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The Federal Reserve released their statement on monetary policy and economic outlook yesterday. Although there were some changes to the text of the statement, markets got what they were expecting. The FOMC held the Fed funds rate at its current level and gave a cautiously optimistic outlook on the economy...
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The Department of Labor this morning released the Unemployment Insurance Weekly Claims report, also known as Jobless Claims. This data set tracks new filings for unemployment insurance benefits and the number of Americans who continue to receive state unemployment benefits (called continuing claims or...
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Mortgage rates fell a few basis points yesterday as benchmark Treasury yields moved lower in the range. The extended rally in the rates market helped MBS prices tick higher which eventually resulted in lenders repricing for the better. An above average turnout at the 5yr note auction combined with an...
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Recap of Yesterday New Home Sales Fall for First Time in Six Months READ MORE Sept Durable Goods Orders +1.0% vs -2.6% revised lower August read. Right on expectations 5yr TSY auction goes off well. 2.63 bid to cover, 2.388% high yield READ MORE Rates extend rally. FN 4.5 breaks into 101 price handle...
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The well defined range we have followed to gauge our lock/float sentiment is being challenged. Since the range proved itself a reliable indicator of demand for debt in the benchmark fixed income market, we have advised consumers to lock when mortgage prices were near the high side of the range and to...
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The Department of Labor this morning released the Unemployment Insurance Weekly Claims report, also known as Jobless Claims. This data set tracks new filings for unemployment insurance benefits and the number of Americans who continue to receive state unemployment benefits (called continuing claims or...
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Last week consumers who were floating loans watched mortgage rates rise almost 0.25% by Friday. After touching five month lows in the previous week, better than expected economic data and corporate earnings reports pressured prices of mortgage backed securities lower which resulted in lender's raising...
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The theme in the secondary mortgage market this week has been volatility. Prices of mortgage backed securities have moved around a wide range as traders attempt to balance their uncertain long term economic outlooks with optimistic short term sentiment in stocks. This ongoing struggle has mostly insulated...
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The bond market is closed in observance of Columbus Day. While mortgage-backed securities are not being traded today, several lenders have published rate sheets and many originators are still working...so dont be afraid to contact your loan officer! Last week ended on a sour note as prices of mortgage...
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A steady rally in benchmark Treasury yields yesterday helped prices of mortgage backed securities move to five month highs which allowed lenders to keep mortgage rates near five month lows. The major event that took place in the rates market yesterday was the Treasury auction of $20 billion in 10 year...
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Last week was a very nice for mortgage rates. The economic data was mixed, some pointing toward economic growth, while some hinted at difficulty ahead for the recovery. Despite the mixed data, the prices of mortgage backed securities approached the highest levels of the year bringing mortgage rates to...
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Today has been unique. In recent weeks, rallies have taken us outside well-established trading ranges, but always with mitigating caveats or forthcoming important data that have called the continuation into question. This has even been the case during the most recent bullish price movement beginning...
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Given our recent admonitions about waiting for NFP as the most important data event of the week, the directionality of today's rally would lead us to half fear / half expect some sort of retracement. Whether it's to be attributed more to technicals, profit taking, or stock lever, or round 2 of...
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Mortgage rates were unchanged as the third quarter came to a close yesterday. MBS prices have moved sideways at their highest levels in over four months after rallying to those levels on Monday. With today's economic data releases, prices are moving HIGHER, pushing into levels not seen since the...
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The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurriedly sold their fixed income investments ahead of the FOMC statement. This led to MBS falling below the recent range and a few lender reprices for the...