<15 Days:


15-30 Days:

Cautiously Float

30+ Days:


Rate sheets today a bit better than yesterday, and reprice risk on the day is low. Not much on the calendar at all, nothing in fact... just more Fed speakers out there today basically all beating the same drum... that the Fed won't cut rates till it sees more signs of slowing in the economy and labor market and more progress on inflation... summarized "higher for longer".

For loans closing in less than 15 days, consider locking. We aren't likely to see rates move much this week, today bonds are near technical resistance levels that may cap further improvement... meaning rate sheets may be at the best levels we'll see for the week. With no clear chance at improvement through the end of May, it's not a bad idea to lock.

Loans closing in 15-30 can cautiously float. The next couple of weeks will likely see rates move up and down a bit, but nothing too extreme. Loans that have time want to keep June 7th in sight, because that is the next big BLS jobs report that could push rates lower. Way too early to promise anything, but it's a date worth circling on the calendar.

Loans closing in 30+ days should float. No reason to consider locking these loans at all right now as we'll see the normal day-to-day movement for pricing but nothing big either way.


The UMBS 6.0 coupon is at 100.48, +14bps on the day and in a range between the 100-day moving average resistance level at 100.54 and the 50- day moving average support level at 100.18.

The 10yr Treasury yield is at 4.41, a bit better than yesterday.