• September 22, 2023
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Rate sheets this morning likely to be similar or slightly better than yesterday, and reprice risk on the day is moderate. Bonds showing some signs of recovery this morning, but nothing to get too excited about. Rates have quickly moved up to match this years highest levels already after the Fed meeting, but I think

• September 21, 2023
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WRAP UPUMBS 6.0: 99.03 (-30bps)10yr yield: 4.50 The good news is that bonds didn’t get much worse than this mornings levels, the bad news is that they didn’t improve either (and are not likely too). I think it will get worse before it gets , so am still in a lock bias, although I do

• September 20, 2023
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Rate sheets this morning likely to be similar to yesterday, ahead of what is likely to be a lively afternoon for bonds. Reprice risk on the day is high, although we’ll have to wait for the dust to settle before we get a clearer picture of where rates are headed from here. I believe the likelihood

• September 19, 2023
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Rate sheets this morning likely to show pricing similar to yesterday’s open, and worse than the many reprices better that we saw yesterday. Reprice risk on the day is low, we could see some recovery in bonds that would help some lenders issue better pricing as the day goes one (like we saw yesterday) but

• September 18, 2023
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Rate sheets will be at least slightly worse this morning, unless we see a reversal for mortgage bonds from early losses due to overnight trading. Reprice risk on the day is low, other than the handful of wholesale lenders who reprice when a mouse farts, most lenders won’t see bonds move enough to have to

• September 15, 2023
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WRAP UPUMBS 6.0: 99.58 (-33bps)10yr yield: 4.33 Well, that’s a wrap. It’s tough to come up with any reason to be floating here that doesn’t include hoping and praying… hoping the Fed meeting and press conference go our way, praying rates fall a bit. I’m not saying it can’t happen, I’m just saying that I

• September 14, 2023
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Rate sheets today likely similar to yesterday, and although this morning’s volatility in bonds makes things a bit rocky, reprice risk on the day is low. Some lenders may actually have a bit worse rate sheets this morning due to bonds losing ground after being in positive territory just a little bit ago, and we

• September 13, 2023
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WRAP UPUMBS 6.0: 99.97 (+22bps)10yr yield: 4.26 After some early volatility, bonds improved to end the day. If you were one of the lucky ones who saw a reprice better – take it. Tomorrow will bring wholesale inflation, but that doesn’t move markets like the CPI did this morning. Consider locking loans for protection unless

• September 12, 2023
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WRAP UPUMBS 6.0: 99.78 (-5bps)10yr yield: 4.27 10yr auction a non event, as I expected. Tomorrow we get CPI inflation data, coming in ahead of AM rate sheets, and I still advise to lock most loans. It’s not just the data that matters, it is the REACTION to the data. Unless we get an amazingly

• September 11, 2023
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Rate sheets likely to be a bit worse than Friday, but not too much. Reprice risk on the day is moderate, we could see mortgage bonds lose ground on the day despite there being no economic data. There’s a 3yr Treasury auction this afternoon, but that won’t matter to bonds. I’m still in a locking