Mortgage Rates Little Changed at Lowest Levels Since March

Helpful Data, MBS Underperformance, Is This Time Different? The bond market reacted favorably to this morning's economic data which consisted of sharply lower producer prices at the core level and sharply higher jobless claims. But based on the next few hours, traders might say the initial move was an overreaction. It wasn't until the 30yr bond auction that Treasury yields were able to break to new lows for the day. MBS, however, never made that quantum leap for reasons we ponder in today's recap video. One of the reasons has to do with the chance that "things are changing" in terms of broad rate momentum, but we can't really know if this time is different until several months of data confirm the story that's currently only 2 days old. Econ Data / EventsMonth over month core PPI 0.0 vs 0.3 f'cast, 0.5 prev Year over year core PPI2.3 vs 2.4 f'cast, 2.4 prev Jobless Claims242k vs 225k f'cast, 229k prev Market Movement Recap09:18 AM modestly stronger overnight with additional gains after data. MBS up 7 ticks (.22) and 10yr down 4.2bps at 4.276 10:59 AM Slowly losing ground after initial data-driven rally. MBS still up 5 ticks (.16) and 10yr still down 4.1bps at 4.278. 11:46 AM Bouncing back a bit now. 10yr down 6.4bps at 4.256. MBS up nearly a quarter point. 01:05 PM Best levels of the day after 30yr bond auction. 10yr down 9.5bps at 4.224. MBS up 10 ticks (.31). 03:11 PM Sideways in the PM for MBS, still up 10 ticks in 5.5 coupons. 10yr broadly sideways, currently down 8bps at 4.239

June 13, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Helpful Data, MBS Underperformance, Is This Time Different? Helpful Data, MBS Underperformance, Is This Time Different? The bond market reacted favorably to this morning's economic data which consisted of sharply lower producer prices at the core level and sharply hig... (read more) Mortgage Rate Watch Mortgage Rates Little Changed at Lowest Levels Since March You'd have to go back to March 28th to see the average mortgage lender offering a lower rate on a top tier, conventional 30yr fixed scenario than they're offering today. The same was technically true yesterday and today's rates were just a hair... (read more) Rob Chrisman MSR Valuation, Non-QM, VOIE, Online Auction, Broker to Banker Tools; Webinars, Events, and Training This morning I head to Chicago, IL, a state with 972 licensed mortgage banking companies. Illinois has had its share of severe storm damage (heck, in Sarasota we just had upwards of 10 inches of rain in about 12 hours), and may be joining the ranks o... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.97% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.97% -0.01 0.00 15 Yr. Fixed 6.38% -0.02 0.00 30 Yr. FHA 6.43% +0.01 0.00 30 Yr. Jumbo 7.22% -0.03 0.00 7/6 SOFR ARM 7.01% +0.01 0.00 30 Yr. VA 6.45% 0.00 0.00 Updates Daily - Last Update: 6/13 15 Yr. Fixed Rate 6.38% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.95% -0.04 0.00 15 Yr. Fixed 6.17% -0.12 0.00 Updates Weekly - Last Update: 6/13 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.02% -0.05 0.65 15 Yr. Fixed 6.60% -0.15 0.55 30 Yr. Jumbo 7.18% -0.03 0.54 Updates Weekly - Last Update: 6/12 MBS / Treasuries UMBS 30YR 5.5 99.34 +0.20 Price / Yield Change MBS UMBS 5.5 99.34 +0.20 UMBS 6.0 100.75 +0.12 GNMA 5.5 99.92 +0.11 GNMA 6.0 100.87 +0.02 Pricing as of: 6/13 5:31PM EST 10 Year US Treasury 4.2466 -0.0724 Price / Yield Change US Treasury 2 YR Treasury 4.700 -0.052 5 YR Treasury 4.244 -0.074 7 YR Treasury 4.236 -0.074 10 YR Treasury 4.247 -0.072 30 YR Treasury 4.403 -0.073 Pricing as of: 6/13 5:31PM EST Latest Video Treasury Secretary Janet Yellen: The labor market now is resembling what it... The Fed still has a bias to cut rates, and they'll cut twice this year: For... Jobless numbers might not indicate slowdown due to week-to-week volatility,... Here's why UBS is bullish on homebuilder stocks Around the Web Marketwatch Jobless claims jump to highest level in ten months CNBC Fed holds rates steady, indicates only one cut coming this year Marketwatch These numbers show that banks' risk from office real estate has been exaggerated CNBC Wholesale prices unexpectedly fell 0.2% in May CNBC Here's the inflation breakdown for May 2024 in one chart CNBC Consumer prices unchanged in May and up 3.3% from a year ago CNBC Oil prices fall after bearish increase in U.S. stockpiles, cautious Fed rate cut outlook Calculated Risk Blog Part 1: Current State of the Housing Market; Overview for mid-June 2024 Eye on Housing Residential Building Material Prices Remain Relatively Unchanged in May CNBC U.S. Treasury yields rise as Fed holds rates steady, signals only one cut this year CNBC Treasury yields hold steady ahead of Fed decision, key inflation data Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter CNBC European stocks head for lower open as markets react to Fed, U.S. inflation data

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