Mortgage Rates Little-Changed to Start Holiday-Shortened Week

Random, Inconsequential Volatility Driven by Holiday Week Trading Conditions No sooner did we finish reading this morning's warning about the ill effects of illiquidity than the market began offering examples. For their part, Treasuries experienced a slightly more linear rally between 7:50am and 9:30am with the last 15 minutes being the sharpest. MBS are much less liquid than Treasuries in general, so they experienced bigger pops and drops depending on the moments in question. By the afternoon hours, both had settled fairly close to unchanged (Treasuries a hair stronger and MBS a hair weaker), but neither had done anything memorable. In fact, unless 10yr yields are breaking outside of last week's range, nothing exciting or important is happening this week. Market Movement Recap09:56 AM Initially flat overnight, then weaker during European hours. Buyers stepped in at the start of domestic trading and brought yields from a few bps higher to 4.3bps lower--currently 3.786. MBS are up an eighth of a point after opening an eighth of a point weaker. 12:15 PM Illiquidity continues causing issues for MBS (along with a small amount of actual bond market weakness). 10yr yields down 1.7 on the day at 3.812. MBS down 3 ticks (.09), but nearly 3/8ths from the highs. 02:46 PM Some additional weakness after the 1pm 5yr Treasury auction, but finding footing shortly thereafter. 10yr currently down 1.1 bps on the day at 3.817. MBS down 3 ticks (.09) after being down more than a quarter point at the lows.

November 21, 2022 Download our Mobile App: Download our Mobile App: MBS Commentary Random, Inconsequential Volatility Driven by Holiday Week Trading Conditions Random, Inconsequential Volatility Driven by Holiday Week Trading Conditions No sooner did we finish reading this morning's warning about the ill effects of illiquidity than the market began offering examples... (read more) Mortgage Rate Watch Mortgage Rates Little-Changed to Start Holiday-Shortened Week Mortgage rates made their biggest recent move (and their biggest single day move ever) 2 Thursday's ago after a key report showed inflation was lower than expected in October. There has been some jockeying for position among various mortgage le... (read more) Rob Chrisman Non-Agency, POS, Warehouse Products; STRATMOR on the Business Cycle; Production Costs Sometimes it’s tough to find good news out there. For independent mortgage bank (IMB) and mortgage subsidiaries of chartered bank lenders, the MBA reports that production costs exceeded $11,000 per loan in the 3rd quarter leading to a net loss of $62... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.64% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.64% +0.01 0.00 15 Yr. Fixed 6.06% +0.01 0.00 30 Yr. FHA 6.25% 0.00 0.00 30 Yr. Jumbo 6.00% -0.08 0.00 5/1 ARM 6.24% +0.01 0.00 30 Yr. VA 6.30% 0.00 0.00 Updates Daily - Last Update: 11/21 15 Yr. Fixed Rate 6.06% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.61% -0.47 0.00 15 Yr. Fixed 5.98% -0.40 0.00 Updates Weekly - Last Update: 11/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.90% -0.24 0.56 15 Yr. Fixed 6.27% -0.13 0.73 30 Yr. Jumbo 6.51% +0.01 0.64 Updates Weekly - Last Update: 11/16 MBS / Treasuries UMBS 30YR 5.0 98.55 -0.19 Price / Yield Change MBS UMBS 5.0 98.55 -0.19 UMBS 5.5 100.22 -0.22 GNMA 5.0 98.98 -0.22 GNMA 5.5 100.22 -0.28 Pricing as of: 11/21 5:31PM EST 10 Year US Treasury 3.8306 +0.0018 Price / Yield Change US Treasury 2 YR Treasury 4.561 +0.030 5 YR Treasury 4.026 +0.017 7 YR Treasury 3.945 +0.014 10 YR Treasury 3.831 +0.002 30 YR Treasury 3.904 -0.023 Pricing as of: 11/21 5:31PM EST Latest Video Fed will slow things down, says Jefferies' David Zervos San Francisco Fed's Mary Daly says it's entering a difficult time of tighte... The 9am Bond Report - November 21, 2022 The 2pm Bond Report - November 21, 2022 Around the Web Eye on Housing New Single-Family Home Size Trending Lower Wall Street Journal Fed's Aggressive Rate Hikes Are a Game Changer Calculated Risk Blog Final Look at Local Housing Markets in October Calculated Risk Blog Four High Frequency Indicators for the Economy Calculated Risk Blog Housing November 21st Weekly Update: Inventory Decreased Slightly Week-over-week CNBC Buyers need a six-figure income to afford a 'typical' home, report finds. Here's how to reduce the cost CNBC Insana: The 7% solution on interest rates could come back to haunt the Federal Reserve Brookings Inst. Are new housing policy reforms working? We need better research to find out. CNBC Treasury yields rise as markets assess inflation outlook and Fed policy plans Eye on Housing Gain for Custom Home Building Calculated Risk Blog More Analysis on October Existing Home Sales CNBC Fed's Collins expresses hope that inflation can be tamed without hitting jobs CNBC European markets head for lower open as investors gauge economic outlook

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