Strong Showing With Help From Vaccine Drama and a Solid Bond Auction The day began with bonds falling back to yesterday's range after rising in the overnight session.  Concerns over the J&J vaccine were in focus.  Inflation data (CPI) came out stronger than expected, but bonds took it in stride, ultimately rallying back into positive territory within 10 minutes of the data.  The day's biggest ally was yet to join the fight, but when the 30yr bond auction results came out, its allegiances were clear.  Even after a morning of modest gains, the auction still managed to post strong results, thus adding solid reinforcement for the current consolidation pattern. Econ Data / Events Fed MBS Buying  10am, 1130am, 1pm Core Annual CPI 1.6 vs 1.5 f'cast, 1.3 prev Market Movement Recap 07:51 AM Bonds opened slightly weaker with comments from Bank of Japan's Kuroda kicking off a move up to 1.703% in 10yr yields.  Bonds were sideways in Europe until rallying at 7am ET on news of the J&J vaccine being suspended.  Big volume spike and a quick drop to 1.661 at the time.  Now back up to 1.682%.  NOTE: MBS chart looks worse than it is due to the roll. 08:40 AM CPI higher than expected (core, y/y +1.6 vs +1.5 f'cast).  Perhaps bonds were braced for worse.  They've rallied since the data with 10yr yields turning green at 1.664% and 2.5 UMBS up 2 ticks (+0.06).   11:36 AM MBS now up more than a quarter of a point with 2.5 coupons trading at 103-06 (103.19).  10yr yields are down 1 bp with gains most easily attributed to J&J vaccine news. 01:06 PM Very strong 30yr auction, especially in the context of an already stable-to-stronger morning. 10yr yields down 4bps now at 1.63%.  UMBS 2.5 coupons at highs of day, + 10 ticks (.31) at 103-07 (103.22). 03:51 PM Holding steady near the best levels of the day.  Not much has happened since the auction.  10yr still blocked by 1.62% underfoot, but no complaints about a 4bp drop on the day.  2.5 UMBS are now 3/8ths higher on the day.

April 13, 2021 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Strong Showing With Help From Vaccine Drama and a Solid Bond Auction Strong Showing With Help From Vaccine Drama and a Solid Bond Auction The day began with bonds falling back to yesterday's range after rising in the overnight session.  Concerns over the J&J vaccine w... (read more) Rob Chrisman MLO Jobs; HELOC, Renovation, Jumbo, Sales Products; New Correspondent Investor for Non-QM and QM Loans Why do all underwriters have soft hair? Because they over-condition! (How do your underwriters feel about bitcoin? Brokers up in Canada are now accepting eCurrency .) Underwriters are charged with analyzing the 5 C’s of credit (character, capac... (read more) Housing News Delinquencies Post Fifth Month of Improvement The national delinquency rate posted its fifth consecutive decline in January, retreating to the lowest level since the start of the pandemic. CoreLogic says 5.6 percent of all mortgages were at least 30 days past due during the month, including thos... (read more) Housing News Fannie/Freddie Announce End Dates for QM Rules Both Fannie Mae and Freddie Mac (the GSEs) have released information to their lenders confirming that any loans they purchase after July 1, 2021 must conform to the agreement made on their behalf in January by the Federal Housing Finance Agency (FHFA... (read more) Mortgage Rate Watch Mortgage Rates Lowest in Nearly a Month Mortgage Rates had another decent day on Thursday with the average lender offering modestly better terms compared to yesterday. Improvements continue to arrive in fairly small doses, but they've been adding up . You'd have to go back nearly a month t... (read more) Housing News 2020 Property Tax Increases Outpaced Inflation American home owners received bills for $323 billion in property taxes last year, a 5.4 percent increase from $306.4 billion in 2019. ATTOM Data Solutions says that the average bill for each of the 87 million single-family homes in the country was $3... (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 Coldwell Banker CEO on whether the housing market is in a bubble The 9am Bond Report - April 13, 2021 Brian Sullivan's RBI: The red-hot housing market U.S. consumer price index rose 0.6% in March vs 0.5% increase expected Around the Web Calculated Risk Blog Portland Real Estate in March: Sales Up 8% YoY, Inventory Down 54% YoY Reuters Global share markets rise after U.S. inflation remains contained Calculated Risk Blog Cleveland Fed: Key Measures Show Small Uptick in Inflation in March CNBC 'When is the housing market going to crash?' is a red hot search on Google here's why CNBC Don't 'overinterpret' decision to pause J&J Covid vaccine over rare clotting issue, Dr. Scott Gottlieb says CNBC Consumer prices rise more than expected as recovery heats up Reuters U.S. calls for pause on Johnson & Johnson's COVID-19 vaccine CNBC Treasury yields are flat ahead of key inflation report Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 4.66%" CNBC Biden says he is 'prepared to negotiate' scope of infrastructure plan and how to pay for it Calculated Risk Blog Colorado Real Estate in March: Sales Up 13% YoY, Inventory Down 69% YoY Reuters Stocks slip from record highs before U.S. bank earnings Calculated Risk Blog Housing Inventory April 12th Update: At Record Lows

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