Mortgage Rates Jump Up And Over 7.5% After Inflation Surprise

Bonds Rattled By Surprisingly Big Beat in Spending Data Today's big surprise was the PCE price index component of Q1 GDP. GDP itself was weaker than expected, but even that was explained away by components not related to private domestic consumption. Focusing on the latter makes Q1 look just as strong as any of the past few quarters. PCE did the most damage for two reasons. It was MUCH higher than expected (3.7 vs 3.4) and that implies tomorrow's PCE data (a monthly version of today's quarterly report) is also at risk of coming in higher than expected. This "sneak peek" effect is only a concern once per quarter with the "advance" release of GDP. Econ Data / EventsJobless Claims207k vs 214k f'cast, 212k prev Continued Claims1781k s 1814k f'cast GDP1.6 vs 2.5 f'cast, 3.4 prev Q1 PCE Prices 3.7 vs 3.4 f'cast Wholesale Inventories-0.4 v s +0.2 f'cast Market Movement Recap08:41 AM Bonds losing ground quickly after 8:30am data. MBS down a quarter point. 10yr up almost 5bps at 4.691. 11:07 AM Weakest levels at 9:30am and pushing back slightly since then. 10yr up 6.4bps at 4.706. MBS down 10 ticks (.31). 01:28 PM No reaction to 7yr Treasury auction. 10yr up 6.1bps at 4.703. MBS down 11 ticks (.34) 03:35 PM Increasingly flat at the same old levels. 10yr up 6bps at 4.702 and MBS down 10 ticks (.31).

April 25, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Bonds Rattled By Surprisingly Big Beat in Spending Data Bonds Rattled By Surprisingly Big Beat in Spending Data Today's big surprise was the PCE price index component of Q1 GDP. GDP itself was weaker than expected, but even that was explained away by compone... (read more) Mortgage Rate Watch Mortgage Rates Jump Up And Over 7.5% After Inflation Surprise Interest rates care about quite a few different things, but inflation and Fed policy are two of the biggest considerations. One of the Fed's favorite ways to track progress on inflation is the PCE price index which comes out every month, but al... (read more) Rob Chrisman Electronic Bidding, MORA, Processing, Marketing Tools; CFPB and Servicing Fees, Mortgage Fraud Case I travel a little bit, so it was with great interest that I read, “The Department of Transportation… will soon require airlines to quickly refund passengers if they cancel, delay, or make significant changes to flights.” “A book hit my head, and I ha... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.52% +0.13% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.52% +0.13 0.00 15 Yr. Fixed 6.91% +0.08 0.00 30 Yr. FHA 7.00% +0.13 0.00 30 Yr. Jumbo 7.68% +0.10 0.00 7/6 SOFR ARM 7.55% +0.15 0.00 30 Yr. VA 7.03% +0.14 0.00 Updates Daily - Last Update: 4/25 15 Yr. Fixed Rate 6.91% +0.08% Rate Change Points Freddie Mac 30 Yr. Fixed 7.17% +0.07 0.00 15 Yr. Fixed 6.44% +0.05 0.00 Updates Weekly - Last Update: 4/25 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.24% +0.11 0.66 15 Yr. Fixed 6.75% +0.11 0.64 30 Yr. Jumbo 7.45% +0.05 0.56 Updates Weekly - Last Update: 4/24 MBS / Treasuries UMBS 30YR 6.0 99.09 -0.34 Price / Yield Change MBS UMBS 6.0 99.09 -0.34 UMBS 6.5 100.87 -0.30 GNMA 6.0 100.11 -0.14 GNMA 6.5 101.12 -0.18 Pricing as of: 4/25 5:31PM EST 10 Year US Treasury 4.7029 +0.0607 Price / Yield Change US Treasury 2 YR Treasury 4.997 +0.064 5 YR Treasury 4.717 +0.061 7 YR Treasury 4.725 +0.068 10 YR Treasury 4.703 +0.061 30 YR Treasury 4.812 +0.041 Pricing as of: 4/25 5:31PM EST Latest Video Markets 'spooked' by sticky inflation, says John Hancock's Emily Roland Still holding on to our July Fed rate cut forecast, says MetLife's Drew Mat... GDP increased at a 1.6% rate in the first quarter, less than expected Pending home sales beat expectations to the upside in best read of the year Around the Web Marketwatch Housing supply surges by up to 50% in these metro areas and many sellers are being forced to slash their asking prices Marketwatch Is another inflation scare coming? GDP seems to say yes. wells fargo Wolf in Sheep's Clothing: Soft GDP Hides Surging Spending Eye on Housing Housing Share of GDP Surpasses 16% for First Time Since 2022 CNBC GDP increased at a 1.6% rate in the first quarter, less than expected Marketwatch Pending home sales see unexpected jump in March, despite rising mortgage rates Eye on Housing All-Cash Sales Dropped to Lowest in 3 Years Marketwatch U.S. weekly jobless claims drop to lowest level since February Marketwatch GDP set to top 2% again, extending hot streak for U.S. economy CNBC Treasury yields dip ahead of gross domestic product, inflation data Marketwatch Deutsche Bank expects fewer U.S. commercial real estate provisions in second half Marketwatch Durable-goods orders get boost from autos and planes, but most manufacturers tread water Calculated Risk Blog AIA: "Architecture firm billings retreat further in March"; Multi-family Billings Decline for 20th Consecutive Month

© 2024 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.