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BIG Miss in ISM Restores Bond Market Gains
  Mortgage Market Update
Jan 03, 2019 4:12 PM ET
  • ISM Manufacturing
    • PMI: 54.1 vs 57.9 (lowest since Nov 2016, biggest drop since 2008!)
    • New Orders: 51.1 vs 62.1 previously
    • Prices Paid: 54.9 vs 58.0 forecast

Any time we can say that one of the few top-tier economic reports experienced its "biggest drop since 2008," bonds should be rallying, and indeed they are.  

This brings bonds easily into positive territory on the day.  10yr yields dropped several quick bps after the data, hitting lows of 2.610 presently. 

Fannie 4.0 MBS are now up an eighth of a point on the day at 102-06 (102.19). 

If this rally is limited by anything (i.e. if we inexplicably bounce back to weaker levels), it would only be the fact that bonds have rallied so much already in the past 2 months.  So far so good though...

 

MBS / Treasury Market Data

UMBS 5.0
99.37
+0.02
UMBS 5.5
100.76
+0.02
2 YR
3.9165
+0.0020
10 YR
3.9068
+0.0029
Pricing as of: 9/1 7:34PM 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 6.43% +0.02 --
15 Yr. Fixed 5.95% 0.00 --
30 Yr. FHA 5.82% +0.02 --
30 Yr. Jumbo 6.62% 0.00 --
5/1 ARM 6.28% -0.01 --
Source: Mortgage News Daily
Rate Change Points
30 Yr. Fixed 6.44% -0.06 0.54
15 Yr. Fixed 5.88% -0.16 0.68
30 Yr. FHA 6.36% -0.06 0.85
30 Yr. Jumbo 6.75% +0.07 0.39
5/1 ARM 5.98% -0.27 0.65
Source: The Mortgage Bankers Association
Rate Change Points
30 Yr. Fixed 6.35% -0.51 0.00
15 Yr. Fixed 5.51% -0.65 0.00
Source: Freddie Mac
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Market Data

MBS Price Change
UMBS 5.0 99.37 +0.02
UMBS 5.5 100.76 +0.02
GNMA 5.0 99.93 +0.02
GNMA 5.5 100.71 -0.01
US Treasuries Yield Change
2 YR 3.917 +0.002
5 YR 3.704 +0.003
10 YR 3.907 +0.003
30 YR 4.196 +0.003
Pricing as of: 9/1 7:34PM EST

Recent Housing Data

Value Change
Mortgage Apps Aug 28 226.9 0.49%
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