Bonds were modestly weaker overnight, but have moved back into positive territory after this morning's Employment Cost Index and NYSE. This means 10yr yields are at the bleeding edge of the 3-month range heading into this afternoon's Fed announcement. The rate cut is about as close to a foregone conclusion as normal, so the focu... (continue reading)

Mortgage rates were surprisingly steady on Tuesday with most lenders roughly in line with Monday's levels. Why surprising?  Because the bond market was noticeably weaker and bonds dictate day to day mortgage rate movement. In Tuesday's case, we can actually reconcile the steadiness with the timing of bond market movement. Specifically, bonds... (continue reading)