Absolutely No Surprises From Powell

Absolutely No Surprises From Powell What a letdown, but also what an unsurprising speech from Fed Chair Powell. He did the market a solid and threw in a mention of "R Star" and the inflation target, but not in a way that offered any new insight beyond anything shared at the last press conference. Markets had some positioning to work through in the wake of the speech, but the process was done by lunch with both MBS and Treasuries perfectly unchanged by the 1pm hour. Econ Data / EventsConsumer Sentiment 69.5 vs 71.2 f'cast, 71.6 prev 1yr inflation exp.3.5 vs 3.3 f'cast 5yr inflation exp.3.0 vs 2.9 f'cast Market Movement Recap09:28 AM Losing some ground. 10yr up 1.4bps at 4.255. MBS down 3 ticks (.09). 10:49 AM Some weakness after Powell, but stabilizing now. MBS down 5 ticks (.16) and 10yr up .6 bps at 4.247. 02:57 PM Additional gains, but modest. MBS up 1 tick (.03) and 10yr down 0.2bps at 4.239.

August 25, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Absolutely No Surprises From Powell Absolutely No Surprises From Powell What a letdown, but also what an unsurprising speech from Fed Chair Powell. He did the market a solid and threw in a mention of "R Star" and the inflation target, but... (read more) Rob Chrisman Lead Gen, Non-QM, QC Tools; Webinars Next Week; STRATMOR and Employee Morale; Subservicing Podcast Interview What color of front door “sells” the best? Some say black, although in a related topic red is the most popular. Doesn’t that mean red sells the best if there are more red front doors? Statistics are interesting things. LOs everywhere tell me that the... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.39% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.39% +0.02 0.00 15 Yr. Fixed 6.77% +0.02 0.00 30 Yr. FHA 7.00% +0.02 0.00 30 Yr. Jumbo 7.36% +0.01 0.00 5/1 ARM 7.19% +0.02 0.00 30 Yr. VA 6.99% +0.01 0.00 Updates Daily - Last Update: 8/25 15 Yr. Fixed Rate 6.77% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 7.23% +0.14 0.00 15 Yr. Fixed 6.55% +0.09 0.00 Updates Weekly - Last Update: 8/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.16% +0.07 0.68 15 Yr. Fixed 6.57% +0.06 0.94 30 Yr. Jumbo 7.11% +0.07 0.55 Updates Weekly - Last Update: 8/16 MBS / Treasuries UMBS 30YR 6.0 99.55 +0.09 Price / Yield Change MBS UMBS 6.0 99.55 +0.09 GNMA 6.0 99.66 +0.08 Pricing as of: 8/25 5:31PM EST 10 Year US Treasury 4.2350 -0.0060 Price / Yield Change US Treasury 2 YR Treasury 5.080 +0.057 5 YR Treasury 4.440 +0.024 7 YR Treasury 4.364 +0.010 10 YR Treasury 4.235 -0.006 30 YR Treasury 4.280 -0.023 Pricing as of: 8/25 5:31PM EST Latest Video Zillow rolls out new 1% down payment program in Arizona Powell's speech did not address GDP rise from productivity growth, Wharton ... Dynasty Financial’s Ron Insana expects the Fed is close to done with rate h... Chicago Fed President Austan Goolsbee: It is premature for the Fed to decla... Around the Web Marketwatch Powell unsure of the need to tighten further forexlive Lagarde: "Pretty confident" that by end-2023 inflation numbers will look different CNBC Op-Ed: Less affordable homes don't just ruin American dreams, they're a threat to the economy CNBC Household debt is at an all-time high, but 2008 was still worse, report finds CNBC Fed Chair Powell calls inflation 'too high' and warns that 'we are prepared to raise rates further' Bloomberg Fed Latest: Collins Says US May Need More Hikes; Peak Rate Near Calculated Risk Blog Fed Chair Powell: Inflation: Progress and the Path Ahead Calculated Risk Blog Q3 GDP Tracking: Moving Up Calculated Risk Blog Forecast: Multifamily Starts will Decline Sharply Calculated Risk Blog Final Look at Local Housing Markets in July CNBC Treasury yields edge higher ahead of Powell's Jackson Hole speech Calculated Risk Blog LA Port Inbound Traffic Down Sharply YoY in July CNBC CNBC Daily Open: Jackson Hole anxiety overshadows Nvidia

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