Rates Jump to Highest Levels in More Than 3 Weeks

Relatively Sharp Losses, but Nothing Special in The Bigger Picture Bonds began the day modestly stronger, and that was their first mistake. Starting around 10am, the gains began evaporating following comments from Fed's Kashkari (who needs to see "many" more months of good inflation before considering a cut) and a big pop in consumer confidence data. In the next 3 hours, both the 2yr and 5yr Treasury auction would add to the pressure. MBS were only down a quarter point on the day, which is an unremarkable move for the first day back after a 3 day weekend, but in contrast to the low volatility gains in the first 2 hours of the day, it feels subjectively abrupt. Mortgage lenders concur, based on the number of reprices (and 2nd reprices). Econ Data / EventsFHFA Home Prices 0.1 vs 0.5 f'cast, 1.2 prev Case Shiller Home Prices1.6 vs 0.9 prev Consumer Confidence102.0 vs 95.9 f'cast, 97.0 prev Market Movement Recap09:55 AM Sideways in a narrow range overnight. 10yr unchanged at 4.466. MBS up 3 ticks (.09). 10:23 AM Slightly weaker after confidence data and Fed comments. 10yr up 2 bps at 4.486. MBS up 1 tick (0.03), but down 3 ticks (0.09) from intraday highs. 11:37 AM More losses after 2yr auction. MBS down 2 ticks (.06) and 10yr up 3bps at 4.496 01:06 PM 10yr yields are now 5.6bps higher at 4.522 and MBS are down an eighth on the day 03:01 PM Weakest levels of the day with MBS down 9 ticks (.28) and 10yr yields up 7.4bps at 4.54

May 28, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Relatively Sharp Losses, but Nothing Special in The Bigger Picture Relatively Sharp Losses, but Nothing Special in The Bigger Picture Bonds began the day modestly stronger, and that was their first mistake. Starting around 10am, the gains began evaporating following co... (read more) Mortgage Rate Watch Rates Jump to Highest Levels in More Than 3 Weeks It was a mini rollercoaster of a day for mortgage rates with the average lender starting the day at lower levels than yesterday only to end at the highest levels since May 3rd. The weakness was driven by a combination of economic data, comments... (read more) Rob Chrisman Social Security, LOS, AI Doc Assist Products; Webinars and Training; Turn Off Auto VOEs “Scientists got together to study the effects of alcohol on a person’s walk, and the result was staggering.” The news impacting human life and property over the weekend was truly staggering, ranging from one (Bill Walton, basketball player) to possib... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.28% +0.12% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.28% +0.12 0.00 15 Yr. Fixed 6.75% +0.05 0.00 30 Yr. FHA 6.82% +0.12 0.00 30 Yr. Jumbo 7.50% +0.09 0.00 7/6 SOFR ARM 7.35% +0.07 0.00 30 Yr. VA 6.84% +0.12 0.00 Updates Daily - Last Update: 5/28 15 Yr. Fixed Rate 6.75% +0.05% 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 99.90 -0.28 Price / Yield Change MBS UMBS 6.0 99.90 -0.28 UMBS 6.5 101.43 -0.19 GNMA 6.0 100.40 -0.18 GNMA 6.5 101.20 -0.07 Pricing as of: 5/28 5:31PM EST 10 Year US Treasury 4.5415 +0.0756 Price / Yield Change US Treasury 2 YR Treasury 4.976 +0.028 5 YR Treasury 4.586 +0.057 7 YR Treasury 4.561 +0.071 10 YR Treasury 4.542 +0.076 30 YR Treasury 4.656 +0.084 Pricing as of: 5/28 5:31PM EST Latest Video Consumer confidence, inflation outlook both on the rise Fed will have hard time cutting rates, says Northwestern Mutual's Brent Sch... Office loan modifications jump: Trepp report NBER director John Lipsky breaks down economic data, forecasts Fed outlook Around the Web Marketwatch Consumer confidence rebounds in May after three months of decline Marketwatch Home prices reach new high in March, Case-Shiller says, fueled by scarcity Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices CNBC Treasury yields dip ahead of consumer confidence and inflation data Calculated Risk Blog Comments on March House Prices, FHFA: House Prices Increased 0.1% in March CNBC Fed's Kashkari wants to see 'many more months' of positive inflation data before a rate cut Eye on Housing Preference for New Homes Keeps Rising CNBC U.S. crude oil gains more than 1% as market looks to OPEC+ meeting on production levels Federal Reserve Waller, Some Thoughts on r*: Why Did It Fall and Will ItRise? Marketwatch U.S. durable goods rise for third straight month in April CNBC Treasury yields higher on positive economic data CNBC Oil prices hit three-month lows, head for weekly loss as summer driving season kicks off Calculated Risk Blog Hotels: Occupancy Rate Increased 0.2% Year-over-year

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