**WTMS Blog Today = What’s up in Mortgage Today (PM) – 09/03/2026**
Fed Governor Waller signaled the central bank probably doesn’t need to hike at next week’s meeting, sending mortgage-backed securities and Treasury futures higher in morning trading. UMBS 5.5 coupons climbed to 98.96, while 10-year yields dipped to 4.744%, but afternoon weakness reversed most gains as global bond yields and oil prices remained elevated. Markets remain highly sensitive to geopolitical headlines and data releases, with tomorrow’s jobs report and next week’s inflation print critical to bond momentum.
Jobless claims ticked up to 206,000 versus a 205,000 forecast, while continued claims held at 1.779 million, suggesting some labor market resilience. The trade deficit narrowed to $88.6 billion against a $90 billion forecast, and unit labor costs fell below expectations at 1.2%, offering modest relief on inflation pressures. Origination demand faces headwinds as pending home sales turned negative in August after eight consecutive months of growth, with mortgage rates climbing to 6.67% and price cuts reaching 20.4% of listings.
United Wholesale Mortgage faces three shareholder lawsuits over a $603.2 million derivatives loss tied to a failed Two Harbors acquisition, raising questions about risk management and board oversight. UWM had built a $27.5 billion notional hedge position that persisted even after the merger agreement collapsed, prompting investors to demand answers about oversight failures. Meanwhile, NEXA continues consolidating the broker space, bringing Mortgage Nerds onto its platform while allowing the brand to retain its identity, the second such retention deal in two weeks.
Purchase market activity cooling under rate pressure presents a strategic moment for servicers and mortgage technology platforms to focus on retained servicing and home equity opportunities.
**Locking vs Floating**
Afternoon weakness erased morning gains despite positive Fed commentary, creating uncertainty for daily rate sheets. Watch tomorrow’s jobs report closely: a meaningful slowdown in hiring could ease rate pressure ahead of the Fed’s September decision.
War headlines and oil prices remain wild cards that could overwhelm bond market direction regardless of economic data strength.
**Today’s Events**
Jobless Claims (Aug)/29: 206.0K vs 205K forecast, 203K previous
Continued Claims (Aug)/22: 1779.0K vs forecast not available, 1778K previous
Trade Gap (Jul): -88.60B vs -90B forecast, -73.3B previous
Unit Labour Costs QoQ Final Q2: 1.2% vs 1.3% forecast, 1.3% previous
**Bond Pricing**
**UMBS 30 yr**
| Coupon | Price | Intra-Day Change |
| 5.0 | 96.47 | 0.16 |
| 5.5 | 98.96 | 0.14 |
| 6.0 | 101.07 | 0.07 |
**GNMA 30 yr**
| Coupon | Price | Intra-Day Change |
| 5.0 | 96.77 | 0.16 |
| 5.5 | 99.24 | 0.17 |
| 6.0 | 101.24 | 0.1 |
**Treasuries**
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 4.342 | 99.588 | -0.027 |
| 3 yr | 4.41 | 99.555 | -0.026 |
| 5 yr | 4.519 | 99.362 | -0.017 |
| 7 yr | 4.635 | 99.198 | -0.015 |
| 10 yr | 4.769 | 98.869 | -0.013 |
| 30 yr | 5.249 | 98.134 | -0.011 |
