In the mortgage markets, we saw the overnight session bring in some weakness. After Friday's snowball rally, the effect from Yellen's speech wore off, and we are left in the lower end of their long term range. Perhaps traders knew that this week was bringing supply concerns. Both Treasury auctions and corporate bond issuance is on tap for this week. In terms of a June rate hike, there is a very low probability that it will happen after the weak NFP report last week, but it will take more data coming out to substantiate a softening job market. The Feds are set to make an speech on monetary policy next week, but until then, there could be more room to rally. Check back tomorrow for the most up to date mortgage news.
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• 30 year (FRM) rates at 3.64% (+0.02%).
• 15 year (FRM) rates at 2.93% (+0.01%).
• FHA 30 year Fixed rates at 3.25% (00.0%).
• Jumbo 30 year Fixed rates at 3.66% (+0.01%).
• 5/1 ARM rates at 3.01% (+0.01%).
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