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What's up in Mortgage Today (PM) - 09/26/2025

Money
September 26, 2025

WTMS Blog Today = What's up in Mortgage Today (PM) - 09/26/2025 Mortgage-backed securities faced selling pressure today as UMBS 30-year 5.0% coupons declined 5/32nds to close at 99-09, showing modest weakness despite minimal market reaction to morning PCE inflation data. The 10-year Treasury yield climbed to 4.18%, representing a one basis point increase from yesterday's session. This modest uptick in yields reflects continued market uncertainty ahead of key economic data releases scheduled for the remainder of the week. The Securities and Exchange Commission made significant headlines today by announcing a comprehensive review of mortgage-backed securities regulations, seeking public comment on improving disclosure requirements for residential mortgage-backed securities and asset-backed securities. This regulatory initiative, announced just hours ago, aims to enhance transparency and strengthen investor protections in the secondary mortgage market. The timing of this announcement coincides with ongoing discussions about market liquidity and standardization in the RMBS space. Market participants showed restrained reactions to today's Personal Consumption Expenditures data, with bond traders largely maintaining positions established earlier in the week. The lack of significant movement suggests investors are positioning defensively ahead of tomorrow's jobless claims data and next week's non-farm payrolls report. Lock-float considerations remain challenging for mortgage originators as the narrow trading range continues to create uncertainty for rate commitments. Mortgage rates concluded the week essentially unchanged from Monday's levels, with 30-year fixed rates holding near 6.38% according to major lenders' rate sheets. The stability in pricing reflects the current equilibrium between modest economic data and ongoing Federal Reserve policy expectations. Origination volume remains constrained by elevated rate levels, though refinancing activity has shown marginal improvement in select markets where borrowers secured rates above current market levels. GNMA securities tracked broader mortgage-backed security weakness but demonstrated relative outperformance compared to conventional UMBS products throughout the trading session. The government-backed nature of GNMA securities continues to attract institutional buyers seeking credit quality amid lingering economic uncertainties. This supportive demand has helped maintain tighter spreads between GNMA and Treasury securities compared to conventional mortgage products. Subscribe to receive this daily mortgage market analysis directly in your inbox every weekday, completely free of charge.

What's up in Mortgage Today (09/26/2025)

Week In Review
September 26, 2025

WTMS Blog Today = What's up in Mortgage Today (09/26/2025) Mortgage Backed Securities (MBS) experienced mixed movement today, with UMBS prices showing slight declines while GNMA securities saw modest gains. The UMBS 30-year bonds dipped marginally, reflecting a small price decrease across most coupons, signaling minor market hesitance. In contrast, GNMA 30-year securities improved slightly, indicating selective demand for government-backed risk assets amid fluctuating investor sentiment. These disparities highlight nuanced trading patterns driven by underlying economic factors and capital flow shifts. The 10-year Treasury bond price held steady with a slight upward tick in price, causing yields to ease marginally, a reaction tied to recent inflation data easing fears of aggressive Fed tightening. Treasury yields had fallen over June based on encouraging inflation readings but had risen over the quarter and year, contributing to the cautious optimism in fixed income markets. This relative calm in Treasury pricing provided partial support to mortgage markets but did not fully reverse UMBS softness. Investor focus remains on Fed monetary policy signals, with markets questioning the disconnect between rate cuts and mortgage rate direction. Barry Habib explains that mortgage rates often move ahead of Fed actions based on broader economic expectations, causing occasional counterintuitive rate moves. This insight underscores the complexity of mortgage capital markets, where forward-looking sentiment drives pricing rather than immediate policy steps alone. Mortgage originators are contending with fluctuating bond market dynamics as loan volumes remain sensitive to pricing uncertainty. Some reports indicate refinances are stable but purchase activity slows amid rising home prices and economic caution. Capital markets participants note liquidity remains adequate but volatility in UMBS pricing can challenge pipeline management. The overall mortgage environment reflects balancing factors of credit demand, interest sensitivity, and regulatory frameworks. On the real estate front, sales activity shows mixed results regionally with higher borrowing costs tempering buyer enthusiasm in overheated markets. Inventory remains constrained, supporting home prices but squeezing affordability. Industry experts urge close monitoring of interest rate trends as a key determinant for future real estate momentum and mortgage demand. In summary, today’s mortgage market reflects cautious optimism tempered by ongoing uncertainty. UMBS bond prices pulled back slightly, GNMA securities gained mildly, and 10-year Treasury yields eased following inflation cues. Market participants weigh Fed policy expectations and real economic inputs, driving a complex trading environment. Mortgage originators and real estate professionals adapt continuously to these evolving conditions. For comprehensive daily updates on MBS and Treasury movements alongside mortgage market trends, subscribe to receive this expert analysis in your inbox—free, concise, and timely. Real-Time Pricing UMBS 30-Year: - 5.0: Price 99.47, Day Δ -0.07 - 5.5: Price 101.05, Day Δ -0.02 - 6.0: Price 102.30, Day Δ +0.03 GNMA 30-Year: - 5.0: Price 99.72, Day Δ +0.14 - 5.5: Price 100.91, Day Δ +0.09 - 6.0: Price 101.79, Day Δ +0.03 Treasuries: - 2-yr: Price 100.094, Yield 3.576 - 5-yr: Price 99.743, Yield 3.682 - 10-yr: Price 100.996, Yield 4.127

What's up in Mortgage Today (PM) - 09/25/2025

Week In Review
September 25, 2025

**WTMS Blog Today = What's up in Mortgage Today (PM) - 09/25/2025** Bond markets faced headwinds today as mortgage-backed securities (MBS) pricing declined moderately, reflecting ongoing pressure from stronger-than-expected economic data. The 10-year Treasury yield climbed as investors reassessed Federal Reserve policy expectations following robust consumer confidence and durable goods reports. This movement created challenging conditions for mortgage origination, with UMBS securities showing particular weakness in afternoon trading. Mortgage rates remained elevated despite recent Fed rate cuts, with 30-year fixed rates holding near 6.39% as MBS pricing failed to improve meaningfully. The disconnect between Fed policy and mortgage rates continues to frustrate industry professionals, as bond market participants demand higher yields to compensate for inflation concerns. Market makers report reduced liquidity in secondary markets, creating additional volatility for lenders managing pipeline risk. Industry experts emphasize the importance of lock-float considerations in today's environment, with rate volatility creating complex decisions for borrowers and originators alike. The GNMA market showed similar weakness to conventional MBS, suggesting broad-based pressure across government-sponsored enterprise securities. Lock recommendations favor securing rates given the uncertain trajectory of bond pricing and potential for further yield increases. Economic data continues to support a "higher for longer" interest rate environment, with consumer spending resilience indicating persistent inflationary pressures. Treasury markets reflect growing skepticism about the pace of future Fed rate cuts, with the 10-year note selling off in response to economic strength indicators. This dynamic creates headwinds for refinance activity while purchase money originations face affordability challenges. Secondary market conditions remain choppy as investors reassess duration risk in the current rate environment. Mortgage origination volumes continue to face pressure from reduced refinance opportunities and purchase market constraints. The industry awaits Friday's PCE inflation data, which could provide further direction for both Treasury and MBS markets heading into the final quarter. Subscribe to get this information in your inbox daily for free and stay ahead of mortgage market movements that impact your business decisions.

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