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In the day just passed, bonds enjoyed one of their best rally days in recent weeks as the stock market endured its 2nd weakest day since May. Stocks weren't the exclusive motivation, but there's no way to pin down cause and effect without descending into conjecture. Leading suspects include a technical bounce at 2.15% (i.e. traders sold as much as they were willing to sell after the strong jobs number 2 weeks ago), a global supply chain warning from the IMF, and a now-tabled impeachment vote in the House yesterday evening. If we had to pick 2 , however, they'd be the stock sell-off and the technical bounce in bonds.
In the day ahead, we'll consider a technical bounce on the other side of this week's range. Rather than make it down to the 2.02% or 1.975% levels that were more relevant in the past few weeks, 10yr yields have thus far stalled out at 2.037% on two prominent occasions (today's overnight session being one of them). Without much more by way of actionable economic data this week and given the fact that a certain portion of the trading community will be wrapping things up for the week today, 2.037% and 2.15% could be locked-in as the bookends for the next mini-consolidation. Whether that can last all the way to Fed day in just under 2 weeks remains to be seen.
Rob Chrisman
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There’s a lot going on out there! Rocket Mortgage is creating new technology that will allow the State Farm agents to offer a Rocket Mortgage loan as a licensed loan originator. Some accounting staff believe their prayers have been answered reg... (read more)
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MBS Commentary
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In the day just passed, bonds enjoyed one of their best rally days in recent weeks as the stock market endured its 2nd weakest day since May. Stocks weren't the exclusive motivation, but there's no way to pin down cause and effect without ... (read more)
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Housing News
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Closing rates for mortgage loans were at the highest level in June since Ellie Mae began collecting the data in 2011. The company, in its June Origination Insight Report , said 76.8 percent of all loans closed , up from a rate of 75.6 percent the pre... (read more)
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Housing News
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There was a huge decline in foreign investment in U.S. real estate during the 12 months ending with the first quarter of 2019. The National Association of Realtors® (NAR) said the reduction was evident in both the purchases of resident (i.e. rece... (read more)
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Mortgage Rate Watch
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Mortgage rates improved today, depending on the lender and the time of day! Underlying bond markets were only modestly stronger in the morning. As such, the average lender only offered modest improvements over yesterday's rates at first. But as the d... (read more)
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Housing News
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The residential construction numbers in June were expected to come in largely in the same neighborhood as in May. Analysts however got it only half right. While starts fell fractionally, permits took a dive, falling by 6.1 percent compared to the pre... (read more)
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consumerfinancemonitor.com
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