Market Wrap-up

Our benchmark FNMA MBS 5.500 January Coupon is up +11 BPS at 3:00 PM ET.

Consumer Sentiment: The Final January UofM Consumer Sentiment Index was revised upward from 54.0 to 56.4.12 month inflation expectations dropped from 4.2% down to 4.0%.

Leading Nowhere: November Leading Economic Indicators moved up but were still negative with October at -0.1% and September revised from -0.3% to -0.2%.

Central Bank Palooza: The Bank of Japan kept their key interest rate at 0.75%.

This week marked by volatility. Trump threw down the gauntlet over Greenland threatening new tariffs on some European countries and didn’t initially back away from the question of military force. The stock market declined, interest rates at the long end of the yield curve increased. The Davos meeting brought Trump and the NATO chief together and came away with what Trump said was the outline to solving the issue. November inflation edged a little higher, weekly jobless claims continued to defy the Fed as employment while not increasing is not declining. Interest rates retreated and ended the week unchanged, MBS prices relatively unchanged. The stock indexes were mixed the DJIA took a hit, but NASDAQ and S&P managed to hold well.

Interest rates this week after the volatility ended the week unchanged.

The current talk still expects the Supreme Court to rule on Trump’s tariffs by the end of the month which is next week. Next week the FOMC meeting with no rate cut coming, if anything significant comes from the meeting it is how traders and markets take Powell’s press conference. Trump has ‘promised’ he will name the new Fed chair by the end of the month.

Next week has Powell and FOMC, January consumer confidence index from the Conference Board (today the University of Michigan consumer sentiment for Jan improved a little from December). December PPI inflation. Weekly claims, some old data, Q3 productivity and unit labor costs. Treasury will sell 2s, 5s, and 7s next week.

The critical level for the 10 year is 4.20%, for weeks solid technical support now becomes technical resistance.

This Week: The 10 year note rate at 4.23% unch changed on the week, the 2 year note -1 bp, Fannie Mae 5.0 30 year coupon this week -12 bps. The DJIA this week -852, NASDAQ -14, S&P -24. Gold increased $388.00, crude oil +$1.68. The dollar index jumped 6.41 with Japan dealing with new elections.

PRICES @ 4:00 PM

10 year note: 4.24% +1 bp

5 year note: 3.84% -1 bp

2 year note: 3.61% unch

30 year bond: 4.84% unch

30 year FNMA 5.0: 99.87 +2 bp (-2 bp from 9:30 am)

30 year FNMA 5.5: 101.31 +5 bp (+5 bp from 9:30 am)

30 year GNMA 5.0: 99.82 +10 bp (+9 bp from 9:30 am)

Dollar/Yen: 155.78 -2.65 yen!

Dollar/Euro: $1.1818 +$0.0062

Dollar Index: 97.58 -0.78

Gold: $4,978.00 +$64.60

Bitcoin: 89,237 -86

Crude Oil: $61.19 +$1.83

DJIA: 49,098.71 -285.30

NASDAQ: 23,501.24 +65.22

S&P 500: 6915.61 +2.26

Poland

Name, not sorted	Value, not sorted	Change, not sorted	% Change, not sorted	1 Month, not sorted	1 Year, not sorted	Time (EDT), not sorted
WIG20:IND WIG 20	3,341.95	79.06	2.42%	5.31	41.44%	11:15 AM
WIG:IND WSE WIG INDEX	123,631.20	2,762.10	2.29%	6.06	44.94%	11:15 AM
WIG30:IND WIG30	4,287.47	97.50	2.33%	5.32	42.54%	11:15 AM

WALUTY

Currency, not sorted	Value, not sorted	Change, not sorted	Net Change, not sorted	Time (EDT), not sorted
EUR-USD	1.1754	0.00	0.01%	5:34 PM
USD-JPY	158.3700	0.04	0.03%	5:34 PM
GBP-USD	1.3500	0.00	0.01%	5:34 PM
AUD-USD	0.6841	0.00	0.01%	5:34 PM
USD-CAD	1.3787	0.00	0.01%	5:34 PM
USD-CHF	0.7893	0.00	0.04%	5:33 PM

 

USD-CZK	20.6411	0.01	0.04%	5:37 PM
USD-SKK	25.6244	0.00	0.01%	5:37 PM
USD-PLN	3.5718	0.00	0.00%	5:37 PM
USD-HUF	324.9800	0.01	0.00%	5:37 PM
USD-RUB	76.0000	0.11	0.14%	5:36 PM

 

USD-MXN

17.4669

0.00

0.02%

5:38 PM

POŻYCZKI HIPOTECZNE

ELITE 21-30 YEAR
RATE	15 DAY	30 DAY	45 DAY
7.500	-4.099	-4.009	-3.879
7.375	-3.651	-3.561	-3.431
7.250	-3.199	-3.109	-2.979
7.125	-3.226	-3.136	-3.006
6.999	-3.025	-2.935	-2.805
6.875	-2.571	-2.481	-2.351
6.750	-2.042	-1.952	-1.822
6.625	-2.683	-2.593	-2.463
6.500	-2.364	-2.274	-2.144
6.375	-1.788	-1.698	-1.568
6.250	-1.163	-1.073	-0.943
6.125	-1.769	-1.679	-1.549
5.999	-1.369	-1.279	-1.149
5.875	-0.705	-0.615	-0.485
5.750	-0.004	0.086	0.216
5.625	-0.259	-0.169	-0.039
5.500	0.199	0.289	0.419
5.375	0.991	1.081	1.211
5.250	1.863	1.953	2.083

 

ELITE 11-15 YEAR
RATE	15 DAY	30 DAY	45 DAY
6.625	-3.442	-3.352	-3.222
6.500	-3.234	-3.144	-3.014
6.375	-2.972	-2.882	-2.752
6.250	-2.489	-2.399	-2.269
6.125	-2.455	-2.365	-2.235
6.000	-2.205	-2.115	-1.985
5.875	-1.904	-1.814	-1.684
5.750	-1.408	-1.318	-1.188
5.625	-1.443	-1.353	-1.223
5.500	-1.180	-1.090	-0.960
5.375	-0.828	-0.738	-0.608
5.250	-0.301	-0.211	-0.081
5.125	-0.187	-0.097	0.033
5.000	0.184	0.274	0.404
4.875	0.575	0.665	0.795
4.750	1.123	1.213	1.343
4.625	1.420	1.510	1.640
4.500	1.829	1.919	2.049
4.375	2.235	2.325	2.455

 

 

30 Yr. Fixed 6.19% +0.00% 6.01% 7.13% 15 Yr. Fixed 5.76% +0.00% 5.55% 6.52% 30 Yr. Jumbo 6.38% +0.00% 6.1% 7.45%

Compare Mortgage Rates from Local Lenders for Jan 23, 2026

Mortgage Rates Close Out Extremely Flat Week Fri, Jan 23, 2026 2:49PM This week’s only real mortgage rate movement was seen at the outset on Tuesday morning (Monday was closed for the holiday) in response to geopolitical issues and tariff escalation potential. Rates recovered only modestly when those threats abated–a fact that had everything to do with the bond market refusing to return to last week’s levels and nothing to do with any mortgage-specific issue. If anything, the mortgage market is in the midst of stunning outperformance relative to the Treasury benchmarks. Take the ubiquitous 10yr Treasury yield, for example, which is still closer to its highest … (read more)

Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.19% 0.00 0.00 15 Yr. Fixed 5.76% 0.00 0.00 30 Yr. FHA 5.85% -0.01 0.00 30 Yr. Jumbo 6.38% 0.00 0.00 7/6 SOFR ARM 5.71% 0.00 0.00 30 Yr. VA 5.87% -0.01 0.00 Updates Daily – Last Update: 1/23   Freddie Mac Rate Change Points 30 Yr. Fixed 6.09% +0.03 0.00 15 Yr. Fixed 5.44% +0.06 0.00 Updates Weekly – Last Update: 1/22   Mortgage Bankers Assoc. 30 Yr. Fixed 6.18% -0.07 0.56 15 Yr. Fixed 5.60% -0.04 0.61 30 Yr. Jumbo 6.42% +0.10 0.43 Updates Weekly – Last Update: 1/14

UMBS 30YR 5.0 99.90 +0.02 95.71 100.50 UMBS 30YR 5.5 101.29 +0.01 98.11 101.64 10 YR Treasury 4.251 +0.008 3.932 4.630

Mostly Sideways to Start. Light Econ Calendar Fri, Jan 23, 2026 9:41AM Bonds rallied modestly in the overnight session. There were no notable spikes in volume or volatility–just a gradual grind that took 10yr yields roughly 2bps lower by 8am ET.  Volume picked up at the 8:20am CME open (as it usually does) and this time it brought more sellers. The net effect is a return to unchanged levels, for the most part.  There… (read more)

MBS Price Change UMBS 4.5 97.94 +0.06 UMBS 5.0 99.90 +0.02 UMBS 5.5 101.29 +0.01 GNMA 4.5 97.48 -0.09 GNMA 5.0 99.81 +0.03 GNMA 5.5 100.96 +0.03 Pricing as of: 1/23 3:21PM EST   US Treasury Yield Change 2 YR Treasury 3.609 +0.007 5 YR Treasury 3.849 +0.006 7 YR Treasury 4.047 +0.010 10 YR Treasury 4.251 +0.008 30 YR Treasury 4.845 +0.011 Pricing as of: 1/23 3:21PM EST

Other News

Unsurprising Surge in Refi Demand Pushes Mortgage Apps Past 3 Year High Fri, Jan 23, 2026 2:27PM Mortgage applications continued to ride the waves from last week’s dip in rates, extending the surge that followed early-January rate volatility. The Mortgage Bankers Association (MBA) reported that applications rose 14.1% for the week ending January 16, adding to the prior week’s sharp increase. Refinance demand again led the way. The Refinance Index cli… (read more)   Settlement Agent Vetting, Servicer Efficiency Tools; STRATMOR on Tech; Investors, Crypto, and DSCR Fri, Jan 23, 2026 11:48AM Products, Services, and Software for Brokers and Lenders LEVEL UP YOUR SERVICING PLAYBOOK WITH SAGENT AT MBA SERVICING ‘26. Join Sagent in Dallas at MBA Servicing ‘26 to discover how Dara by Sagent is transforming mortgage servicing with unified data, streamlined workflows, real-time decisioning, and built-in compliance – the winning playbook for servicers… (read more)