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Slow Start to a Potentially Slow Week.
Bonds did a good enough job of holding their ground today thus leaving at least half of last week's gains intact. The past 2 trading days mean Treasuries are shying away from a more aggressive move toward lower yields and instead continue to favor a sideways consolidation. Things can always change, of course, but there's limited inspiration on the calendar in the coming days with Thursday's ECB announcement being the first thing that really jumps out. Equities may be interested in a corporate earnings calendar that continues ramping up, but stock/bond correlation has been hit and miss for months.
Econ Data / Events
Fed MBS Buying 10am, 1130am, 1pm
Housing Starts 1.739m vs 1.613m f'cast Building Permits 1.766m vs 1.75m f'cast
Market Movement Recap
08:14 AM Bonds started out slightly stronger in Asia but lost ground a few hours into the European session. 10yr yields are now 'unchanged' on the day at 1.59%. 2.5 UMBS are effectively unchanged as well at 103-13 (103.41).
01:21 PM A bit of weakness earlier, followed by a bounce back to unchanged levels. 10yr yields are rising modestly again now, currently up 1.3 bps to 1.603. UMBS 2.5 coupons are still unchanged at 103-12 (103.375).
02:55 PM Treasuries remain modestly weaker, but have managed to hold a flat trajectory after a bit of weakness at 1pm. 10yr yields are up less than 1bp at 1.599%. 2.5 UMBS are up 1 tick (0.03) at 103-13 (103.41).
MBS Commentary
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Slow Start to a Potentially Slow Week.
Bonds did a good enough job of holding their ground today thus leaving at least half of last week's gains intact. The past 2 trading days mean Treasuries are shyin... (read more)
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Housing News
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The House Committee on Financial Services (FSC) held a virtual hearing last week on ways to provide equitable and affordable housing infrastructure. The memorandum setting out the hearing's purpose stated that, not only is affordable housing a crucia... (read more)
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Rob Chrisman
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As lenders are wondering who will be the next merger or acquisition announcement (news of the Sterling Bancorp and Webster Financial came out this morning), and there will be someone next, do you think your company will last forever? Someone who had ... (read more)
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Mortgage Rate Watch
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It's no secret that mortgage rates had a rough month in March and a rough year in general. The average lender raised 30yr fixed rates by roughly half a percent in February and March alone. But April has proven to be an entirely different sort of mont... (read more)
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Housing News
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Residential construction recovered in March after a serious decline the prior month. The U.S. Census Bureau and Department of Housing and Urban Development said all three measures rose, with housing starts hitting a 15 year high . Some regional incre... (read more)
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Housing News
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True to tradition, new home sales appear to have moved higher in March as the calendar closed in on the start of the spring market. The Mortgage Bankers Association (MBA) estimates sales of newly constructed homes increased by 7 percent compared to F... (read more)
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