Wed, Nov 1 2023, 10:45 AM
This morning it’s off to Missoula, Montana, for me to spend some time with the folks at MAMP. (Few states have as many different species of mammals as...
Wed, Nov 1 2023, 9:07 AM
Mortgage application volume moved lower for the third consecutive time during the week ended October 27 , losing another 2.1 percent on a seasonally a...
Tue, Oct 31 2023, 3:21 PM
Coming into the current week, we expected to see a fair amount of volatility. Last week was volatile in its own right, but in a broadly sideways traj...
Tue, Oct 31 2023, 3:20 PM
Placeholder Ahead of Fed and Big Ticket Data
The first two days of the week have had the least to offer in t...
Tue, Oct 31 2023, 2:30 PM
Even with interest rates at a two-decade high and mortgage applications and existing home sales slipping back to 20th-century levels, home prices cont...
Tue, Oct 31 2023, 10:56 AM
“Change is inevitable, except from a vending machine.” Corporate changes are the name of the game. Atlanta’s Crescent Mortgage’s bank owner is alignin...
Tue, Oct 31 2023, 9:46 AM
The US bond market has a borderline preoccupation with certain changes in Japanese monetary policy. This is arguably justified at times. Previous tw...
Mon, Oct 30 2023, 3:24 PM
Mortgage rates barely budged today. The average lender was just a hair higher compared to Friday's top tier conventional 30yr fixed rate offerings. I...
Mon, Oct 30 2023, 3:23 PM
First Hurdle Cleared. More to Come
On what has the potential to be a momentous week, the bond market has cle...
Mon, Oct 30 2023, 10:46 AM
“Hey, just because you’re offended doesn’t mean you’re right.” Lenders, who paid out bucks, believe that they are right and within their rights in “cl...
Mon, Oct 30 2023, 9:38 AM
The uncommon combination of events and the market movement potential of this week is hard to overstate. Each layer is important in and of itself, but ...
Fri, Oct 27 2023, 5:32 PM
Mortgage rates managed to have a nice, boring Friday with minimal movement. That's a victory considering yesterday saw a decent move lower, but victo...
Fri, Oct 27 2023, 4:15 PM
Boring, Flat Friday Leaves Focus Where it Should Be
It's hard to overstate just how much potential the upcom...
Fri, Oct 27 2023, 12:35 PM
Things have been eventful this week, to say the least, especially when considering the level of volatility relative to the underlying market movers in...
Fri, Oct 27 2023, 10:59 AM
The unofficial Chrisman LLC sarcastic slogan is, “We do this not because it is easy, but because we thought it would be easy.” Hopefully, there are no...
Thu, Oct 26 2023, 4:48 PM
Mortgage rates have been bouncing around by leaps and bounds in a wide, sideways range over the past 2 weeks. The upper boundary of that range happen...
Thu, Oct 26 2023, 4:34 PM
Exciting Times and a Range-Bound Rally
Next week is one of the most exciting and potentially significant wee...
Thu, Oct 26 2023, 3:18 PM
There's not much by way of "new news" for the housing market when it comes to sales data. New home sales continue strongly outperforming while Existi...
Thu, Oct 26 2023, 12:32 PM
It is said that if all the hunters on opening day(s) of deer season in Wisconsin were grouped together, they would comprise the sixth largest army in ...
Thu, Oct 26 2023, 12:04 PM
Bonds are in an ongoing consolidation after 10yr yields hit 5% last week. The consolidation cuts both ways and today is a good cut. Yields hit 4.99%...
Wed, Oct 25 2023, 5:58 PM
It's Not So Bad if You Forget The Past 3 Days
Bonds had a somewhat encouraging rally over the past 3 busines...
Wed, Oct 25 2023, 3:12 PM
Just when it looked like something new and different might be happening in the mortgage rate world, the market is quickly back to its old ways. Aft...
Wed, Oct 25 2023, 11:51 AM
Tuesday brought a dose of encouragement for the bond market. It was the third straight day of gains--an uncommon feat in recent months, to be sure! T...
Wed, Oct 25 2023, 9:49 AM
Here in the Milwaukee area (yes, the autumn colors are stellar), I attended a Newrez joint venture event and one of the conversation topics (besides l...
Wed, Oct 25 2023, 9:34 AM
Interest rates rose again last week, as did the share of borrowers seeking a little price relief by applying for adjustable-rate mortgages (ARMs). Whi...
Tue, Oct 24 2023, 4:35 PM
Mortgage rates didn't move much today, but the movement was in a friendly direction at least. The caveat is that this pertains to the average lender....
Tue, Oct 24 2023, 4:15 PM
Encouraged, But Not Convinced
It is certainly encouraging to see a modestly positive day for the bond market...
Tue, Oct 24 2023, 11:53 AM
When the big corner is eventually turned for rates, it will have to start somewhere, so let's talk about whether the current bond rally could be the f...
Tue, Oct 24 2023, 10:35 AM
I was very excited last Saturday when I rode my bike by a garage sale and saw, “The Holy Bible” for sale, with a “signed edition” sticker on it. Of co...
Mon, Oct 23 2023, 4:51 PM
Mortgage rates began the day in higher territory due to overnight weakness in the bond market. Bonds (like US Treasuries or the MBS that determine mo...
Mon, Oct 23 2023, 4:50 PM
Big Rally, But Not Big Enough to Demand an Interesting Explanation
It is unfortunate that, due to timing and...
Mon, Oct 23 2023, 1:48 PM
This Conventional loan update got buried in Fannie Mae's other bulletins, and it's worth calling out. If you're not yet familiar with automated under...
Mon, Oct 23 2023, 10:23 AM
This morning (as I head to Chicago) and every morning, I keep myself sharp by regularly asking myself the tough questions like, “What happened yesterd...
Fri, Oct 20 2023, 4:21 PM
Mortgage rates finally broke the 8% ceiling this week after months of gradual upward movement in the 7% range. At the same time, Existing Home Sales f...
Fri, Oct 20 2023, 11:01 AM
“Who closes the door when the bus driver gets off? The world is full of questions. “Why have all the predictions of lower rates been wrong?” Yesterday...
Thu, Oct 19 2023, 4:46 PM
There have been some more abrupt rate spikes in the recent past--days where the average mortgage rate has risen by more than an eighth of a percent (t...
Thu, Oct 19 2023, 11:59 AM
Sales fell below the $4 million mark in September, marking the slowest month for existing home sales since October 2010. The National Association of R...
Thu, Oct 19 2023, 11:39 AM
This morning is off to what could potentially be described as a "weird" start. If it's not weird, it's at least interesting. Why weird? Bonds ralli...
Thu, Oct 19 2023, 11:01 AM
Unlike lenders who are dealing with 8 percent on rates sheets, sports fans and sports bars are reveling: NBA, MLB, NFL, NHL, all at the same time… And...
Wed, Oct 18 2023, 4:54 PM
Our rate index has rapidly grown in popularity and exposure in recent years because it is timely and because it accounts for upfront costs in a way th...
Wed, Oct 18 2023, 4:45 PM
Just Another "Worst Day Since..." Type of Day
In a rising rate environment where long term boundaries have r...
Wed, Oct 18 2023, 2:50 PM
The full name of this program is USDA Rural Housing Guaranteed Loan Program . We’ll simplify its name here to the USDA Loan . If you prefer, our off...
Wed, Oct 18 2023, 10:35 AM
“What do you call a bovine with a stutter that makes chocolate milk? Cacao.” Speaking of sweets, hats off to Byte’s booth at the conference for dishin...
Wed, Oct 18 2023, 9:04 AM
Mortgage applications fell again last week as interest rates rose into the high 7 percent range. The Mortgage Brokers Association (MBA) said its Marke...
Tue, Oct 17 2023, 4:22 PM
Inflation and economic growth... Regardless of our thoughts on the underlying reasons, these two factors have played a key role in skyrocketing rates...
Tue, Oct 17 2023, 4:04 PM
Strong Retail Sales Data and Logical Consequences
Today's morning commentary may as well be the recap. Very...
Tue, Oct 17 2023, 11:46 AM
In addition to looking at economic data, the Fed also gets an earful from their "contacts" in the community. One would have to assume that those cont...
Tue, Oct 17 2023, 11:39 AM
Stubbornly high mortgage rates further eroded home builders’ confidence in the new home market in October. Not only did the National Association of Ho...
Tue, Oct 17 2023, 10:56 AM
Talk in the hallways here at the MBA Annual in Philly? How about the cost of insurance of all types. Case in point: “What Happens When the Flood Insur...
Mon, Oct 16 2023, 4:22 PM
Last week was mostly good for mortgage rates, even if the goodness was made possible in large part by the badness of the previous week. By Friday, ra...
