Mortgage Rates Down Big, But Lagging Other Indicators

Breaking Down the Big Move in Rates and Considering The Road Ahead The 2nd and 3rd largest bank failures in history have happened over the past 3 days. Markets reacted in a logical direction. If anything, the drop in rates was made bigger by the fact that the market is searching for evidence that it's time for the Fed to dial back its hawkish rate policies. That's what today ended up being mostly about: the market betting on a MUCH lower rate hike profile in the coming months (and rate CUTS starting in a few short months). Between Tuesday's CPI data and next week's Fed announcement we'll have the data we need and the requisite amount of cooling-off time to have a much better sense of what the road ahead looks like. Today's video discusses several of the options, and much more. Econ Data / EventsNo significant econ data Market Movement Recap08:59 AM Supermassive bond rally overnight, led by short-term rates. 2yr down more than 50bps at times. 10yr currently down 25bps at 3.45. MBS up just over 3/4ths of a point. 12:36 PM Strongest levels of the day at 11am and selling off a bit since then. 5.5 coupons still up 3/4ths on the day, but down half a point from highs. 10yr yield up 11bps from lows and now near highs of day at 3.524, but still down 18bps overall. 04:07 PM MBS now up "only" 22 ticks (.69) and 10yr down "only" 16bps at 3.545. Both are quite a bit weaker on the day, but the pace of losses has been gradual

March 13, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Breaking Down the Big Move in Rates and Considering The Road Ahead Breaking Down the Big Move in Rates and Considering The Road Ahead The 2nd and 3rd largest bank failures in history have happened over the past 3 days. Markets reacted in a logical direction. If a... (read more) Mortgage Rate Watch Mortgage Rates Down Big, But Lagging Other Indicators If you're just getting caught up or otherwise haven't heard, the biggest news in financial markets since last Friday has been the precipitous failure of Silicon Valley Bank. While not necessarily a household name, SVB was the 16th largest bank ... (read more) Rob Chrisman Fair Lending, Broker, Jumbo Programs; CFPB Reviews LO Comp; Former Fannie CEO to Run SVB Where should we start the week? How about how predictions and forecasts are nearly worthless when they’re out of date one week later? How about with an old-fashioned run on a bank, eliminating any talk of another Fed rate increase. People wonder, “Wh... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.57% -0.19% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.57% -0.19 0.00 15 Yr. Fixed 6.00% -0.25 0.00 30 Yr. FHA 6.10% -0.15 0.00 30 Yr. Jumbo 6.15% -0.20 0.00 5/1 ARM 6.12% -0.49 0.00 30 Yr. VA 6.12% -0.13 0.00 Updates Daily - Last Update: 3/13 15 Yr. Fixed Rate 6.00% -0.25% Rate Change Points Freddie Mac 30 Yr. Fixed 6.73% +0.08 0.00 15 Yr. Fixed 5.95% +0.06 0.00 Updates Weekly - Last Update: 3/9 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% +0.08 0.80 15 Yr. Fixed 6.25% +0.12 1.01 30 Yr. Jumbo 6.49% +0.05 0.59 Updates Weekly - Last Update: 3/8 MBS / Treasuries UMBS 30YR 5.5 100.33 +0.63 Price / Yield Change MBS UMBS 5.5 100.33 +0.63 UMBS 6.0 101.38 +0.41 GNMA 5.5 100.55 +0.53 GNMA 6.0 101.14 +0.42 Pricing as of: 3/13 5:31PM EST 10 Year US Treasury 3.5751 -0.1294 Price / Yield Change US Treasury 2 YR Treasury 3.983 -0.610 5 YR Treasury 3.703 -0.268 7 YR Treasury 3.679 -0.186 10 YR Treasury 3.575 -0.129 30 YR Treasury 3.715 +0.004 Pricing as of: 3/13 5:31PM EST Latest Video The government response to SVB was radically different than 2008, says Alti... Mohamed El-Erian on SVB fallout: Depositors are fine, there's no need to wo... First Republic tells CNBC the bank isn't seeing that many depositors leave President Biden: Your deposits will be there when you need them Around the Web CNBC Mortgage rates tumble in the wake of bank failures CNBC Something broke, but the Fed is still expected to go through with rate hikes CNBC Jeffrey Gundlach says Fed will hike funds rate next week to save credibility but shouldn't CNBC Why regulators seized Signature Bank in third-biggest bank failure in U.S. history CNBC Investors rush into bonds, gold in flight to safety after SVB rescue Calculated Risk Blog Pandemic Economics, Housing and Monetary Policy: Part II Calculated Risk Blog Housing March 13th Weekly Update: Inventory Decreased 1.5% Week-over-week Federal Reserve Joint Statement by Treasury, Federal Reserve, andFDIC CNBC 2-year Treasury yield tumbles as investors assess the state of the economy following SVB fallout CNBC Charles Schwab shares head for worst day ever, drop 20% as fears of banking crisis deepen CNBC First Republic tells CNBC the bank isn't seeing that many depositors leave, JPMorgan funding working Black Knight Black Knights February 2023 Originations Market Monitor CNBC CNBC Daily Open: What SVB means for markets

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