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Mortgage rates moved higher today , even after many lenders offered mid-day improvements in the afternoon. Bond markets (which underlie rate movement) reacted negatively to this morning's economic data. The biggest report of the morning--Retail Sales--was slightly weaker than the median forecast. Typically, this would HELP rates. But some traders were expecting the number to be even weaker compared to the forecast (yes, this is like a forecast of a a forecast). In separate data, several inflation metrics came in stronger than expected. Given the fact that markets are fairly worried that inflation will pick up under the Trump administration, it's not unfair to expect rates to react when data suggests inflation (or inflation expectations) may already be moving higher. 4.125% is still the most
Mortgage Rate Watch
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Mortgage rates moved higher today , even after many lenders offered mid-day improvements in the afternoon. Bond markets (which underlie rate movement) reacted negatively to this morning's economic data. The biggest report of the morning--Retail Sales... (read more)
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Housing News
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The surprise reduction in FHA annual premiums announced last week by the current Secretary of Housing and Urban Development (HUD) may not survive long into the new administration. Ben Carson, M.D. President-elect Donald Trump's pick to head HUD, said... (read more)
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Rob Chrisman
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The average person in the residential lending sector would be hard pressed to say what Julian Castro, the current Secretary of HUD, does , or what role he serves. (Kind of like asking someone what gluten is.) We should remember that the Department of... (read more)
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MBS Commentary
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Bond markets are beginning the day slightly stronger ahead of the week's only significant economic data. The 8:30am time slot brings Retail Sales (expected at +0.7) and Producer Prices (core year-over-year expected to drop from 1.6 to 1.5).... (read more)
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MBS Commentary
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In glancing at various trader/analyst/strategist emails, I see perhaps a greater diversity of opinions about today than of any other recent trading day. Some thought it was strong --a confirmation of yesterday's move below Monday and Tuesday's... (read more)
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MBS Commentary
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Granted, we might wake up next Tuesday (markets are closed Monday) to find that bonds are quickly breaking out of the recent range. But as for this week, the 2.34%-2.42% range in 10yr yields remained intact.
There were several soli... (read more)
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