Mortgage Rate Intelligence & Market Updates

The requirement is expected to take effect one to three months after it is announced, per Bloomberg

In the role, Kaminski will lead strategy and operations for Teravalis, a 37,000-acre master planned community in Buckeye

Thursday’s Rally Sets Up For a Very Interesting Friday

Of course we had to have a big, interesting move in the bond market on the day before an economic report also famous for causing big, interesting moves. On such occasions, if Friday delivers on “interesting” it will either negate today’s bullishness or add to it in a way that makes today retroactively look like an obvious near-term top in rates. There’s no way to know enough about today’s rally to conclude that–let alone the unknowable results of the jobs report and the ensuing reaction. All we know: today was a win. If more wins follow, we can talk more about bigger picture supportive ceilings.

Econ Data / Events

Continued Claims (Sep)/19

1,701K vs 1730K f’cast, 1719K prev

Jobless Claims (Sep)/26

197K vs 200K f’cast, 197K prev

Market Movement Recap

09:04 AM Another round of 8:20am selling erases small overnight gains. 10yr up 1.6bps at 5.303 and MBS up 3 ticks (.09). 

01:05 PM Big intraday reversal (in a good way). European credit spreads could be a factor as well as short-covering ahead of jobs report and new-month trading. MBS up 3/8ths and 10yr down 7bps at 5.218

Summit participants question how investors will treat VS4-driven MBS pools

CIO Brandon Sharp says the company logged 250,000 internal hours and deployed 7 major systems to build a single source of truth

It’s a rarity these days, but mortgage rates actually moved lower today by more than a token amount. The average top-tier 30yr fixed rate fell to 7.54% from 7.60% yesterday. There are multiple potential factors in play when it comes to explaining the underlying bond market rally, but none of them stand out as an obvious singular motivation. For those curious, the list (which has several esoteric factors that we won’t be fully explaining here) includes, but is not limited to:
traders covering bets on higher rates ahead of tomorrow’s jobs report
concerns over European bond market contagion focused on France and Italy 
reassuring comments from Fed speakers helping Fed rate expectations move lower
technical buying opportunity when Treasury yields hit 5.34% (10yr)
A day like today invites consideration about bigger picture ceilings, but it will need to bring friends in order for that conversation to continue. We are bound to see periodic sighs of relief any time rates move higher as relentlessly as they have in the past month. Tomorrow’s jobs report is as likely as anything to set the tone for the rest of that conversation. If job growth is much stronger than expected, the conversation is over until further notice. If it’s much weaker than expected, we’ll talk.

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Garg says the consent solicitation topped 50% and could remove five directors, with a third-party inspector reviewing results

Speakers at CMLS said data will be monetized either way, the issue is governance and protecting brokers’ rights