Decent Day Despite Lukewarm Treasury Auction. Dovish Fed Helps This morning's weaker Durable Goods data had no effect on trading levels.  At the time, bonds were in the process of moving up in yield after a decent little overnight rally, and the selling pressure continued until 9:30am.  After drifting sideways for a few hours, a tepid 5yr Treasury auction failed to spook bond traders.  Tentative gains followed with help from fairly dovish Fed speakers and mild slump in stocks.   All told, another good day in building a case for support, but still not enough to rest easy. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Durable Goods -1.1 vs 0.8 f'cast, 3.5 prev Core Cap-Ex    -0.8 vs 0.5  f'cast, 0.6 prev Market Movement Recap 08:21 AM Bonds opened stronger in Asia and rallied heading into European hours.  10yr yields hit 1.59% before bouncing.  The general tug-o-war was between fresh lockdown fears (global) and stronger econ data in Europe, as well as pre-auction hesitation in Treasuries.  MBS are starting the day down 2 ticks (0.06), but that's a solid showing considering yesterday's closing levels. 09:28 AM Paradoxical upward pressure on yields since 9am.  Hedge funds were better sellers, based on the expectation that dealers would lighten up ahead of this afternoon's Treasury auction.  Dealers then sold as expected.  Traders are taking baby steps due to uncertainty over quarter-end rebalancing among managed funds.  MBS and Treasuries are now in negative territory on the day (10yr up 3 bps and MBS down almost an eight). 01:10 PM 5yr auction was acceptable but not great.  Bonds are little-changed in response with 10yr yields up just under 2bps higher on the day at 1.64%.  UMBS are outperforming with 2.5 coupons up 1 tick on the day. 03:04 PM Best levels of the day now with a little flurry of buying at the 3pm CME close.  10yr is down 1bp on the day at 1.612% and 2.0 UMBS are up 2 ticks (.06) trading just under 103.0.  

March 24, 2021 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Decent Day Despite Lukewarm Treasury Auction. Dovish Fed Helps Decent Day Despite Lukewarm Treasury Auction. Dovish Fed Helps This morning's weaker Durable Goods data had no effect on trading levels.  At the time, bonds were in the process of moving up in yield afte... (read more) Housing News Mortgage Profits Decline but Remain Close to Record Levels Mortgage originators' profits remained strong in the fourth quarter of 2020, although they were down considerably from the previous period. The Mortgage Bankers Association's (MBA's) Mortgage Bankers Performance Report says that independent mortgage ... (read more) Rob Chrisman IT, AE, Marketing Jobs; Comp, Retention, Pre-approval Tools; Non-QM There for Non-owner and 2nd Homes? My cat Myrtle is not a huge basketball fan. And she certainly wasn’t interested in my idea recently to find fifteen people willing to pony up $1 million each to buy Michael Jordan’s place near Chicago. Hey, “Air” BNB it? Sell ... (read more) Housing News Purchase Application Volume up for Fourth Consecutive Week Mortgage application volume declined for the third consecutive time during the week ended March 19 as refinancing continued to retreat. The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey revealed a 2.5 percent decrease in th... (read more) Mortgage Rate Watch Mortgage Rates Lowest in Nearly a Week Mortgage rates moved lower at a decent pace today for the 2nd day in a row. The average lender is still offering the same "note rate" compared to yesterday, but the costs associated with that rate are lower. In other words, "effective rates" (a synth... (read more) Housing News February New Home Sales Decline Sharply The two-month rally in new home sales ended abruptly and definitively in February. The U.S. Census Bureau and Department of Housing and Urban Development said sales of newly constructed single-family homes dropped by 18.2 percent to a seasonally adju... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.79% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.79% +0.02 0.00 15 Yr. Fixed 5.99% +0.01 0.00 30 Yr. FHA 6.30% +0.02 0.00 30 Yr. Jumbo 6.87% 0.00 0.00 7/6 SOFR ARM 6.33% -0.06 0.00 30 Yr. VA 6.31% +0.02 0.00 Updates Daily - Last Update: 7/10 15 Yr. Fixed Rate 5.99% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.72% +0.05 0.00 15 Yr. Fixed 5.86% +0.06 0.00 Updates Weekly - Last Update: 7/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.77% -0.02 0.62 15 Yr. Fixed 6.04% -0.02 0.63 30 Yr. Jumbo 6.69% -0.09 0.65 Updates Weekly - Last Update: 7/9 MBS / Treasuries UMBS 30YR 5.5 99.55 -0.01 Price / Yield Change MBS UMBS 5.5 99.55 -0.01 UMBS 6.0 101.33 -0.03 GNMA 5.5 99.84 +0.00 GNMA 6.0 101.37 -0.01 Pricing as of: 7/11 3:11AM EST 10 Year US Treasury 4.3582 +0.0114 Price / Yield Change US Treasury 2 YR Treasury 3.874 -0.003 5 YR Treasury 3.938 +0.003 7 YR Treasury 4.131 +0.004 10 YR Treasury 4.359 +0.012 30 YR Treasury 4.882 +0.012 Pricing as of: 7/11 3:11AM EST Latest Video Powell: Fed takes 2% inflation target very seriously Fed Chair Powell: Rise in bond yields reflect improved economic outlook March flash Markit manufacturing PMI comes in at 59.0 versus 59.8 expected The 9am Bond Report - March 24,2021 Around the Web CNBC Yellen supports banks' share buybacks. Sen. Warren wants BlackRock designated too big to fail Reuters Biden taps affordable housing group's chief for deputy housing secretary Reuters S&P 500, Dow rise as Powell, Yellen signal confidence in recovery Calculated Risk Blog Jim the Realtor: "Number of Offers" CFPB CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020 Brookings Institution What will the consumer demand recovery from COVID-19 be like? Reuters Yellen says post-crisis plans will move to infrastructure, taxes CNBC Watch Powell and Yellen testify live before Senate panel on Covid aid Redfin The Trials of a 2021 Homebuyer: More Money, More Competition and More Home Tours Redfin Homes in Austin Are Selling For 7% Above Their Asking PricesThe Biggest Premium in the U.S. CNBC Treasury yields ebb lower as Powell's congressional testimony remains in focus Reuters Yellen says no plans to lengthen U.S. Treasury maturities Reuters Fed's Powell tells lawmakers inflation risk remains low

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