June 10, 2020 - Market Update

Mortgage origination volume came in at $8.54B, higher than the five-day average of $8.11B. 

In yesterday’s Federal Reserve MBS Purchase Operations, the Fed purchased, $275M FNCL 2.0%, $2.295B FNCL 2.5% and $400M FNCL 3.0%.  In Agency 15-year, the Fed purchased $1.255B 2.0% and $320M 2.5%.  Federal Reserve MBS purchase operations scheduled for today include 30-year Ginnie Mae MBS 2.5% and 3.0%, totaling $1.5B, and 30-year Uniform MBS 2.0-3.0%, totaling $2.97B.

Mortgage applications increased 9.3% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 5, 2020.  The Refinance Index increased 11% and the Purchase Index increased 5% from one week earlier. The FHA share of total applications increased to 11.5% from 11.2% the week prior. The VA share of total applications increased to 12.3% from 12.0% the week prior. The USDA share of total applications decreased to 0.6% from 0.7% the week prior.

US treasuries continued their rally from the prior two day, moving higher in price by +17/32nds and lower in yield, with the 10-year benchmark closing at 0.827%, despite the $29B 10-year auction.

US equity markets took a breather yesterday, as investors worried the rally was too fast too furious, and took gains.  The Nasdaq Composite Index made headlines – and history – by passing 10,000 on positive news from Apple, before pulling back at the close. On the day, the Dow Jones Industrial Average Index closed lower -300.14 points (down 1.09%) at 27272.30, the S&P 500 Index down -25.21 points (-0.78%) at 3207.18, and the NASDAQ rose +29.01 points (0.29%) to 9953.75.

Marks @ 7:30am
2 Year
0.195%
10 Year
0.796%
FN30 2.5%
103-24
FN15 2.0%
103-12+

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