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Market Update, Thursday, June 4, 2020

Mortgage origination flows were slightly down, roughly 5% day over day at $8.42B vs $8.84B. U.S. equities closed higher with the S&P 500 Index closing up by +42.05 points ending at 3,122.87, the DIJA gaining +527.24 points closing at 26,269.89, while the NASDAQ increased by +74.54 points closing at 9,682.91. Stocks opened mixed as new unemployment claims reported fell to 1.88 million indicating a reduction in job losses. Investors for the most part are still looking past a week a civil unrest and tensions with China and will focus on the US labor report on Friday.

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Market News This Week

Market Updates

Market Update, Tuesday March 31st, 2020

Market Update, Friday, May 29, 2020

Treasury supply and record mortgage originations continue to put pressure on bond prices. FedTrade purchases continue to buy an average of $4.5B per day. Mortgage originations remain strong with dealers reporting $7-8B per day on average. More than 25% of 30y origination flows are in UMBS 2.0’s. The FedTrade will buy up to a maximum of ~$4.77B in current coupon FNCL and G2SF securities.

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Market Update, Monday March 30,2020

Market Update, Monday, June 1, 2020

Mortgage origination flows continued to be strong with day over day improving by ~13% to $9.24B vs $8.20B. Lenders surveyed last week reported rates slightly lower, with most posting rates 3% to 3.5%. Using 3.25% as the prevailing 30yr rate, the primary/secondary spread was 157bps on Friday, tightening from the week prior. Dealers reported the 2% and 2.5% coupons were the primary hedge coupons last week, with the 2.5% coupon remaining at approximately 50%.

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Market Update Mortgage Finance, MBS

Market Update, Tuesday, June 2, 2020

Mortgage origination flows were 23% below the 5 day average at $5.69B vs $7.43B. The Fed reinvestment operation reached the maximum purchase amount yesterday and is cleared to purchase up to $1.57B in 15yr and $2.97B in 30yr UMBS securities today

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LoanStream Market Update

Market Update, Wednesday, June 3, 2020

Mortgage origination flows resumed expected levels day over day, improving by ~19% at $8.84B vs $7.43B. The MBA Mortgage Application Index was released earlier this morning and showed a decrease of 3.9% for the week ended May 29 after rising 2.7% in the prior week. Purchase applications were up 5.3% after rising 8.6% in the prior week. Refi applications fell 8.6% after falling .02% in the prior week. The avg 30yr fixed rate is now 3.37%. FHA purchases were up by 5.6% & VA refis were down by 12.1%.

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