• September 25, 2023
• no comment
• realestatelife

Rates will continue to test the high water mark, and reprice risk today is low. The outlook is that rates will hold near the highs or even creep higher, with zero chance that we see a significant drop in rates anytime soon (“significant”, to me,  means .25% or more). Treasury yields continue to climb, and

• September 22, 2023
• no comment
• realestatelife

Rate sheets this morning likely to be similar or slightly better than yesterday, and reprice risk on the day is moderate. Bonds showing some signs of recovery this morning, but nothing to get too excited about. Rates have quickly moved up to match this years highest levels already after the Fed meeting, but I think

• September 21, 2023
• no comment
• realestatelife

WRAP UPUMBS 6.0: 99.03 (-30bps)10yr yield: 4.50 The good news is that bonds didn’t get much worse than this mornings levels, the bad news is that they didn’t improve either (and are not likely too). I think it will get worse before it gets , so am still in a lock bias, although I do

• September 19, 2023
• no comment
• realestatelife

Rate sheets this morning likely to show pricing similar to yesterday’s open, and worse than the many reprices better that we saw yesterday. Reprice risk on the day is low, we could see some recovery in bonds that would help some lenders issue better pricing as the day goes one (like we saw yesterday) but

• September 18, 2023
• no comment
• realestatelife

Rate sheets will be at least slightly worse this morning, unless we see a reversal for mortgage bonds from early losses due to overnight trading. Reprice risk on the day is low, other than the handful of wholesale lenders who reprice when a mouse farts, most lenders won’t see bonds move enough to have to

• September 15, 2023
• no comment
• realestatelife

WRAP UPUMBS 6.0: 99.58 (-33bps)10yr yield: 4.33 Well, that’s a wrap. It’s tough to come up with any reason to be floating here that doesn’t include hoping and praying… hoping the Fed meeting and press conference go our way, praying rates fall a bit. I’m not saying it can’t happen, I’m just saying that I

• September 14, 2023
• no comment
• realestatelife

Rate sheets today likely similar to yesterday, and although this morning’s volatility in bonds makes things a bit rocky, reprice risk on the day is low. Some lenders may actually have a bit worse rate sheets this morning due to bonds losing ground after being in positive territory just a little bit ago, and we

• September 12, 2023
• no comment
• realestatelife

WRAP UPUMBS 6.0: 99.78 (-5bps)10yr yield: 4.27 10yr auction a non event, as I expected. Tomorrow we get CPI inflation data, coming in ahead of AM rate sheets, and I still advise to lock most loans. It’s not just the data that matters, it is the REACTION to the data. Unless we get an amazingly

• September 11, 2023
• no comment
• realestatelife

Rate sheets likely to be a bit worse than Friday, but not too much. Reprice risk on the day is moderate, we could see mortgage bonds lose ground on the day despite there being no economic data. There’s a 3yr Treasury auction this afternoon, but that won’t matter to bonds. I’m still in a locking

• September 8, 2023
• no comment
• realestatelife

WRAP UPUMBS 6.0: 99.84 (-5bps)10yr yield: 4.26 Quiet day, advice remains to lock most loans simply for protection with big rate improvements unlikely. Rate sheets will be better this morning, reflecting yesterday’s improvement in bonds, but not really anything to get overly excited about. Reprice risk on the day is low, no reason to expect