Mortgage Rates Improve After Downbeat Economic Data

Is The Top In? No one had much to say or think about JOLTS (the Job Openings and Labor Turnover Survey) over the past few decades, but it has risen to an increasingly prominent market moving role in the 2023. Today was the latest example as a big miss resulted in a big win for the bond market. Taken together with last Wednesday's PMI-driven gains, 10yr yields are a full 25bps off last week's highs. That's the kind of reversal that makes people start thinking about longer term tops. So was that the top? The answer depends on the extent to which you can accept the Fed's "data dependent" thesis (and if so, it depends even more on how the upcoming data actually comes out). Econ Data / EventsCase Shiller Home Pricesm/m = 0.9 vs 0.6 f'cast, 1.5 prev y/y = -1.2 vs -1.3 f'cast, -1.7 prev FHFA Home Pricesm/m: 0.3 vs 0.7 prev y/y: 3.1 vs 2.8 prev JOLTS8.827m vs 9.465m f'cast Market Movement Recap08:51 AM Stronger in Asia, but steady selling in Europe. 10yr up 2.8bps at 4.232. MBS down just over an eighth, but some weakness is due to illiquidity. 10:15 AM Big gains after JOLTS. 10yr down 5.3bps at 4.151. MBS up 7 ticks (.22).

August 29, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary Is The Top In? Is The Top In? No one had much to say or think about JOLTS (the Job Openings and Labor Turnover Survey) over the past few decades, but it has risen to an increasingly prominent market moving role in the 2023.... (read more) Mortgage Rate Watch Mortgage Rates Improve After Downbeat Economic Data The role of economic data in determining mortgage rate momentum is hard to overstate these days and today provided another solid example. This morning, the average mortgage lender was offering rates that were modestly HIGHER compared to yesterd... (read more) Rob Chrisman DSCR, Non-Del, CRM, Pricing Engine, Real Estate Agent Products; STRATMOR Customer Service Workshop; NAR President Resigns “What did the happy real estate agent put on her sign? I have lots to be thankful for.” (Feel free to use that gem at your next presentation at Sotheby’s.) In response to yesterday’s opening paragraph comments about housing supply, from Maryland Ken ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.12% -0.17% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.12% -0.17 0.00 15 Yr. Fixed 6.53% -0.17 0.00 30 Yr. FHA 6.75% -0.13 0.00 30 Yr. Jumbo 7.30% -0.05 0.00 5/1 ARM 7.15% -0.03 0.00 30 Yr. VA 6.50% -0.40 0.00 Updates Daily - Last Update: 8/29 15 Yr. Fixed Rate 6.53% -0.17% Rate Change Points Freddie Mac 30 Yr. Fixed 7.23% +0.14 0.00 15 Yr. Fixed 6.55% +0.09 0.00 Updates Weekly - Last Update: 8/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.16% +0.07 0.68 15 Yr. Fixed 6.57% +0.06 0.94 30 Yr. Jumbo 7.11% +0.07 0.55 Updates Weekly - Last Update: 8/16 MBS / Treasuries UMBS 30YR 6.0 100.17 +0.39 Price / Yield Change MBS UMBS 6.0 100.17 +0.39 GNMA 6.0 100.23 +0.36 Pricing as of: 8/29 5:31PM EST 10 Year US Treasury 4.1160 -0.0880 Price / Yield Change US Treasury 2 YR Treasury 4.888 -0.164 5 YR Treasury 4.273 -0.133 7 YR Treasury 4.220 -0.112 10 YR Treasury 4.116 -0.088 30 YR Treasury 4.227 -0.053 Pricing as of: 8/29 5:31PM EST Latest Video 10-year yields will stabilize around 4.5-5% as new inflation rate sets in, ... Job openings decline to 8.8 million, fewer than expected Case-Shiller Index reveals 0% annual change in home prices despite rate hik... CFPB Director on regional bank 'living wills': Important to protect consume... Around the Web Reuters US job openings in July post third straight monthly drop Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices Eye on Housing Job Openings Data Reveal Labor Market Cooling Calculated Risk Blog Case-Shiller: National House Price Index Unchanged year-over-year in June Calculated Risk Blog Comments on June Case-Shiller and FHFA House Prices Calculated Risk Blog Fannie Mae Single-Family Mortgage Serious Delinquency Rate Lowest since 2002 CFPB CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate CNBC Treasury yields fall as investors look ahead to key inflation, jobs data Calculated Risk Blog BLS: Job Openings Decreased to 8.8 million in July CNBC Treasury yields lower after Fed chair signals possibility of more rate hikes Eye on Housing Wood-Framed Home Share Increased for Three Straight Years Calculated Risk Blog Housing August 28th Weekly Update: Inventory increased 1.3% Week-over-week; Down 9.3% Year-over-year CNBC European markets set to climb, tracking global counterparts

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