What Debt Ceiling? Yields Follow NFP Higher

What Debt Ceiling? Yields Follow NFP Higher After being utterly bombarded for weeks, newswire feeds at trading terminals are suddenly devoid of debt ceiling headlines. To be fair, there have been a few mentions of final approval set for this weekend, but markets moved on long ago. If there was any reaction in longer term rates, it played out by Tuesday night. Today's sell-off was all about nonfarm payrolls. Today's AM commentary has all of the charts and discussion on that topic. Today's recap is just here to let you know bonds continued selling into the afternoon with 5.0 MBS losing almost half a point. Econ Data / EventsNonfarm Payrolls339k vs 190k f'cast, 253k prev Unemployment Rate3.7 vs 3.5 f'cast, 3.4 prev Participation rate unchanged at 62.6 Earnings0.3 vs 0.4 f'cast, 0.5 prev Market Movement Recap08:53 AM flat overnight. weaker after jobs data. 10yr up 3.8bps at 3.639. MBS down roughly a quarter point. 10:36 AM recovery attempt until 9:30am. Weaker since then. MBS down 3/8ths. 10yr up 6bps at 3.662. 03:35 PM Additional selling into the PM hours and flat since then. 10yr up 9bps at 3.689. MBS down just over 3/8ths.

June 2, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary What Debt Ceiling? Yields Follow NFP Higher What Debt Ceiling? Yields Follow NFP Higher After being utterly bombarded for weeks, newswire feeds at trading terminals are suddenly devoid of debt ceiling headlines. To be fair, there have been a few ... (read more) Rob Chrisman Reverse Point-of-Sale, Marketing and PR, TPO Products; Random TPO News; Ugly Insurance and Water News While lenders are grappling with steadily increasing Agency repurchase requests, it’s National Donut Day! Someone had better offer those folks at State Farm Insurance a donut… maybe they’ll change their mind about cutting off insuring properties in C... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.90% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.90% +0.05 0.00 15 Yr. Fixed 6.29% +0.06 0.00 30 Yr. FHA 6.55% +0.05 0.00 30 Yr. Jumbo 6.65% +0.02 0.00 5/1 ARM 6.85% -0.03 0.00 30 Yr. VA 6.55% +0.04 0.00 Updates Daily - Last Update: 6/2 15 Yr. Fixed Rate 6.29% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.79% +0.22 0.00 15 Yr. Fixed 6.18% +0.21 0.00 Updates Weekly - Last Update: 6/1 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.91% +0.22 0.83 15 Yr. Fixed 6.41% +0.26 0.84 30 Yr. Jumbo 6.78% +0.21 0.76 Updates Weekly - Last Update: 5/31 MBS / Treasuries UMBS 30YR 5.0 98.31 -0.42 Price / Yield Change MBS UMBS 5.0 98.31 -0.42 UMBS 5.5 99.80 -0.38 GNMA 5.0 98.48 -0.42 GNMA 5.5 99.83 -0.31 Pricing as of: 6/2 5:31PM EST 10 Year US Treasury 3.6960 +0.0950 Price / Yield Change US Treasury 2 YR Treasury 4.503 +0.160 5 YR Treasury 3.845 +0.144 7 YR Treasury 3.786 +0.132 10 YR Treasury 3.696 +0.095 30 YR Treasury 3.888 +0.071 Pricing as of: 6/2 5:31PM EST Latest Video Mortgage rates volatile on hot economic reads, debt ceiling debate The jobs data gives the Fed reason to table rate hikes this month, says Nat... The Fed does need to keep raising rates, says former Fed Gov. Frederic Mish... Friday's jobs report shows real signs of economy's 'soft landing,' says Jim... Around the Web CNBC Even as inflation rate subsides, prices may stay higher. Here's why CNBC Payrolls rose 339,000 in May, much better than expected in resilient labor market CNBC Arizona sets limits on construction around Phoenix as groundwater dwindles Calculated Risk Blog Year-over-year Rent Growth Continues to Decelerate; Asking Rents Likely to be Down year-over-year in June or July Calculated Risk Blog Vehicles Sales at 15.05 million SAAR in May; Up 19.6% YoY Calculated Risk Blog Comments on May Employment Report Calculated Risk Blog Inflation Adjusted House Prices 4.2% Below Peak; Price-to-rent index is 8.3% below recent peak Eye on Housing Private Residential Construction Spending Rises in April Calculated Risk Blog ISM Manufacturing index Decreased to 46.9% in May CNBC Treasury yields hold steady as Senate passes debt ceiling bill, investors await key jobs data Calculated Risk Blog Construction Spending Increased 1.2% in April CFPB Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule CNBC Heres where the jobs are for May 2023 in one chart

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