Huge Drop in Mortgage Rates After Friendly Inflation Data

Another Big November Rally After CPI There's something about CPI releases in November. Last year's example prompted one of the biggest single-day, data-driven bond market rallies on record. This year's isn't far off--a fact made all the more stunning by the mere 0.1% beat (Core monthly CPI 0.2 vs 0.3 f'cast). There are a few ways to try to explain the size of the reaction. On a nitty gritty note, the problematic housing component fell from 0.6 to 0.3. On a more general note, it's possible the bond market was more interested in "no whammies" than a sweeping reversal of inflationary pressures. Econ Data / Eventsm/m Core CPI0.2 vs 0.3 f'cast, 0.3 prev m/m Headline CPI0.0 vs 0.1 f'cast, 0.4 prev Market Movement Recap08:38 AM Slightly stronger overnight and much stronger after CPI data. 10yr down 12.6bps at 4.512. MBS up 14 ticks (.44). 10:02 AM 10s bottomed at 4.434 and are still down 18bps on the day at 4.457. MBS are up 26 ticks (.81). 12:40 PM Off the best levels, but not by much. MBS still up 27 ticks (.84). 10yr down 17.3bps at 4.465. 04:02 PM Briefly in line with best levels and now slightly lower in MBS, currently up just shy of a full point. 10yr down 19bps at 4.447.

November 14, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Another Big November Rally After CPI Another Big November Rally After CPI There's something about CPI releases in November. Last year's example prompted one of the biggest single-day, data-driven bond market rallies on record. This y... (read more) Mortgage Rate Watch Huge Drop in Mortgage Rates After Friendly Inflation Data November 3rd's jobs report brought an outstanding week for Treasuries and mortgage rates to an outstanding conclusion. From there, the following week (last week) was sorely lacking in inspiration. Markets were anxiously awaiting today's r... (read more) Rob Chrisman Wholesaler Wanted; PPE, DSCR, Marketing, AVM Products; FHA, Ginnie News; Listings on the Rise! This morning I head to Kansas, greeted by the news that Southwest is raising drink fees for the holidays. Has the “Let’s circle back after the holidays” season officially begun in your office or in your meetings with vendors? Chortles aside, one of t... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.40% -0.18% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.40% -0.18 0.00 15 Yr. Fixed 6.88% -0.03 0.00 30 Yr. FHA 6.74% -0.24 0.00 30 Yr. Jumbo 7.80% -0.10 0.00 5/1 ARM 7.08% -0.17 0.00 30 Yr. VA 6.75% -0.24 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.88% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 7.50% -0.26 0.00 15 Yr. Fixed 6.81% -0.22 0.00 Updates Weekly - Last Update: 11/9 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.61% -0.25 0.69 15 Yr. Fixed 6.98% -0.16 0.88 30 Yr. Jumbo 7.58% -0.22 0.65 Updates Weekly - Last Update: 11/8 MBS / Treasuries UMBS 30YR 6.0 99.52 +0.86 Price / Yield Change MBS UMBS 6.0 99.52 +0.86 UMBS 6.5 101.09 +0.69 GNMA 6.0 99.91 +0.64 GNMA 6.5 101.19 +0.45 Pricing as of: 11/14 5:31PM EST 10 Year US Treasury 4.4530 -0.1850 Price / Yield Change US Treasury 2 YR Treasury 4.834 -0.199 5 YR Treasury 4.437 -0.224 7 YR Treasury 4.471 -0.218 10 YR Treasury 4.453 -0.185 30 YR Treasury 4.634 -0.124 Pricing as of: 11/14 5:31PM EST Latest Video 'Housing market is frozen up': Zillow chief economist on mortgage rates at ... Inflation was flat in October from the prior month, core CPI hits two-year ... Chicago Fed President Austan Goolsbee: Key to progress on inflation is hous... Fed has 'got to be' happy about the latest CPI report, says Dreyfus and Mel... Around the Web CNBC Heres the inflation breakdown for October 2023 in one chart CNBC Cooler monthly inflation report pushes mortgage rates even lower cnbc Inflation was flat in October from the prior month, core CPI lower than expected CNBC Cooler monthly inflation report pushes mortgage rates even lower Calculated Risk Blog Lawler: New Census Long-Term Population Projections Are MASSIVELY Lower Than Previous Projections Eye on Housing Number of Bathrooms in New Single-family Homes in 2022 CNBC Inflation was flat in October from the prior month, core CPI lower than expected CNBC UBS sees a raft of Fed rate cuts next year on the back of a U.S. recession Calculated Risk Blog A Few Comments on a Possible Government Shutdown Calculated Risk Blog Cleveland Fed: Median CPI increased 0.3% and Trimmed-mean CPI increased 0.2% in October CNBC Home Depot earnings beat, but retailer offers a tepid outlook as sales slide CNBC Former St. Louis Fed president says the FOMC still has 'a ways to go' on inflation CNBC Treasury yields little changed ahead of key inflation data

© 2023 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [email protected]. Go here to UNSUBSCRIBE from this email.