Daily Newsletter: Friday, July 14, 2023

Daily Newsletter: Friday, July 14, 2023

Delivered to over 70,000+ industry professionals each day, the Daily Newsletter is the definitive summary of the most relevant mortgage and real estate news and data of the day. View our latest newsletter below. View our latest newsletters below, or use the date selector to view our previous newsletters. The good times are still mostly rolling in despite the token correction on Friday. Bonds sold off on Friday, with the easiest scapegoat being the very strong Consumer Confidence number (72.6 vs. 65.5 FQST). 10yr yields remained below yesterday’s highs, and although MBS prices were lower than they were yesterday, they outperformed Treasuries earlier in the week. In short, most of the gains for the week remained the same. In fact, given that it was a summer Friday with very strong data after 4 consecutive days of gains that pushed bonds into overbought territory in the short term, one would consider a 6 basis point rally to 10 year yields and a loss of 3/8 of a point. in MBS. To be a victory of some kind. Economic Data/Events Consumer Confidence 72.6 vs. 65.5 Pre-Index, 64.4 Pre-Sentiment, Current Situation 77.5 vs. 70.4 Predicted, 69.0 Pre-1 Year Inflation Expectation – 3.4 vs. 3.3 5-Year Expectation – 3.1 vs. 3.1 Market Action Summary 10:05 AM Slightly weaker Throughout the morning with sharper selling after the sentiment data. MBS is down 3/8s and 10 yrs at about 4 bps. 01:02 PM Additional weakness in the evening hours, but now stabilizing and recovering. 10 years at 3.81. Mohammed bin Salman is down only a quarter. 04:05pm 10 seconds weakest of the day (up 6 basis points at 3.827) and down 3/8 in MBS (not today’s weakest).

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