. So is there any reason you shouldn't wait for them to go even lower? This is an age old question any time rates fall to long-term l... (read more)
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Housing News
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The last report from Freddie Mac put its 30-year fixed rate mortgage (FRM) at 2.99 percent, up 1 basis point from the all-time low. Black Knight, in its new Mortgage Monitor , says that has made home affordability the best in four years. As of mid-Ju... (read more)
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Housing News
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In the second quarter of 2020, 11 percent of American adults were planning on purchasing a home over the next 12 months, and of those, almost half were actively engaged in doing so. Rose Quint, writing in the National Association of Home Builders' (N... (read more)
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Housing News
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Construction spending held firm in June, inching down fractionally from the May level and increasing a bit compared to June 2019. The U.S. Census Bureau said total spending during the month was at a seasonally adjusted annual rate of $1.355 trillion,... (read more)
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