6/20/16

June 20th, 2016

When the price of Mortgage Backed Securities (MBS) on the above chart above goes up mortgage rates come down.  When the price goes down mortgage rates go up.

Chart was posted at 10:27 am et

Below is the news when it happened and market reaction.  All of the times below are Eastern Standard Time

MARKET WRAP UP:

Last week, Bonds did their best to break through a long-standing ceiling of resistance. Today they fell to floor, landing on the first level of support. The 3.0% Fannie Mae 30-yr coupon closed the day down -12 bps to 102.84. Stocks, on the other hand, rallied today, echoing European market performance after recent polling suggests there is less support of a vote in favor of Britain exiting the European Union. While that “Brexit” vote is scheduled for Thursday, June 23, investors were willing to take more of a risk in the lead up. The Dow gained 129.71 bps to end at 17804.87. The S&P was up 12.03, closing at 2083.25. Finally, the Nasdaq closed at 4837.21, up 36.87.
Mon, Jun 20 1:15 PM - Fannie Mae says housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy.
Mon, Jun 20 1:14 PM - Fannie Mae says economic growth in 2016 to be 1.7%, unchanged from its last forecast.
Mon, Jun 20 12:55 PM - At midday, Stocks rallying on easing Brexit fears. MBS lower.
Mon, Jun 20 11:29 AM - USD LIBOR 1-month .44%, 3-month .64%, 6-month .92%, 12-month 1.24%.
Mon, Jun 20 11:24 AM - The Brexit vote will take place this Thursday.
Mon, Jun 20 11:17 AM - Freddie Mac's survey of the current 30-yr fixed conventional mortgage rate ($417K or less) fell to the 2016 low of 3.54% with 0.5% in points and fees on June 16.
Mon, Jun 20 10:56 AM - The Treasury will sell $24B 2-yr Notes today, part of a total of $88B this week.
Mon, Jun 20 10:47 AM - Easing Brexit fears fuels today's Stock rally. Dow +243 points.
Mon, Jun 20 10:25 AM - U.S. dollar index 93.61 -0.73

10:20 AM New Rates have been posted http://www.johnmarbury.com/page5.html/

Mon, Jun 20 9:49 AM -10-yr German Bund yield .04%.
Mon, Jun 20 9:39 AM -  WTI oil at $48.69/barrel up 71 cents.
Mon, Jun 20 9:21 AM -  10-yr T Note yield rises to 1.66%.
Mon, Jun 20 8:20 AM - S&P futures open higher.

Contact

John Marbury
jmarbury@nationalbankofcommerce.com
Mortgage Lender NMLS# 514390
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Phone:205-266-5669
Fax: 866-217-4174

813 Shades Creek Parkway
Birmingham, Alabama 35209
 

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