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Mortgage rates moved LOWER today, following a policy announcement from the European Central Bank (ECB). That claim runs counter to almost any other mortgage rate headline in the mainstream news because big media is in the habit of quoting Freddie Mac's weekly rate survey. That's not necessarily a bad thing as long as you understand the underlying timelines. Unfortunately, most news outlets gloss over those important details or leave them out completely. Specifically, Freddie's survey is heavily weighted toward responses that come in on Monday and Tuesday, even though Wednesday is also technically included. Thursday and Friday are never counted. That means that any rate volatility that hits during the second half of the week typically isn't captured in Freddie's numbers. Long story short , because
Mortgage Rate Watch
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Mortgage rates moved LOWER today, following a policy announcement from the European Central Bank (ECB). That claim runs counter to almost any other mortgage rate headline in the mainstream news because big media is in the habit of quoting Freddie Mac... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) is projecting a decline in new home sales in May. Its computation is based on information from its Builder Application Survey (BAS) which collects information on mortgage applications for new home purchases from... (read more)
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MBS Commentary
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We knew the ECB (European Central Bank) was going to have to address its bond buying program soon, because it expires after September. Several speakers had alluded to the likelihood that it would be addressed in today's announcement. Mark... (read more)
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MBS Commentary
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Today's domestic session begins with a positive reaction to the European Central Bank (ECB) announcement. The ECB broke from tradition by dropping their bigger bombs at the 7:45am announcement as opposed to Draghi's 8:30am press conference.&n... (read more)
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Rob Chrisman
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The U.S. Bureau of Labor Statistics projects increasing customer usage of technology will reduce the number of bank tellers by 42,000 through 2026. Given their average pay is a little over $2k per month, I can see why some of the smarter ones are bei... (read more)
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MBS Commentary
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In one sentence, today's Fed rate forecasts pushed bonds into weaker territory at 2pm and Jerome Powell's press conference helped to recover most of the losses.
The forecasts showed a slightly higher probability of 4 rate hikes in 2018. T... (read more)
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