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Mortgage rates fell decisively today--at least in the context of the recent range--thanks primarily to heavy losses in the stock market. Stocks are far from the only consideration for interest rates, and many times, there's no correlation between the two on any given trading day. But when stocks are losing ground quickly, investors seek shelter in several safer places--one of them being the bond market. More demand for bonds means lower rates. All of the above having been said, over the past two days, I've made it a point to talk about the inconsistent behavior between mortgage rates and bond market movement. In short, mortgage rates weren't doing a good job of following the market. This was mostly a factor of timing, and we just needed to see bond markets hold onto recent gains with less volatility
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Mortgage Rate Watch
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Mortgage rates fell decisively today--at least in the context of the recent range--thanks primarily to heavy losses in the stock market. Stocks are far from the only consideration for interest rates, and many times, there's no correlation between the... (read more) |
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Rob Chrisman
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Well, I'm a standing on a corner in Winslow, Arizona and such a fine sight to see. What if you want to put down roots there? The town, 3 and a half hours northeast of Phoenix, has plenty of reasonably-priced houses . It's high desert, and a casual gl... (read more) |
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Housing News
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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 2.3 percent in September. The portfolio balance at the end of the period was $2.151 trillion compared to $2.147 trillion at the end of August and $2.0... (read more) |
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MBS Commentary
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Everything continues to be fairly unidimensional for bonds this week with the dimension in question being that of the equities market. In terms of relative movement, we can still say the bond rally is "reluctant" compared to what's going on in ... (read more) |
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Mortgage Rate Watch
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Mortgage rates were unchanged yet again , making this the third day in a row at essentially the same levels. Strikingly, underlying market movement was quite different compared to yesterday. It's striking because underlying market movement drives cha... (read more) |
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MBS Commentary
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The best way to look at today is as a more sober attempt to hold the lowest yields in more than 3 weeks . The only day that's ended any better for bonds during that time is yesterday--an arguably more emotional example of forced buying stemm... (read more) |
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