3-Day Weekend for Volatility; Waiting on Supply After Friday's bond market rout, today's relatively calm trading data stood in stark contrast.  On one hand, it's nice not to see losses accelerate further.  On the other hand, it would have been nice to see Friday afternoon's rally extend into the new week.  As it stands, traders may be waiting to see how this week's bond market supply is digested, both in terms of Treasury auctions and the general glut of corporate bond supply.  Losses were minimal--especially in MBS where 2.5 coupons remained above Friday's pre-NFP levels. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Market Movement Recap 08:42 AM Slightly weaker overnight.  If stimulus deal passage is having any effect, it's barely noticeable.  There was short-covering on Friday after the jobs report (bond buying for the purpose of closing short positions) and today's losses undo a logical amount of that strength.  10yr is back up to 1.60% versus Friday's 3pm close of 1.556%.  MBS are less than an eighth of a point lower  12:07 PM Flat all morning in MBS while Treasuries have been edging back up toward overnight high yields.  No major market movers in play.  Heavy corporate bond issuance is weighing on Treasuries in general.  10yr up 2.6bps at 1.6%.  UMBS 2.5 down 3 ticks (.09) at 103-13 (103.41). 02:53 PM Extremely calm trading session to start the new week.  10s are going out right where they came in.  2.5 UMBS are unchanged from the last update.  No obvious market movers and clearly no market movement. 

March 8, 2021 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: 3-Day Weekend for Volatility; Waiting on Supply 3-Day Weekend for Volatility; Waiting on Supply After Friday's bond market rout, today's relatively calm trading data stood in stark contrast.  On one hand, it's nice not to see losses accelerate further... (read more) Mortgage Rate Watch Mortgage Rates Surge After Powell Comments Mortgage rates jumped quickly today after Q&A session with Federal Reserve Chair Jerome Powell. What did he say to cause such drama? Actually, it's more about what he didn't say. For some reason, market participants were expecting (or at least ho... (read more) Rob Chrisman Credit, AE, MLO, Branch Jobs; Automation, FHA/VA, Fintech, URLA Products; Events and Training Let’s start the week with a gaggle of questions. Do you feel old knowing that Taylor Swift is older than the four Beatles were when they broke up? Have you heard of “suspicious foreign players” passing themselves off as underwriters... (read more) Housing News UI Urges Abandoning New Fannie/Freddie Amendments A new policy paper from the Urban Institute (UI) looks at the recent amendments to the senior preferred stock purchase agreement (PSPA) agreed to by outgoing Treasury Secretary Steven Mnuchin and Mark Calabria, Director the Federal Housing Finance Ag... (read more) Housing News Rate of Forbearance Improvement Slows as March Expiration Looms As Black Knight has repeatedly predicted, end of February expirations drove the number of mortgage loans in forbearance lower this past week. There was a decline of 22,000 loans in forbearance plans during the week ended March 2, an 0.8 percent decli... (read more) Housing News CFPB Extends Compliance Date for New QM Rule The Consumer Financial Protection Bureau (CFPB) has proposed to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The rule, proposed last June, is designed as a replacement for... (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 99.53 -0.03 Price / Yield Change MBS UMBS 5.5 99.52 +0.05 UMBS 6.0 101.30 +0.04 GNMA 5.5 99.82 -0.02 GNMA 6.0 101.34 -0.04 Pricing as of: 7/11 4:49AM EST 10 Year US Treasury 4.3666 +0.0198 Price / Yield Change US Treasury 2 YR Treasury 3.881 +0.005 5 YR Treasury 3.947 +0.012 7 YR Treasury 4.142 +0.015 10 YR Treasury 4.369 +0.022 30 YR Treasury 4.894 +0.024 Pricing as of: 7/11 4:49AM EST Latest Video Wholesale inventories jumps 1.3% in January The 9am Bond Report - March 08, 2021 What the $1.9 trillion stimulus package could mean for the market The 2pm Bond Report - March 05, 2021 Around the Web Calculated Risk Blog Black Knight Mortgage Monitor for January Reuters Stocks dip as yields hold near one-year high Calculated Risk Blog Las Vegas Real Estate in February: Sales up 13% YoY, Inventory down 57% YoY CNBC Americans paid off a record $83 billion in credit card debt in 2020 Reuters Yellen says Biden COVID bill to fuel 'very strong' U.S. recovery Calculated Risk Blog Seven High Frequency Indicators for the Economy Redfin Homebuyers on a $2,500 Monthly Budget Stand to Lose $23,250 in Spending Power as Mortgage Rates Rise from Record Lows Reuters Shares falter as tech skids, yields and oil ring inflation alarm Calculated Risk Blog Q1 GDP Forecasts: Around 5.5% SAAR Calculated Risk Blog AAR: February Rail Carloads down 11.1% YoY, Intermodal Up 1.8% YoY CNBC Job growth in February may mark the start of a hiring boom as the economy reopens CNBC Despite rising inflation, experts say the Fed won't budge on rates Calculated Risk Blog Trade Deficit Increased to $68.2 Billion in January

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