Mortgage Rates Barely Budge, But That Will Change Soon

MBS Outperform. Powell Punts. Waiting on CPI Bonds showed slightly more notable signs of life this morning when compared to yesterday, but yesterday was all but dead. The volatility surrounded Fed Chair Powell's congressional testimony but had more to do with what didn't say as opposed to what he said. Specifically, he didn't express incremental excitement or expectation about econ data justifying a rate cut any time soon, instead leaving it up to the same old "data dependent" mantra. Bonds had perhaps been hoping for a bit more dovishness. Even so, trading levels returned to pre-Powell levels by the close. 10yr Treasuries logged a small increase in yield while MBS improved modestly. Some of that is driven by the yield curve (shorter maturity Treasuries improved and MBS act more like 5s than 10s these days). Either way, the focus is even more firmly on Thursday's CPI as far as bond market inspiration is concerned. Market Movement Recap11:47 AM Modestly weaker overnight with additional losses during Powell testimony. Mainly an issue for Treasuries. 10yr up 4.4bps at 4.324. MBS down 2 ticks (.06). 01:26 PM MBS roughly unchanged. 10yr up 3bps at 4.31% 03:32 PM Still sideways with modest MBS outperformance. 10yr up 1.4bps at 4.294. MBS up 2 ticks (.06).

July 9, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Outperform. Powell Punts. Waiting on CPI MBS Outperform. Powell Punts. Waiting on CPI Bonds showed slightly more notable signs of life this morning when compared to yesterday, but yesterday was all but dead. The volatility surrounded Fed Chair... (read more) Mortgage Rate Watch Mortgage Rates Barely Budge, But That Will Change Soon Mortgage rates are based on movement in the bond market and bonds haven't been moving much over the past 3 days. That's resulted in very little change in the average mortgage rate from one day to the next, and zero change today. Bo... (read more) Rob Chrisman Cap. Mkts. Academy, Insurance, Servicing Tools; STRATMOR Ops Workshop; Webinars and Training “Your call is important to us. Please stay on the line until it is no longer important to you.” To state the obvious, serving customers can make or break a company. Are you ever frustrated when the person ahead of you in the store is fumbling around ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.01% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.01% 0.00 0.00 15 Yr. Fixed 6.40% -0.01 0.00 30 Yr. FHA 6.49% +0.01 0.00 30 Yr. Jumbo 7.22% 0.00 0.00 7/6 SOFR ARM 7.02% -0.01 0.00 30 Yr. VA 6.50% 0.00 0.00 Updates Daily - Last Update: 7/9 15 Yr. Fixed Rate 6.40% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.95% +0.09 0.00 15 Yr. Fixed 6.25% +0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.03% +0.09 0.62 15 Yr. Fixed 6.56% +0.09 0.54 30 Yr. Jumbo 7.11% -0.01 0.50 Updates Weekly - Last Update: 7/3 MBS / Treasuries UMBS 30YR 6.0 100.68 +0.07 Price / Yield Change MBS UMBS 6.0 100.68 +0.07 UMBS 6.5 102.04 +0.07 GNMA 6.0 100.78 +0.06 GNMA 6.5 101.55 -0.02 Pricing as of: 7/9 5:31PM EST 10 Year US Treasury 4.2964 +0.0161 Price / Yield Change US Treasury 2 YR Treasury 4.624 -0.008 5 YR Treasury 4.244 +0.003 7 YR Treasury 4.251 +0.012 10 YR Treasury 4.296 +0.016 30 YR Treasury 4.490 +0.025 Pricing as of: 7/9 5:31PM EST Latest Video Housing prices rise despite more supply: Here's why Former Dallas Fed President Richard Fisher: We have a real problem in finan... Powell on lowering interest rates: Not sending any signals about the timing... Powell's focus on labor market signals September cut, says Joe Terranova Around the Web Marketwatch Jobs report is exaggerating U.S. employment gains. What is going on? Calculated Risk Blog 1st Look at Local Housing Markets in June Eye on Housing Increase in Mortgage Activity for June CNBC Watch Fed Chair Jerome Powell testify live before Senate banking panel Reuters Eyes switch to inflation vs elections, Powell up Calculated Risk Blog Wholesale Used Car Prices Declined in June; Down 8.9% Year-over-year Calculated Risk Blog Fannie and Freddie: Single Family Serious Delinquency Rate Decreased in May, Multi-family Increased Slightly Calculated Risk Blog Fed Chair Powell: Semiannual Monetary Policy Report to the Congress Calculated Risk Blog Update: Lumber Prices Down 20% YoY CNBC Treasury yields rise ahead of fresh data, testimony from Fed Chair Powell Eye on Housing Share of Smaller Lots Is at New High CNBC Fed Chair Powell says holding rates high for too long could jeopardize economic growth Eye on Housing 2023 Multifamily Construction: Growing Share of Low-Medium Density Buildings

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