August 24, 2023

  • August 24, 2023
  • no comment
  • realestate

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

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August 23, 2023 – Rate Commentary

  • August 23, 2023
  • no comment
  • realestate

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

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August 22, 2023 – Rate Commentary

  • August 22, 2023
  • no comment
  • realestate

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

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August 21, 2023 – Rate Commentary

  • August 21, 2023
  • no comment
  • realestate

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,

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August 18, 2023 – Rate Commentary

  • August 18, 2023
  • no comment
  • realestate

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,

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August 17, 2023 – Rate Commentary

  • August 17, 2023
  • no comment
  • realestate

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

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August 16, 2023 – Rate Commentary

  • August 16, 2023
  • no comment
  • realestate

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

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August 15, 2023 – Rate Commentary

  • August 15, 2023
  • no comment
  • realestate

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

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August 14, 2023 – Rate Commentary

  • August 14, 2023
  • no comment
  • realestate

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

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August 11, 2023 – Rate Commentary

  • August 11, 2023
  • no comment
  • realestate

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

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