MBS RECAP: Well-Contained Volatility For Quarter-End

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MBS RECAP: Well-Contained Volatility For Quarter-End

Posted to: MBS Commentary
Friday, March 29, 2019 3:54 PM

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Bonds began the day in weaker territory, threatening to confirm a 2 day move that ends March’s impressive run. Weakness remained intact all day but began to fade after 10:30am when the brexit vote failure headlines came out. Brexit continues to be an ancillary source of uncertainty for the global financial market. It’s not going to change any big picture trends at this stage, and if it ever does, a case could only be made for such a thing by a lengthy research paper years and years after the fact.

As for the day’s non-brexit-related considerations, the economic data…

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Daily Newsletter: Strong New Home Sales Report; White House on Housing Bill; Rates Bouncing?

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30 Year Fixed
4.11% +0.04
15 Year Fixed
3.82% +0.02
10YR Treasury
2.41% +0.0139
FNMA 30YR 3.5
101.38 -0.09
FNMA 15YR 2.5
100.89 -0.05
View Today’s Rates
Friday March 29, 2019
MND NewsWire – 12:59PM
Strong New Home Sales Report Puts Data Back on Schedule
With the third set of new home sales data in 21 days it seems the Census Bureau has caught up from the partial government shutdown. Whether because of the delay, or just in the normal …
MND NewsWire – 8:20AM
White House Chimes in on Housing Finance Reboot
As the Senate Banking Committee wound up its second day of hearings on Chairman Mike Crapo’s (R-ID) outline for housing finance reform the White House issued its own memorandum. In …
Mortgage Rate Watch – 3:18PM
Are Rates Bouncing After Best Month in a Decade?
Mortgage rates were higher again today, making this the first confirmed bounce since beginning their stellar run last week. To be clear, rates have been in a broader stellar run since …
Pipeline Press – 9:16AM
Warehouse, Broker Products; Banc of California Exit; Coast to Coast Training and Events
Wells Fargo’s continuing saga continues with the resignation of its CEO Tim Sloan over opening accounts without customer’s permission. “Fortunately” this time …

Latest Video


Kudlow: Fed should cute rates by 50-basis points now

Fed’s Quarles: Optimistic about economic growth

New home sales, consumer sentiment beat expectations

More News from ‘Around the Web’

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.11% +0.04
15 Yr FRM 3.82% +0.02
FHA 30 Year Fixed 3.92% +0.07
Jumbo 30 Year Fixed 4.00% +0.05
5/1 Yr ARM 4.00% +0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 4.22% 1.43 -0.12
30 Yr. Fixed 4.78% 1.18 -0.20
MBA ** hdr_arrow.png
30 Yr. Fixed 4.67% 0.00 +0.02
15 Yr. Fixed 0.00% 0.00 -4.00
30 Yr. Jumbo 0.00% 0.00 -4.40
30 Yr. FHA 0.00% 0.00 -4.64
5/1 ARM 0.00% 0.00 -3.95
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.06% 0.50 -0.22
15 Yr. Fixed 3.57% 0.40 -0.14
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.75% 0.30 -0.09

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.59 -0.11
30YR FNMA 3.5 101.38 -0.09
30YR GNMA 3.0 100.56 -0.20
30YR GNMA 3.5 102.19 -0.16
15YR FNMA 3.0 100.89 -0.05
15YR FNMA 2.5 99.41 -0.03
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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2 YR 2.2681% +0.0362
5 YR 2.2329% +0.0234
10 YR 2.4050% +0.0139
30 YR 2.8112% -0.0076
Prices as of: 3/29/2019 3:55PM EST

23623981

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice.
© 2019 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Weekly Rate Report: Mortgage Rates Dropped at Searing Pace, Then Bounced

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weeklyrateheader.png
30 Year Fixed
4.11% +0.04
15 Year Fixed
3.82% +0.02
10YR Treasury
2.40% +0.0104
FNMA 30YR 3.5
101.38 -0.09
FNMA 15YR 2.5
100.89 -0.05
View Today’s Rates
Mortgage Rates Dropped at Searing Pace, Then Bounced
March 29, 2019
Market Summary
Mortgage rates just had their best March in more than a decade. A combination of a surprisingly friendly Fed announcement last week and European economic troubles over the past 2 weeks sent the average 30yr fixed rate hurtling lower by .375% depending on the lender. Combine that with the first two weeks of the month, which were merely “awesome,” and many loan quotes were a full 0.5% lower in rate versus 3-4 weeks ago.

While it wasn’t enough to dethrone March’s “best in a decade” distinction, rates did come under some pressure on the last 2 days of this week. While this raises some doubts as to what next week will bring, we’re still heading into the weekend at levels that would have been a dream come true on any other Friday in more than year.

-Matt Graham, COO, MortgageNewsDaily.com

30 Year Fixed Rate Mortgage
29?w=360
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average: 4.15%
Ending Average: 4.11%
Weekly Change: -0.04%
Yearly Change: -0.38%

Friday, March 22, 2019 : 4.15% (-0.14%)
At the end of last week, the average top-tier 30yr fixed mortgage rate quote was 4.375%. As of today, the exact same scenario would be at 4.125%–a quarter of a percentage point lower. That’s an uncommonly big move for a single week, but it’s one we’ve been tracking eagerly in recent days.

Why is it happening?

More detail: “Mortgage Rates Down 0.25% This Week”

Monday, March 25, 2019 : 4.11% (-0.04%)
Mortgage rates continued deeper into long-term lows today as the underlying bond market experiences its most impressive rally of the year. In a rally, bond prices are moving higher and rates are moving lower. This particular rally is bifurcated on several levels. On one level, different maturities of US Treasuries are moving at very different paces. For instance, the 2yr Treasury dropped by .07% today while the 30yr Treasury fell by less than 0.01%. This has to do with investors betting on central banks keeping short-term interest rates low (or cutting them to even lower levels) among other things.

More detail: “Mortgage Rates Still Moving Lower After Last Week's Stellar Drop”

Tuesday, March 26, 2019 : 4.08% (-0.03%)
Mortgage rates took the day to do just a little bit more of what they’ve been doing in fairly grand fashion for the past week: MOVE LOWER! When the good times started in earnest (after last week’s Fed Announcement), rates were already in line with their lowest levels in more than a year. As of today, they’re another quarter or a percentage point (0.25%) lower. In other words, if you’d been looking at a quote of 4.375% last Tuesday, you’d likely be seeing 4.125% today.

More detail: “For Mortgage Rates, "High 3's" In Sight Once Again”

Wednesday, March 27, 2019 : 4.03% (-0.05%)
Mortgage rates moved lower for the 6th straight day, bringing them very close to the best levels since late 2017. Perhaps more impressive (or telling) is the fact that rates haven’t even had a single “bad day” since March 1st. It’s impressive because it’s been an incredibly long winning streak (we usually see a day here or there with rates nudging a bit higher). It’s telling because it’s exactly what you’d expect to find as the backdrop for what has been the single best month for mortgage rates in more than a decade.

More detail: “Mortgage Rates Are on a Tear”

Thursday, March 28, 2019 : 4.07% (+0.04%)
Mortgage rates moved higher by a measurable amount today–the first time they’ve done such a thing in nearly a month! Even after the modest increase, March is still on track to be the best month for mortgage rates in more than a decade.

More detail: “Mortgage Rates Edge Higher From Long-Term Lows”

Friday, March 29, 2019 : 4.11% (+0.04%)
Mortgage rates were higher again today, making this the first confirmed bounce since beginning their stellar run last week. To be clear, rates have been in a broader stellar run since November 2018, but had definitely settled into a sideways pattern in the first part of 2019. Last week’s big move served as the great escape from that pattern.

More detail: “Are Rates Bouncing After Best Month in a Decade?”

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.11% +0.04
15 Yr FRM 3.82% +0.02
FHA 30 Year Fixed 3.92% +0.07
Jumbo 30 Year Fixed 4.00% +0.05
5/1 Yr ARM 4.00% +0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 4.22% 1.43 -0.12
30 Yr. Fixed 4.78% 1.18 -0.20
MBA ** hdr_arrow.png
30 Yr. Fixed 4.67% 0.00 +0.02
15 Yr. Fixed 0.00% 0.00 -4.00
30 Yr. Jumbo 0.00% 0.00 -4.40
30 Yr. FHA 0.00% 0.00 -4.64
5/1 ARM 0.00% 0.00 -3.95
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.06% 0.50 -0.22
15 Yr. Fixed 3.57% 0.40 -0.14
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.75% 0.30 -0.09

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.59 -0.11
30YR FNMA 3.5 101.38 -0.09
30YR GNMA 3.0 100.56 -0.20
30YR GNMA 3.5 102.20 -0.14
15YR FNMA 3.0 100.89 -0.05
15YR FNMA 2.5 99.42 -0.02
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 2.2620% +0.0301
5 YR 2.2313% +0.0218
10 YR 2.4015% +0.0104
30 YR 2.8112% -0.0076
Prices as of: 3/29/2019 4:05PM EST

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.

© 2019 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Weekly Newsletter: HUD Sues Facebook; Prices Surging or Fading? Rates Best Month in Decade; Apps are Loving It

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30 Year Fixed
4.11% +0.04
15 Year Fixed
3.82% +0.02
10YR Treasury
2.40% +0.0122
FNMA 30YR 3.5
101.38 -0.09
FNMA 15YR 2.5
100.89 -0.05
View Today’s Rates
Friday March 29, 2019
MND NewsWire – 3/28
HUD Sues Facebook Over Housing Discrimination
Facebook, which has been accused recently of everything short of disappearing Jimmy Hoffa, is in more hot water. The U.S. Department of Housing and Urban Development (HUD) announced …
MND NewsWire – 3/26
Home prices Surging or Fading? Depends Whom You Ask
The S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) Housing Price Index paints two different pictures of the housing market in January . The …
MND NewsWire – 3/27
Mortgage Apps are Loving Lower Rates, Loan Sizes Set Another Record
The Mortgage Bankers Association (MBA) credited a strong start to the spring buying season for a big gain in mortgage applications during the week ended March 22. However, it appears …
Mortgage Rate Watch – 3/29
Are Rates Bouncing After Best Month in a Decade?
Mortgage rates were higher again today, making this the first confirmed bounce since beginning their stellar run last week. To be clear, rates have been in a broader stellar run since …

Latest Video


Mortgage rates continue to drop

Lower mortgages bring more home buyers: Redfin CEO

High-end housing market is slower, says chief economist

More News from ‘Around the Web’

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.11% +0.04
15 Yr FRM 3.82% +0.02
FHA 30 Year Fixed 3.92% +0.07
Jumbo 30 Year Fixed 4.00% +0.05
5/1 Yr ARM 4.00% +0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 4.22% 1.43 -0.12
30 Yr. Fixed 4.78% 1.18 -0.20
MBA ** hdr_arrow.png
30 Yr. Fixed 4.67% 0.00 +0.02
15 Yr. Fixed 0.00% 0.00 -4.00
30 Yr. Jumbo 0.00% 0.00 -4.40
30 Yr. FHA 0.00% 0.00 -4.64
5/1 ARM 0.00% 0.00 -3.95
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.06% 0.50 -0.22
15 Yr. Fixed 3.57% 0.40 -0.14
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.75% 0.30 -0.09

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.58 -0.13
30YR FNMA 3.5 101.38 -0.09
30YR GNMA 3.0 100.53 -0.23
30YR GNMA 3.5 102.19 -0.16
15YR FNMA 3.0 100.89 -0.05
15YR FNMA 2.5 99.41 -0.03
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
TR_Eikon_Email.png
2 YR 2.2660% +0.0341
5 YR 2.2313% +0.0218
10 YR 2.4033% +0.0122
30 YR 2.8127% -0.0061
Prices as of: 3/29/2019 4:01PM EST

23623981

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice.
© 2019 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Daily Rate Update: Are Rates Bouncing After Best Month in a Decade?

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dailyrateheader.png
30 Year Fixed
4.11% +0.04
15 Year Fixed
3.82% +0.02
10YR Treasury
2.41% +0.0139
FNMA 30YR 3.5
101.38 -0.09
FNMA 15YR 2.5
100.89 -0.05
View Today’s Rates
Are Rates Bouncing After Best Month in a Decade?
March 29, 2019
Mortgage rates were higher again today, making this the first confirmed bounce since beginning their stellar run last week. To be clear, rates have been in a broader stellar run since November 2018, but had definitely settled into a sideways pattern in the first part of 2019. Last week’s big move served as the great escape from that pattern.

In the trivia department, with today in the books, this has become the best month for mortgage rates since late 2008 (in terms of overall movement, not outright levels… rates were definitely lower many times). The bigger question is whether or not the good times keep rolling in April. If these past 2 days of weakness are a cue, there’s a risk that a bigger pull-back will take shape. Either way, next week’s economic data could play a key role as there are important reports almost every day, including Friday with the big jobs report.

In outright terms, rates are still very close to the lowest levels in more than a year. Combine that with the threat of a bounce and the strategy decision with respect to locking and floating is more clear-cut. The counterpoint is addressed in Victor’s perspective below (not a bad way to look at it either, but only for more the more risk-tolerant crowd).

Loan Originator Perspective

Bond markets retreated slightly today, as rates rose from Wednesday’s lows. Pullbacks are inevitable after strong rallies, the hope is they’re orderly and brief. Looks like we’re on that path now, which bodes well for future rates. For now, I’m locking April closings. –Ted Rood, Senior Originator

I thought yesterday and the day before were better days for locking. Bonds opened weaker and rate sheets do reflect that. With this being month, quarter end and a Friday, i think it is worth the risk to float over the weekend and see what Monday brings. –Victor Burek, Churchill Mortgage

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.00-4.125%
  • FHA/VA – 3.75-3.875%
  • 15 YEAR FIXED – 3.75-3.875%
  • 5 YEAR ARMS – 3.875-4.25% depending on the lender


Ongoing Lock/Float Considerations

  • Early 2019 saw a rapid reevaluation of big-picture trends in rates and in markets in general
  • The Federal Reserve has been a key player, and while they aren’t the ones pulling the global economic strings, their response to the economy has helped rates fall more quickly than they otherwise might.
  • Based on the Fed’s laundry list of concerns, their current outlook for rate hikes and economic growth, and their bond-buying policy shifts, we’ve all but certainly seen the highest rates of this economic cycle in late 2018.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders. The rates generally assume little-to-no origination or discount except as noted when applicable. Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration.

30 Year Fixed Rate Mortgage
29?w=360
15 Year Fixed Rate Mortgage
29?w=360&p=15YRFRM

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.11% +0.04
15 Yr FRM 3.82% +0.02
FHA 30 Year Fixed 3.92% +0.07
Jumbo 30 Year Fixed 4.00% +0.05
5/1 Yr ARM 4.00% +0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 4.22% 1.43 -0.12
30 Yr. Fixed 4.78% 1.18 -0.20
MBA ** hdr_arrow.png
30 Yr. Fixed 4.67% 0.00 +0.02
15 Yr. Fixed 0.00% 0.00 -4.00
30 Yr. Jumbo 0.00% 0.00 -4.40
30 Yr. FHA 0.00% 0.00 -4.64
5/1 ARM 0.00% 0.00 -3.95
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.06% 0.50 -0.22
15 Yr. Fixed 3.57% 0.40 -0.14
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.75% 0.30 -0.09

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.58 -0.13
30YR FNMA 3.5 101.38 -0.09
30YR GNMA 3.0 100.53 -0.23
30YR GNMA 3.5 102.17 -0.17
15YR FNMA 3.0 100.89 -0.05
15YR FNMA 2.5 99.41 -0.03
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 2.2701% +0.0382
5 YR 2.2363% +0.0268
10 YR 2.4050% +0.0139
30 YR 2.8112% -0.0076
Prices as of: 3/29/2019 3:51PM EST

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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.
© 2019 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
View this Report in your Web Browser | Forward to a Friend | Subscribe
This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.
You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications.

Strong New Home Sales Report Puts Data Back on Schedule

Strong New Home Sales Report Puts Data Back on Schedule

Posted to: MND NewsWire
Friday, March 29, 2019 12:52 PM

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With the third set of new home sales data in 21 days it seems the Census Bureau has caught up from the partial government shutdown. Whether because of the delay, or just in the normal course of revisions, changes to the December numbers were dramatic enough to mention. First reported at a seasonally adjusted rate of 621,000 units, a surprising 16.9 percent increase, they were revised even higher to 652,000. Now a second revision has lopped more than 60,000 units off that pace, reducing it to 588,000 and erasing the entire percentage gain.

\

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MBS Day Ahead: First and Last Day of True Bond Market Weakness in March

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MBS Day Ahead: First and Last Day of True Bond Market Weakness in March

Posted to: MBS Commentary
Friday, March 29, 2019 10:36 AM

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While the notion that “all good things come to an end” is the subject of philosophical debate, it’s a safe bet that all awesome bond rallies will eventually meet resistance. For the first time in the entire month of March, the bond market is exhibiting some weakness that’s worth mentioning. Until now, the worst thing you could say about this month was that rates were only holding sideways for a few days here and there in between strong moves lower.

While that certainly makes today’s weakness more palatable in the bigger picture, we’re always most concerned with…

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