Month/Quarter-End Trading Refresher; More Stimulus Details Today is the last day of the month and quarter.  That means more for financial markets than it does for many other sectors.  While there is no hard and fast rule concerning timing, there is historically increased trading activity at the end of month (and quarter) as various types of money managers rebalance their portfolios or adjust their holdings to match underlying benchmarks.  Read more about the Treasury/MBS specific month/quarter-end considerations HERE.  In other news, Biden is expected to speak at 4:20pm ET today with more details on the infrastructure plan.  This is late enough in the trading day that it's more of a consideration for tomorrow (and even then, most of the details have already trickled out).  Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm ADP Employment 517k vs 550k f'cast, 176k prev Pending Home Sales -10.6 vs -2.6 f'cast (-0.5 y/y) Market Movement Recap 08:23 AM Little-changed after ADP despite noticeable volume surge.  Slightly weaker overnight.  Currently up 1.3bps in 10yr at 1.723%.  MBS are down 2 ticks (0.06).  12:15 PM Fairly quiet overall with modest gains heading into the end of the EU session (noon ET).  MBS, specifically, improved just after the 10-10:20am Fed buying operation, which is interesting considering it was GNMA not UMBS.  2.5 UMBS are at the best levels of the day, up 3 ticks (.09) at 102-22 (102.69).  10yr yields are unchanged at 1.71. 01:51 PM Coming off better levels now.  Heaviest volume of the day--assumed to be month/quarter-end tradeflows, but not a ton of volatility to show for it.  10yr yield up 2bps at 1.73% and UMNS 2.5 coupons now unchanged on the day (down 0.09 from the highs) 03:22 PM 3pm has come and gone without much 'month-end' fanfare.  The weakness leading up to the 3pm close was already ramping up as of the last update, but yields did indeed top out right at 2:59pm ET. They're now back down to 1.73% again and UMBS 2.5 coupons are back to unchanged levels.

March 31, 2021 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Mar 31, 2021 Mortgage Rates Snap Back to Recent Highs Before Recovering Tue, Mar 30, 2021 3:50PM There are a few interesting developments for mortgage rates today--especially in light of last week's striking discrepancy between Freddie's weekly survey and the reality on the front lines. Specifically, the Freddie survey finally did a bit more to catch up with reality as it conveyed one the biggest recent jumps to the highest levels reported since early last summer. At the same time, actual rates were having their best week of the year and their first winning week since January 24th. Fast forward to the new week and we may be setting up for a mirror image of last week. In other words, rates... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.77 +0.18   95.05 100.47 UMBS 30YR 5.5 101.19 +0.16   97.47 101.61 10 YR Treasury 4.049 -0.032   3.706 4.780 MBS Live Recap: Moderate Weakness But No Major Quarter-End Drama Wed, Mar 31, 2021 4:21PM Month/Quarter-End Trading Refresher; More Stimulus Details Today is the last day of the month and quarter.  That means more for financial markets than it does for many other sectors.  While there is no hard and fast rule concerning timing, there is historically increased trading activity at the end of month... (read more) MBS Price Change UMBS 4.5 97.79 +0.16 UMBS 5.0 99.78 +0.19 UMBS 5.5 101.19 +0.16 GNMA 4.5 98.16 +0.14 GNMA 5.0 100.05 +0.23 GNMA 5.5 101.05 +0.17 Pricing as of: 9/18 5:22AM EST US Treasury Yield Change 2 YR Treasury 3.525 -0.039 5 YR Treasury 3.616 -0.040 7 YR Treasury 3.801 -0.039 10 YR Treasury 4.048 -0.033 30 YR Treasury 4.647 -0.041 Pricing as of: 9/18 5:22AM EST Other News January's Double-Digit Home Price Gains Continue to Break Records Tue, Mar 30, 2021 12:16PM The S&P CoreLogic Case-Shiller home price indices and the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) all show that the growth of home prices continued to accelerate through January , even as interest rates began to creep higher. Case-Shiller's National Home Price Index, which covers all nine U.S. census divisions, rose 11.2 percent... (read more) Refis Constituted Three-Quarters of Freddie Mac's February Volume Mon, Mar 29, 2021 2:03PM Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 17.7 percent in February compared to a 16.1 percent gain in January. The portfolio balance at the end of the period was $2.818 trillion compared to $2.777 trillion the prior month and $2.350 trillion a year earlier. Purchases and Issuances totaled $116.362 bil... (read more) States Vary Widely in Housing Stock Age Mon, Mar 29, 2021 1:58PM The age of the U.S. housing stock is, to a certain extent, a reflection of the decline in new home construction since the onset of the housing crisis. However, Na Zhao, in a blog post in the National Association of Home Builders' (NAHB's) Eye on Housing blog, relates housing ages to recent population growth and says it is also an important indicator for the ... (read more) MLO Jobs; Broker, Jumbo, Leads, Presentation, Liquidity Tools; FHA, Ginnie, USDA News in Context Wed, Mar 31, 2021 10:54AM What word becomes shorter when you add two letters to it? Short. (There’s the cutting-edge wit this commentary is known for!) Time can play tricks on us. Did you know that the fabled Studio 54 in Manhattan was only open from 1977 to 1980? Did you know that this is the end of the first quarter (already!)? Freddie Mac 30-year fixed mortgage rates started... (read more) Latest Video Housing is a bright spot in the economy, says home builder CEO Treasury Sec. Yellen lays out aggressive agenda for financial system Here's what to expect from Biden's $2 trillion infrastructure plan Pending home sales fall 10.6 percent, missing Wall Street expectations Around the Web Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency Rate Decreased in February Zillow Bottom Tier in Top Gear: Why the Most Affordable Homes are Gaining Value the Fastest Reuters Congress embarks on epic battle over Biden infrastructure plan Redfin Five Ways the Housing Market Will Change After the Pandemic CNBC Higher commodity costs lead to price hikes from Kimberly-Clark and other consumer giants CNBC Private payrolls hiring bursts at fastest pace since September on rise in hospitality hiring Reuters Biden kicks off effort to reshape U.S. economy with infrastructure package Reuters Archegos losses tallied up, industry regulatory scrutiny grows Redfin More Homes Than Ever Are Selling Above Their Asking Price. San Jose, Sacramento & Salt Lake City Are Driving the All-Time High. Brookings Institution As prosperity rose in many metro areas, neighborhood divides widened Reuters Factbox-What we know about Biden's U.S. infrastructure plan so far Calculated Risk Blog Update: A few comments on the Seasonal Pattern for House Prices CNBC Wall Street awaits Biden infrastructure plan, but it may not be ready for the new taxes

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