• August 29, 2023
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• realestatelife

MBS OVERVIEW Taking it to the House: The June FHFA Housing Price Index showed a MOM increase of 0.3% versus estimates of 0.2%. The June Case Shiller Metro City YOY Index dropped by -1.2% versus estimates of -1.3%. Jobs, Jobs, Jobs: The July Job Openings and Labor Turnover Survey (JOLTS) showed 8.827M unfilled jobs versus

• August 25, 2023
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• realestatelife

Rate sheets will come out reflecting whatever take the market has on Fed Chair Jerome Powell’s speech from Jackson Hole today at 10:05am ET. The initial start to the day sees mortgage bonds a bit on the weaker side, and if pricing came out right now it would be slightly worse than yesterday. However, there

• August 24, 2023
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• realestatelife

Rate sheets likely to give back some of yesterday’s gains, which didn’t quite match up to the gains in bonds to begin with. What I mean is that mortgage bonds improved to levels last seen 8/14, when rates were .375 to .25% better. However, most rate sheets improved about .125%, some a little more. That’s

• August 23, 2023
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• realestatelife

WRAP UPUMBS 6.0: 99.61 (+52bps)10yr yield: 4.19 Bonds rallied early and peaked as pricing came out around 10am ET, holding the gains all day but not improving further. Tomorrow could bring more improvement to rate sheets, but it is far from guaranteed. Is it worth floating into tomorrow to try for more? Depends on what

• August 22, 2023
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• realestatelife

WRAP UPUMBS 6.0: 99.05 (-3bps)10yr yield: 4.33 Bonds improved a bit through the day, and a handful of lenders improved pricing from this morning. However, this is far from anything to get overly excited about, as most rate sheets are still trending worse… just at a slower pace. Advice remains to lock all loans, even

• August 21, 2023
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• realestatelife

WRAP UPUMBS 6.0: 99.08 (-34bps)10yr yield: 4.34 When the bleeding stops, rates will hold these higher levels, not move lower again. Until that happens, we will continue to see rates move higher as markets adjust to this “new normal” of a strong economy and labor market with declining inflation. Consumer credit is driving the economy,

• 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