January 28th, 2026 8:44 AM by Richard Sardella MLO.100007700/NMLS 233568
Bond markets began unchanged this morning as you would expect before the FOMC policy statement and Powell's press conference this afternoon.
Weekly MBA mortgage applications last week fell by 8.5% from the previous week, trimming the combined 47% surge since the start of the year. Re-finance applications -16%, purchase applications held well -0.4%.
There won’t be any change in rates until this afternoon. At his press conference look for reporters to press Powell about the rift between he and the President. There is still a little confidence that the Fed will cut rates twice this year.
At 9:30 am ET the DJIA opened +73, NASDAQ +142, S&P +19. 10 year at 9:30 am 4.24% +2 bp from yesterday’s close. 5.0 Fannie Mae 30 year coupon at 9:30 am -3 bps from yesterday’s close and -10 bps from 9:30 am yesterday.
There isn’t any news scheduled the rest of the day. The potential for volatility comes this afternoon when Powell speaks at 2:30 pm.
PRICES @ 10:00 AM
10 year note: 4.26% +1 bp
5 year note: 3.85% +3 bp
2 year note: 3.59% unch
30 year bond: 4.87% +1 bp
30 year FNMA 5.0: @9:30 am 100.03 -3 bp (-10 bp from 9:30 am yesterday)
30 year FNMA 5.5: @9:30 am 101.41 +1 bp (+1 bp from 9:30 am yesterday)
30 year GNMA 5.0: @9:30 am 99.85 -9 bp (-14 bp from 9:30 am yesterday)
Dollar/Yen: 152.68 +0.38 yen
Dollar/Euro: $1.1977 -$0.0065
Dollar Index: 96.21 -0.01
Gold: $5,273.70 +$191.10
Bitcoin: 89,579 +280
Crude Oil: $63.17 +$0.78
DJIA: 49,016 +13
NASDAQ: 23,964 +146
S&P 500: 6998 +20
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.