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Bond Rally Continues After Weaker ISM Data
  Mortgage Market Update
May 03, 2019 11:25 AM ET
  • ISM Non-Manufacturing
    • 55.5 vs 57.0 forecast, 56.1 previously
    • Business Activity 59.5 vs 58.8 forecast
    • Prices: 55.7 vs 58.7 previously
    • New orders: 58.1 vs 59.0 previously

As is the typically the case with ISM data, the headline PMI number (55.5 vs 57.0 in this case) is the most important market mover.  ISM services had been trending higher, in general since 2016, and just began to drop off that trend last month.  Even then, it has been a stronger counterpart to the shakier manufacturing PMI.  For it to have fallen to 52.8 is a relatively big deal, and it's no surprise to see bond markets reacting by pressing farther into positive territory.

10yr yields are 2.2bps lower on the day at 2.523 and Fannie 3.5 MBS are now 5 ticks (.16 higher) at 101-01 (101.03).

MBS / Treasury Market Data

UMBS 5.0
99.35
-0.16
UMBS 5.5
100.74
-0.10
2 YR
3.9145
+0.0217
10 YR
3.9039
+0.0424
Pricing as of: 8/30 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 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 99.35 -0.16
UMBS 5.5 100.74 -0.10
GNMA 5.0 99.91 -0.04
GNMA 5.5 100.71 -0.10
US Treasuries Yield Change
2 YR 3.915 +0.022
5 YR 3.701 +0.035
10 YR 3.904 +0.042
30 YR 4.193 +0.047
Pricing as of: 8/30 5:59PM 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