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Locking vs Floating Ahead of Potentially Big Fed Announcement
First thing's first: if you haven't seen the adverse market fee make it back onto rate sheets yet, that makes locking a no-brainer. If you have, then we can move on to considering the impact from the Fed Announcement. Today's video discusses the relevant considerations in detail.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
NY Fed Manufacturing 17.0 vs 6.0 f'cast , 3.7 prev
Import Prices 0.9 vs 0.5 f'cast , 1.2 prev
Industrial Output 0.4 vs 1.0 f'cast , 3.5 prev
Market Movement Recap
08:26 AM Bonds were unchanged to start the overnight session but lost ground modestly during European hours. Stocks are up almost another 1%, but the bond weakness doesn't look too correlated with that. 10yr up half a bp at .68%. UMBS 2.0 opening down 1 tick (-0.03) at 103-01 (103.03).
02:45 PM Intensely uneventful trading session as bonds drift sideways ahead of tomorrow's Fed announcement. No change from the last update in MBS. Treasury yields are a hair lower but still slightly higher on the day.
03:48 PM Stick a fork in the bond market. If we didn't see any appreciable volatility at the 3pm CME close, "it's done" for the day. All eyes on the Fed tomorrow, with a slight chance of some volatility with the morning's econ data (Retail Sales).
MBS Commentary
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Locking vs Floating Ahead of Potentially Big Fed Announcement
First thing's first: if you haven't seen the adverse market fee make it back onto rate sheets yet, that makes locking a no-brainer. If you h... (read more)
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Mortgage Rate Watch
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If you're in the mortgage process currently or if you will be soon, there is a tremendously important development to be aware of. The net effect is that rates are about to go up and, in some cases, they already have . The culprit is the new "adverse ... (read more)
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Housing News
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Mortgage lenders had an excellent second quarter in terms of profitability according to the Mortgage Bankers Association, and Fannie Mae's Lender Sentiment Survey for the third quarter indicates they expect that situation to continue. Forty-eight per... (read more)
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Housing News
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It was a phenomenon 12 years ago that ended with a huge decline in homeownership among Millennials, and now it is happening, for the same reason to Gen Zas a huge surge in unemployment sends young adults home to live with their parents. The root caus... (read more)
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Rob Chrisman
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People can accomplish a lot in a day. And lenders are continuing to hire like mad dogs (if mad dogs had HR departments), especially non-bank lenders. The Mortgage Bankers Association reports that nonbank mortgage bankers and brokers’ collective... (read more)
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Housing News
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Freddie Mac's Mortgage Market Survey published yesterday reported a 7-basis point decline in the 30-year mortgage rate over the previous week and reported that the resulting rate, 2.86 percent, was a new record low. Black Knight reports that this new... (read more)
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