December 26th, 2025 9:06 AM by Richard Sardella MLO.100007700/NMLS 233568
This morning rates began unchanged and will likely stay that way through the day. MBS prices started better after increasing 20 bps Wednesday with the 10 year yield declining 4 bps. Stock indexes improved Wednesday, this morning in futures trading the key indexes generally unchanged.
There isn’t likely to be a rate cut in January, looking at comments from various Fed officials recently the Fed remains divided about cutting rates next year. As the year ends the outlook for the economy, employment and inflation is uncertain. The Fed remains data dependent, recent data reports are skewed, delayed and some won’t be reported at all.
Markets will trade all day at normal hours.
There are no economic releases today.
At 9:30 am the DJIA opened -25, NASDAQ -33, S&P +1. 10 year at 9:30 am 4.12% -2 bp. FNMA 5.0 30 year coupon at 9:30 am +8 bps from Wednesday’s close and +24 bp from 9:30 am Wednesday.
Next week’s economic calendar doesn’t have much for the bond market, the key data next week is scheduled on Wednesday: Weekly jobless claims, JOLTS job openings, December consumer confidence from the Conference Board.
PRICES @ 10:00 AM
10 year note: 4.12% -2 bp
5 year note: 3.70% -3 bp
2 year note: 3.49% -2 bp
30 year bond: 4.79% -1 bp
30 year FNMA 5.0: @9:30 am 99.91 +8 bp (+24 bp from 9:30 am Wednesday)
30 year FNMA 5.5: @9:30 am 101.44 +5 bp (+ 17 bp from 9:30 am Wednesday)
30 year GNMA 5.0: @9:30 am 99.91 +7 bp (+24 b from 9:30 am Wednesday)
Dollar/Yen: 156.44 +0.62 yen
Dollar/Euro: $1.1784 unch
Dollar Index: 97.92 -0.06
Gold: $4,560.00 +$57.20
Bitcoin: 88,542 +708
Crude Oil: $57.91 -$0.44
DJIA: 48,715 -16
NASDAQ: 23,614 +1
S&P 500: 6937 +5
Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.