April 24, 2024 Mortgage Market Update

This Weeks Market Update:

Wrap Up:

UMBS 6.0: 99.10 (-34bps)

10-year Treasury yield: 4.70%

Today's higher rates were triggered by the latest quarterly PCE inflation data, which was a part of the GDP report and came in higher than expected. The question now is whether tomorrow's monthly PCE data will further impact rates. While another significant reaction isn't expected, it's still a possibility. Unfortunately, rates aren't likely to decrease anytime soon. Next week's labor data or the upcoming Fed meeting probably won't provide much relief either.

On a positive note, the housing market continues to show resilience. Foreclosures over 90 days are down, and foreclosure loan information has remained stable, indicating that despite inflation affecting our daily expenses, the housing market remains robust.

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