Mortgage Rates Jump After First Republic Sale

Snowball Sell-Off to Start The Month Sometimes headlines reference the beginning or end of any given day/week/month just to fill space. On days like today, however, it's a relevant contributor to the selling pressure. Today's "new month" selling is attributable to investors closing out temporary positions held for last week's "month end." That was only part of today's drama though. It was exacerbated by a glut of corporate bond issuance as well as the bailout of First Republic. Econ Data / EventsISM Manufacturing47.1 vs 46.8 f'cast, 46.3 prev ISM Mfg Prices Paid53.2 vs 49.0 f'cast, 49.2 prev Market Movement Recap09:17 AM bonds sold off on FRC bailout, but have bounce back a bit. 10yr up 4bps on the day at 3.473. MBS down 6 ticks (.19). 10:18 AM Additional weakness on ISM data. MBS down 3/8ths on the day. 10yr up 8.6bps at 3.518. 12:56 PM weakest levels of the day with 10yr yields up 12.2bps at 3.555. MBS down almost half a point. 04:11 PM Snowball selling up until 3:40pm ET. Small bounce since then. MBS still down over half a point. 10yr up 15.4bps at 3.587

May 1, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Snowball Sell-Off to Start The Month Snowball Sell-Off to Start The Month Sometimes headlines reference the beginning or end of any given day/week/month just to fill space. On days like today, however, it's a relevant contributor to the selling ... (read more) Mortgage Rate Watch Mortgage Rates Jump After First Republic Sale Whether we call it a bailout, a failure, or a fire sale, First Republic Bank was formally absorbed by JP Morgan Chase early this morning. Interest rates moved higher in response, and that may be counterintuitive for those who know a thing or two abou... (read more) Rob Chrisman TPO, Accounting Outsourcing, Processing, DPA Tools; Upcoming Training, Webinars, and Events Did you know that cows snooze laying down for the four hours of sleep they need a day? Did you know that horses sleep standing up? These tidbits may come in handy for me this week as I head to Cody, Wyoming for the WMLA annual conference. Or they may... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.14% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.14 0.00 15 Yr. Fixed 6.12% +0.14 0.00 30 Yr. FHA 6.30% +0.10 0.00 30 Yr. Jumbo 6.30% +0.08 0.00 5/1 ARM 6.81% +0.03 0.00 30 Yr. VA 6.31% +0.12 0.00 Updates Daily - Last Update: 5/1 15 Yr. Fixed Rate 6.12% +0.14% Rate Change Points Freddie Mac 30 Yr. Fixed 6.43% +0.04 0.00 15 Yr. Fixed 5.71% -0.05 0.00 Updates Weekly - Last Update: 4/27 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.55% +0.12 0.63 15 Yr. Fixed 6.03% +0.14 0.56 30 Yr. Jumbo 6.40% +0.12 0.50 Updates Weekly - Last Update: 4/26 MBS / Treasuries UMBS 30YR 5.0 98.91 -0.50 Price / Yield Change MBS UMBS 5.0 98.91 -0.50 UMBS 5.5 100.44 -0.33 GNMA 5.0 99.11 -0.41 GNMA 5.5 100.33 -0.27 Pricing as of: 5/1 5:31PM EST 10 Year US Treasury 3.5719 +0.1389 Price / Yield Change US Treasury 2 YR Treasury 4.147 +0.126 5 YR Treasury 3.636 +0.138 7 YR Treasury 3.610 +0.138 10 YR Treasury 3.572 +0.139 30 YR Treasury 3.813 +0.131 Pricing as of: 5/1 5:31PM EST Latest Video Tri Pointe Homes CEO on the state of the housing market The Fed's next move: Pause, pivot or hike? ISM Manufacturing PMI rose to 47.1 in April FDIC releases outlines for deposit insurance reform Around the Web Eye on Housing Improved Affordability Expectations Lead to More Engaged Buyers CNBC Lawmakers praise First Republic sale, but efforts to pass new bank rules are fizzling Calculated Risk Blog ISM Manufacturing index Increased to 47.1% in April CNBC First Republic seized by California regulator, JPMorgan to assume all deposits CNBC 10-year Treasury yield ticks higher ahead of Fed meeting Calculated Risk Blog Housing May 1st Weekly Update: Inventory Increased 2.0% Week-over-week Eye on Housing Private Residential Construction Spending Dips in March Calculated Risk Blog Construction Spending Increased 0.3% in March Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency Rate Decreased in March Eye on Housing Housing Affordability Expectations Improve Federal Reserve Fed's Review of SVB Failure CNBC Fed report on SVB collapse faults bank's managers and central bank regulators Calculated Risk Blog Freddie Mac House Price Index Increased Slightly in March; Up 1.0% Year-over-year

© 2023 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: newsletter@newslettercollector.com. Go here to UNSUBSCRIBE from this email.