Published Date 5/8/2024
Rates began the session slightly higher, the 10 year note at 4.48% +2 bps at 8:30 am ET, MBS prices -7 bps.
Weekly MBA mortgage applications improved last week, applications rose by 2.6% from the prior week in the period ending May 3rd, recovering from a 2.3% decline and stopping two consecutive weeks of declines, according to data from the MBA. Applications for mortgages to purchase a new home rose by 1.8%, while those to refinance a home jumped by 4.5%.
At 9:30 am the DJIA opened -15, NASDAQ -99, S&P -20. 10 year at 9:30 am 4.49% +3 bps. FNMA 6.0 30 year coupon at 9:30 am -10 bps from yesterday’s close and -11 bps from 9:30 am yesterday.
This afternoon at 1 pm Treasury will sell $42B of new 10 year notes, the demand will be important. Yesterday the 3 year note auction went OK but today’s 10 year auction could move markets if investors step in and aggressively bid it, conversely if demand is weak mortgage rates could see selling with the 10-yield increasing.
There are just two more data points of substance the rest of the week, tomorrow weekly jobless claims (212K from 208K), and Friday the University of Michigan’s consumer sentiment index (77.0 from 77.2), year/year inflation forecast +3.2% unchanged from April. Next Tuesday and Wednesday inflation data, April PPI on Tuesday, and April CPI on Wednesday.
Yesterday’s low yield on the 10 was 4.42% where it reversed at the 40-day MA to close at 4.46% -3 bps. Any movement on the 10 year note depends on how well the $42B 10 year note auction is received.
Source: TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
Superior Funding Corporation is a Massachusetts Mortgage Company. Massachusetts Mortgage Lender and Broker License: MC2972, NMLS ID: 2972.
NMLS: 11481
Superior Funding Corporation
343 Washington Street, Newton MA
Company NMLS: 2972
Office: 617-938-3900
Email: rshulman@sfcorp.net
Web: http://sfcorp.net
NMLS: 11481
10/30/2024
Yesterday September JOLTS job openings fell 400K from August, the lowest opening... view more
10/28/2024
When northern California homeowner...... view more
10/23/2024
Today we will get the Fed's Beige Book at 2 pm ET and hear from Barkin and Bowma... view more
10/21/2024
While we aren’t caught up in the remodeling frenzy that took place during the...... view more
10/16/2024
This morning a slight improvement in markets to begin the day. The bellwether 10... view more
10/9/2024
Markets this morning looking for the FOMC minutes from the September meeting. Th... view more
10/7/2024
Why do people do it? Why do they either stay in or move...... view more
10/2/2024
The only data today, September ADP private jobs exceeded forecasts, expected at ... view more
9/30/2024
It starts with a whimper and builds to a trend. At least that’s what the housing... view more
9/25/2024
At 8:30 am ET this morning the 10 year note at 3.76% +3 bp, MBS prices down...... view more