From Matthew Graham at Mortgage News Daily: MBS RECAP: Uneventful Day Despite Covid Relief Bill
The big news at the end of last week was Trump’s decision to veto the covid relief/spending bill. After he signed it last night, overnight markets began pointing toward higher rates. 10yr yields were roughly 3bps higher to start the day, but it was all downhill from there (in a good way). MBS led the charge early. Treasuries ultimately broke even … [30 Year Mortgage Rate for Top Tier Scenarios: 2.79%].
emphasis added
Tuesday:
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for October. The consensus is for a 7.2% year-over-year increase in the National index for October. Note that Zillow is forecasting Case-Shiller will report a 7.7% YoY increase in the National index.