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Strong 10yr Auction Reinforces Low Rate Narrative
  Mortgage Market Update
May 12, 2020 3:28 PM ET
  • 10yr auction yield 0.70% vs .716% expected
  • bid-to-cover, 2.69x vs 2.4x avg
  • Indirects 66% vs 60% avg.
  • Lowest 10yr yield ever auctioned. 

This just goes to show us that while we may see some push and pull inside the range, bond buyers know what's up.  It will be hard to extinguish demand until the more serious risks surrounding coronavirus has been extinguished.   

Yields are moving quickly but modestly lower, now down 1.3bps on the day at .694%.  2.5 and 2.0 UMBS are back into positive territory.

MBS / Treasury Market Data

UMBS 5.5
98.72
+0.25
UMBS 6.0
100.39
+0.19
UMBS 6.5
101.81
+0.11
2 YR
4.7163
-0.0249
10 YR
4.3602
-0.0724
Pricing as of: 7/3 5:59PM EST
This Mortgage Market Update is provided in partnership with MBS Live and provided exclusively to MBS Live Subcribers.

Average Mortgage Rates

Rate Change Points
30 Yr. Fixed 7.08% -0.05 --
15 Yr. Fixed 6.45% -0.02 --
30 Yr. FHA 6.55% -0.05 --
30 Yr. Jumbo 7.25% -0.04 --
5/1 ARM 7.07% -0.03 --
Source: Mortgage News Daily
Rate Change Points
30 Yr. Fixed 7.03% +0.09 0.62
15 Yr. Fixed 6.56% +0.09 0.54
30 Yr. FHA 6.90% +0.11 0.95
30 Yr. Jumbo 7.11% -0.01 0.50
5/1 ARM 6.38% +0.11 0.54
Source: The Mortgage Bankers Association
Rate Change Points
30 Yr. Fixed 6.86% -0.01 0.00
15 Yr. Fixed 6.16% +0.03 0.00
Source: Freddie Mac
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Market Data

MBS Price Change
UMBS 5.5 98.72 +0.25
UMBS 6.0 100.39 +0.19
UMBS 6.5 101.81 +0.11
GNMA 5.5 99.32 +0.23
GNMA 6.0 100.53 +0.14
GNMA 6.5 101.46 +0.05
US Treasuries Yield Change
2 YR 4.716 -0.025
5 YR 4.325 -0.069
10 YR 4.360 -0.072
30 YR 4.530 -0.076
Pricing as of: 7/3 5:59PM EST

Recent Housing Data

Value Change
Mortgage Apps Jun 12 208.5 15.58%
Building Permits Mar 1 1.46M -3.95%
Housing Starts Mar 1 1.32M -13.15%
New Home Sales Mar 1 693K 4.68%
Pending Home Sales Feb 1 75.6 1.75%
Existing Home Sales Feb 1 3.97M -0.75%
Builder Confidence Mar 1 51 6.25%

Recent News