• August 31, 2023
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• realestatelife

Rate sheets this morning likely to be a bit worse than yesterday, and loans are facing a decision of whether to lock or float ahead of tomorrow’s jobs data. Reprice risk today is low, not much to worry about. The outlook today is much brighter than a week ago, with the door open to see

• August 30, 2023
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• realestatelife

WRAP UPUMBS 6.0: 100.11 (-8bps)10yr yield: 4.12 Bonds losing steam in the late afternoon, could see some late day lender reprices worse. Never a bad idea to consider locking risk averse and near term, unless planning on floating into Friday’s jobs data to see what that brings. I’m no clairvoyant, all I can tell you

• 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