Mortgage Rates Jump to 2-Week Highs After Hotter Economic Data

Surprisingly Strong Surge in Services PMI Tests The Range Perhaps fate was tempted by our persistent focus on this week's absence of big ticket market movers. Or perhaps this is simply the biggest possible reaction to one of the week's only potential market movers coming in MUCH higher than expected. After all, the mantra has been that nothing that happens inside a range of 4.34 to 4.50 in 10yr Treasury yields is interesting. While that remains true in the bigger picture, today's reaction to the S&P Global Services PMI data was about as interesting as an uninteresting thing can be, causing an immediate spike from 4.42+ to 4.49+. While the size of the beat is certainly surprising (54.8 vs 51.3 f'cast), the market reaction to such an event is logical. Econ Data / EventsJobless Claims215k vs 220k f'cast, 223k prev Chi Fed Activity Index-0.23 vs +0.125 f'cast, 0.15 prev S&P Services Global PMI54.8 vs 51.3 f'cast, 51.3 prev New Home Sales634k vs 680k f'cast, 665k prev Market Movement Recap08:35 AM Mostly flat overnight and little-changed after data. MBS up 1 tick (.03) and 10yr down 0.8bps at 4.415 10:33 AM Sharply weaker after PMI data. MBS down just over a quarter point. 10yr up 7.1bps at 4.496 02:35 PM continuing modest recovery after AM weakness with MBS down 7 ticks (.23) and 10yr up 0.5 bps at 4.474 03:28 PM Unchanged From the previous update at the 3pm CME close.

May 23, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Sleepy Bonds Rudely Roused by Surprisingly Strong Econ Data Surprisingly Strong Surge in Services PMI Tests The Range Perhaps fate was tempted by our persistent focus on this week's absence of big ticket market movers. Or perhaps this is simply the biggest possi... (read more) Mortgage Rate Watch Mortgage Rates Jump to 2-Week Highs After Hotter Economic Data For the most part, the current week is sorely lacking in the sort of scheduled economic data and events that typically contribute to exciting movement in the interest rate world. This morning's report on the services sector offered one of the o... (read more) Rob Chrisman Hedging, TPO, ROV, Fee Collection Tools; STRATMOR on Bank Strengths; Training and Webinars Some people say, “You’re crazy to stay in residential lending in this environment, and it’s not going to improve dramatically in the near future.” No, this is crazy. Owners of vendors and lenders who are barely eking by, or losing money quarter after... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.17% +0.08% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.17% +0.08 0.00 15 Yr. Fixed 6.70% +0.11 0.00 30 Yr. FHA 6.70% +0.06 0.00 30 Yr. Jumbo 7.42% +0.07 0.00 7/6 SOFR ARM 7.29% +0.04 0.00 30 Yr. VA 6.74% +0.09 0.00 Updates Daily - Last Update: 5/23 15 Yr. Fixed Rate 6.70% +0.11% Rate Change Points Freddie Mac 30 Yr. Fixed 6.94% -0.08 0.00 15 Yr. Fixed 6.24% -0.04 0.00 Updates Weekly - Last Update: 5/23 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.08% -0.10 0.63 15 Yr. Fixed 6.61% +0.01 0.65 30 Yr. Jumbo 7.22% -0.09 0.58 Updates Weekly - Last Update: 5/15 MBS / Treasuries UMBS 30YR 6.0 100.12 -0.25 Price / Yield Change MBS UMBS 6.0 100.12 -0.25 UMBS 6.5 101.56 -0.17 GNMA 6.0 100.48 -0.28 GNMA 6.5 101.25 -0.18 Pricing as of: 5/23 5:31PM EST 10 Year US Treasury 4.4772 +0.0530 Price / Yield Change US Treasury 2 YR Treasury 4.935 +0.065 5 YR Treasury 4.530 +0.067 7 YR Treasury 4.499 +0.058 10 YR Treasury 4.477 +0.053 30 YR Treasury 4.581 +0.041 Pricing as of: 5/23 5:31PM EST Latest Video Services and manufacturing PMIs higher than expected New home sales at weakest levels since November Redfin CEO: Housing market will do a little bit better through the rest of ... Fed minutes indicate worries over the lack of progress on inflation Around the Web CNBC Sales of newly built homes tank in April, as prices and interest rates rise S&P Global Service Sector Index Comes in Much Higher Than Expected Marketwatch Jobless claims fall again to 215,000. Strong labor market fuels U.S. economy. Eye on Housing NAHB/Wells Fargo Debut New Cost of Housing Index CNBC 1 in 3 millennials, Gen Zers plan to tap into retirement savings to buy a home. They 'really shouldn't,' advisor says CNBC Home sales slipped unexpectedly in April, despite big gains in supply CNBC Here's where rents are rising and where they're falling CNBC Federal Reserve minutes indicate worries over lack of progress on inflation Marketwatch Jobless claims fall again to 215,000. Strong labor market fuels U.S. economy CNBC U.S. Treasury yields rise as investors weigh Fed speaker comments Eye on Housing First Quarter Multifamily Missing Middle Construction Federal Reserve Jefferson, U.S. Economic Outlook and Housing PriceDynamics Federal Reserve Federal Reserve Board issues Economic Well-Being of U.S.Households in 2023 report

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