• August 18, 2023
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• realestatelife

WRAP UPUMBS 5.5: 97.58 (-16bps)10yr yield: 4.29 Bonds clawing back some gains after hitting the worst levels of the day and triggering some reprices worse, but nothing to be excited about. The outlook remains that we will see rates move higher, and the advice remains to lock. Rate sheets likely to be similar to yesterday,

• August 17, 2023
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• realestatelife

WRAP UPUMBS 5.5: 97.58 (-16bps)10yr yield: 4.29 Bonds clawing back some gains after hitting the worst levels of the day and triggering some reprices worse, but nothing to be excited about. The outlook remains that we will see rates move higher, and the advice remains to lock. Rate sheets will continue to lose ground this

• August 16, 2023
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• realestatelife

WRAP UPUMBS 5.5: 97.71 (-20bps)10yr yield: 4.26 Rates continue to levels not seen since the aughts, and there is no real reason to expect that to stop in the near future. Lots of reprices worse today as bonds lost ground through the afternoon, not to be blamed on the Fed mtg minutes (which were no

• August 15, 2023
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• realestatelife

Rate sheets this morning should be similar to yesterday as bonds gain back lost ground from earlier this morning. Reprice risk on the day is moderate, we could see more volatility and if bonds do lose ground lenders may be quick to consider repricing worse. The outlook remains that rates are close to peaking, but

• August 14, 2023
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• realestatelife

WRAP UPUMBS 5.5: 98.00 (-36bps)10yr yield: 4.20 Mortgage bonds improved through the afternoon, only to give back all the gains. Lenders that repriced better may reprice worse again before day’s end. Rates look likely to creep higher from here, reaching 2023 highs and maybe matching the worst rates we saw last October. They will fall

• August 11, 2023
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• realestatelife

Rate sheets are going to be much worse today than yesterday’s AM pricing, and worse than any reprices you saw yesterday as bonds continue to tank. Reprice risk on the day today is moderate, bonds are already taking big losses, but we could see another bout of snowball selling where bad turns to worse. Bonds

• August 10, 2023
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• realestatelife

WRAP UPUMBS 5.5: 98.50 (-58bps)10yr yield: 4.11 What should have been a quiet day got out of hand quick, with lots of lenders repricing worse (and some twice) Great example today of bond selling triggering more selling… and it wasn’t due to the CPI data, or really much else to point a finger at. Very

• August 7, 2023
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• realestatelife

WRAP UP UMBS 5.5: 98.89 (-18bps) 10yr yield: 4.10 Quiet day, not a lot of risk floating into tomorrow although pricing could slip a little bit. Rates sheets this morning should be better than Friday’s AM rate sheets but likely worse than any reprices better, at least to start the day. Bonds woke up to

• August 4, 2023
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• realestatelife

Rates sheets this morning poised to be about the same as yesterday, unless we see more volatility this morning before lenders set pricing. If the current gains hold we could see slightly better rate sheets, but nothing to get too excited about. One the morning drama plays out reprice risk on the day should be

• August 3, 2023
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• realestatelife

WRAP UP UMBS 5.5: 98.28 (-41bps)10yr yield: 4.18 Tomorrow brings jobs data at 8:30am ET, before rate sheets. Data showing a softening labor market would help bonds improve, but rates don’t have much room to go lower. If the data is not well received by markets, bonds are going to sell off to new terrible