Rates Moved Higher Today, But This Week Was a Step in The Right Direction

Good Times Still Mostly Rolling Despite Token Correction on Friday Bonds sold off on Friday, with the easiest scapegoat being the extra strong Consumer Sentiment number (72.6 vs 65.5 f'cast). 10yr yields remained below yesterday's highs, and although MBS prices were lower than yesterday's, they'd outperformed Treasuries earlier in the week. In short, most of the week's gains remain intact. In fact, considering it was a summertime Friday with super strong data after 4 straight days of gains that took bonds into overbought territory in the short term, one might consider a 6bp bump to 10yr yields and a 3/8ths of a point loss in MBS to be a victory, of sorts. Econ Data / EventsConsumer Sentiment 72.6 vs65.5 f'cast, 64.4 prev Sentiment, Current Situation77.5 vs 70.4 f'cast, 69.0 prev Inflation expectations1yr - 3.4 vs 3.3 f'cast 5yr - 3.1 vs 3.1 f'cast Market Movement Recap10:05 AM Modestly weaker all morning with sharper selling after sentiment data. MBS down 3/8ths and 10yr up roughly 4bps. 01:02 PM Additional weakness into the PM hours, but stabilizing now and recovering. 10yr at 3.81. MBS down only a quarter. 04:05 PM Weakest levels of the day in 10s (up 6 bps at 3.827) and down 3/8ths in MBS (not quite weakest levels of the day).

July 14, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Good Times Still Mostly Rolling Despite Token Correction on Friday Good Times Still Mostly Rolling Despite Token Correction on Friday Bonds sold off on Friday, with the easiest scapegoat being the extra strong Consumer Sentiment number (72.6 vs 65.5 f'cast). 10yr yields rema... (read more) Mortgage Rate Watch Rates Moved Higher Today, But This Week Was a Step in The Right Direction Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation data showed prices falling faster than expected. Rates responded with a full recovery despite giving u... (read more) Rob Chrisman TPO, Outsourcing, DPA, MSR Transfer, Compliance Products; Company and State Events “If they raise the interest rates one more time, you're going to hear Janet Yellen.” Much of the talk in the hallways here at the California Association of Mortgage Professionals event near San Francisco revolves around the Federal Reserve likely rai... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.89% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.89% +0.02 0.00 15 Yr. Fixed 6.30% +0.02 0.00 30 Yr. FHA 6.51% +0.01 0.00 30 Yr. Jumbo 6.89% +0.01 0.00 5/1 ARM 6.94% -0.01 0.00 30 Yr. VA 6.50% +0.01 0.00 Updates Daily - Last Update: 7/14 15 Yr. Fixed Rate 6.30% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.96% +0.15 0.00 15 Yr. Fixed 6.30% +0.06 0.00 Updates Weekly - Last Update: 7/13 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.58% -0.49 0.74 15 Yr. Fixed 6.42% +0.12 1.22 30 Yr. Jumbo 7.04% +0.09 0.59 Updates Weekly - Last Update: 7/12 MBS / Treasuries UMBS 30YR 5.5 99.59 -0.44 Price / Yield Change MBS UMBS 5.5 99.59 -0.44 UMBS 6.0 100.84 -0.39 GNMA 5.5 99.59 -0.36 GNMA 6.0 100.63 -0.33 Pricing as of: 7/14 5:31PM EST 10 Year US Treasury 3.8280 +0.0610 Price / Yield Change US Treasury 2 YR Treasury 4.764 +0.132 5 YR Treasury 4.042 +0.095 7 YR Treasury 3.938 +0.075 10 YR Treasury 3.828 +0.061 30 YR Treasury 3.930 +0.024 Pricing as of: 7/14 5:31PM EST Latest Video BlackRock CEO Larry Fink on economic outlook: I think our economy is going ... Consumer sentiment soars in July Wharton Professor Jeremy Siegel: Here's why the Fed should stop raising rat... Regional banks are positioned to be resilient in earnings, says RBC's Gerar... Around the Web CNBC Biden administration announces student debt forgiveness for 804,000 federal borrowershere's who qualifies CNBC 1 in 3 federal student loan borrowers spent money they thought was going to be forgivenhere's where relief stands Calculated Risk Blog 3rd Look at Local Housing Markets in June Eye on Housing Residential Building Workers Wage Growth Trending Down Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-July Reuters US weekly jobless claims unexpectedly fall bls U.S. PPI cools to 0.1% in June CNBC St. Louis Fed President Bullard says he's stepping down in August CNBC Treasury yields moderate after two-day slide on light inflation data Calculated Risk Blog Q2 GDP Tracking: Around 2% Eye on Housing Remodeling Market Sentiment Edged Down in Second Quarter of 2023 Calculated Risk Blog Hotels: Occupancy Rate Down 2.3% Year-over-year CNBC 2-year Treasury yield continues to slide after cool June CPI figure

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