Mortgage Rates Hold Steady Ahead of Important Economic Data

Bonds Continue Taking Their Seats Ahead of The Big Show Although bonds continued to improve yesterday, the pace of gains has progressively slowed throughout the week. Our base case was for that momentum to shift sideways or pull back a bit today and that's exactly what we've seen. It was the base case because it would be a logical move for a market that is leaning in a bullish direction as it waits for the data with the power to endorse or reject the bullish lead-off. 5 straight days of gains (plus a counterintuitive rally following ISM Services) was plenty. Today's relatively flat performance is actually just another indication of latent optimism for friendlier data in the future. As for the "big show," it remains to be seen how much of the spotlight goes to Friday's jobs report with next week's CPI continuing to be at the top of the marquee. Econ Data / EventsJobless Claims 229k vs 220k f'cast, 221k prev Challenger Layoffs63.8k vs 63.8k f'cast Market Movement Recap09:49 AM Moderately weaker overnight and recovering slightly in 9am hour. 10yr up 1.4bps at 4.29 and MBS down 1 tick (.03). 12:39 PM Sideways near opening levels. MBS down 2 ticks (.06) and 10yr up 2bps at 4.295 02:20 PM Treasuries near best levels, but still up 0.8bps at 4.284. MBS down 1 tick (.03).

June 6, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Bonds Continue Taking Their Seats Ahead of The Big Show Bonds Continue Taking Their Seats Ahead of The Big Show Although bonds continued to improve yesterday, the pace of gains has progressively slowed throughout the week. Our base case was for that momentum... (read more) Mortgage Rate Watch Mortgage Rates Hold Steady Ahead of Important Economic Data The outcome of certain economic reports will determine whether the next big move in interest rates is higher or lower. Two reports are more important than all others in that regard and we'll get both of the them by next Wednesday. Tomorrow's j... (read more) Rob Chrisman Hedging, POS, DPA, Verification, Fee Cure Paper; Conference Chatter; Training and Events “My granddad was responsible for 25 downed German planes in WW II. To this day, he is still known as the worst mechanic the Luftwaffe ever had.” On the anniversary of D-Day, let’s hope the entire world is not involved in a war again, although humans ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.03% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.03% 0.00 0.00 15 Yr. Fixed 6.55% 0.00 0.00 30 Yr. FHA 6.54% -0.01 0.00 30 Yr. Jumbo 7.30% -0.01 0.00 7/6 SOFR ARM 7.14% -0.01 0.00 30 Yr. VA 6.55% -0.02 0.00 Updates Daily - Last Update: 6/6 15 Yr. Fixed Rate 6.55% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.99% -0.04 0.00 15 Yr. Fixed 6.29% -0.07 0.00 Updates Weekly - Last Update: 6/6 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.07% +0.02 0.65 15 Yr. Fixed 6.75% +0.09 0.63 30 Yr. Jumbo 7.21% -0.01 0.41 Updates Weekly - Last Update: 6/5 MBS / Treasuries UMBS 30YR 6.0 100.69 -0.03 Price / Yield Change MBS UMBS 6.0 100.69 -0.03 UMBS 6.5 102.04 -0.02 GNMA 6.0 100.78 -0.10 GNMA 6.5 101.59 -0.06 Pricing as of: 6/6 5:31PM EST 10 Year US Treasury 4.2841 +0.0077 Price / Yield Change US Treasury 2 YR Treasury 4.725 +0.005 5 YR Treasury 4.297 +0.005 7 YR Treasury 4.286 +0.007 10 YR Treasury 4.284 +0.008 30 YR Treasury 4.434 +0.005 Pricing as of: 6/6 5:31PM EST Latest Video European Central Bank cuts interest rates for the first time since 2019 We need the Fed to cut rates slowly to maintain the bull rally, says Ned Da... Jobless claims, trade deficit rise; labor costs less than expected Mortgage demand pulls back as rates rise Around the Web Calculated Risk Blog Realtor.com Reports Active Inventory Up 35.5% YoY Calculated Risk Blog 1st Look at Local Housing Markets in May Marketwatch Jobless claims climb to 4-week high of 229,000, but layoffs still show little sign of accelerating CNBC Oil prices gain for second day as hopes for September interest rate cut rise Marketwatch Plummeting oil, diesel, and copper prices signal economic stress. Heres why CNBC Euro zone bond yields rise after European Central Bank delivers 'hawkish' cut CNBC Treasury yields inch higher as investors weigh economic data, interest rate outlook Marketwatch U.S. services sector bounces back in May, ISM says Calculated Risk Blog Trade Deficit Increased to $74.6 Billion in April Calculated Risk Blog Update: Lumber Prices Down Slightly YoY CNBC European Central Bank heads for first rate cut since 2019: Live updates CNBC Oil prices rise but hover near four-month low on OPEC+ supply increase later this year S&P Global S&P Services PMI Unrevised From Initial Reading

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