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MBS Outperform; Bonds Stay Defiantly Sideways Overall
The stock market tried a few different moves on the bond market today and while correlation is still visible at times, Treasuries generally refused to be dragged very far from home. MBS did just a bit better, benefitting from light supply at today's Fed buying operations.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
Jobless Claims 870k vs 840k f'cast, 866k prev
Continued Claims 12.58m vs 12.75m prev
New Home Sales 1.011m vs 895k f'cast, 965k prev (highest in 14 years)
Market Movement Recap
08:47 AM Bonds were modestly stronger overnight, staying in line with stock market weakness as stimulus remains elusive. S&P futures down .75%. 10yr yields down 1 bp to .67%. And 2.0 UMBS up 2 ticks (0.06) to 103-03 (103.09). No reaction to jobless claims data.
01:19 PM No major changes for bonds for the entire day so far. 7yr Auction went fine (solid "B"). Stocks have been pushing higher since the NYSE open, but bonds haven't cared too much. 10yr yields still at .67%. MBS up another tick to 103-04 (103.125).
03:03 PM MBS squeezed a bit higher in the afternoon after a morning of lighter supply at Fed buying operations (under 7 billion offered in each session versus higher volume days that range from 8-11 billion). 2.0 coupons now up 5 ticks (.16) at 103-05 (103.16)
MBS Commentary
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MBS Outperform; Bonds Stay Defiantly Sideways Overall
The stock market tried a few different moves on the bond market today and while correlation is still visible at times, Treasuries generally refused to be ... (read more)
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Mortgage Rate Watch
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Mortgage rates didn't do much today. The average lender was effectively unchanged from yesterday. The same could be said yesterday, and the day before that, and so on and so on... The only major adjustment to rates in recent weeks has been the abrupt... (read more)
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Rob Chrisman
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I need to make a dart board for the wall behind me for Zoom calls that has “rates up” and “rates down” and “rates the same” on it. Until we see actual year-over-year inflation above 2 percent, the Federal Reserve w... (read more)
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Housing News
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As the COVID-19 crisis dragged into its sixth month in August the total number of mortgage delinquencies continued to ebb, but the rate of decline appears to be slowing. Black Knight, in its first look at the month's loan performance data, found the ... (read more)
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Housing News
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Mark Calabria, Director of the Federal Housing Finance Agency (FHFA) is stepping up his agency's actions to spring Fannie Mae and Freddie Mac (the GSEs) from their decades long federal receivership. Most recently he called on the mortgage industry to... (read more)
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Housing News
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Home prices rose another 1.0 percent in July, bringing the year-over-year gain to 6.5 percent according to the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA). The agency also revised its previously reported 0.9 percent ... (read more)
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