November 24th, 2023 9:01 AM by Richard Sardella MLO.100007700/NMLS 233568
In a short session today and with trading volume reduced, the rate markets opened weak, at 8:30 am ET the 10 year note up 7 bps to 4.48%, MBS price -24 bps, stock indexes at 8:30 am slightly better. Selling began in the Asian time frame, dipped a little when Europe began, then returned to the highs so far. The Bank of England officials warning that no rate cuts in the near term due to continued high inflation. ECBs policymaker Villeroy de Galhau said that he doesn't expect another rate hike from the ECB unless an "unexpected event" takes place.
The stock market will close at 1 pm with little change. The bond market will end at 2 pm.
At 9:30 am the DJIA opened +47, NASDAQ -39, S&P -3. 10 year 4.47% +6 bps. FNMA 6.5 30 year coupon at 9:30 am -25 bps from Wednesday’s close and -35 bps from 9:30 am Wednesday.
At 9:45 am the only data today, the global PMI composite index was 50.7 for Nov FLASH release, manufacturing index expected at 49.9, service sector index 50.5; as reported manufacturing, as reported manufacturing index at 49.4 and services at 50.6.
Next week inflation data for October personal consumption expenditures on Thursday.
PRICES @ 10:00 AM
10 year note: 4.47% +6 bp
5 year note: 4.49% +6 bp
2 year note: 4.95% +5 bp
30 year bond: 4.60% +6 bp
30 year FNMA 7.0: @9:30 am 102.33 -7 bp (-5 bp from 9:30 am Wednesday)
30 year FNMA 6.5: @9:30 am 101.03 -25 bp (-38 bp from 9:30 am Wednesday)
30 year FNMA 6.0: @9:30 am 99.53 -33 bp (-53 bp from 9:30 am Wednesday)
30 year GNMA 6.0: @9:30 am 100.05 -25 bp (-47 bp from 9:30 am Wednesday)
Dollar/Yuan: $7.1539 +$0.0148
Dollar/Yen: 149.55 -0.02 yen
Dollar/Euro: $1.0933 +$0.0025
Dollar Index: 103.50 -0.42
Gold: $2002.30 +$10.50
Bitcoin: 37,480 +229 (overnight the coin exceeded 38,000)
Crude Oil: $76.40 -$0.70
DJIA: 35,372 +99
NASDAQ: 14,251 -15
S&P 500: 4559 +3
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.