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In the week just passed, the bond market underwent a nice correction after the previous week pushed yields higher at the fastest pace in years. To put that move in context, August was the best month for the bond market in years and the big week of selling that ended on 9/13 was largely a correction to August's strength. Last week, then, was a "correction to that correction," and a sign that bond buyers are still alive, as long as they see enticing levels.
In the week ahead, traders will continue to reflect on last week's message from the Fed: economic data is the biggest game in town over the next 6 weeks. Powell did his best to leave us with the sense that things could go either way, both for the economy and the Fed policy response. He also continued placing emphasis on overseas weakness as a source of inspiration for US economic weakness (and thus, bond market strength).
There are several US economic reports on tap, but they don't really get interesting until Friday's Durable Goods and Core PCE inflation data. Before the domestic week began, however, troublingly weak European PMI data prompted a strong start in bonds. This was easily enough to keep the "correction to the correction" trend alive. Whereas we were watching and hoping to break below 1.74/1.75% last week, this week's analogous line in the sand is 1.67%. Early gains have brought us right to that doorstep.
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MBS Commentary
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In the week just passed, the bond market underwent a nice correction after the previous week pushed yields higher at the fastest pace in years. To put that move in context, August was the best month for the bond market in years and the big week... (read more) |
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Housing News
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The good news from a new National Association of Realtors® (NAR) survey is that a large majority of respondents think it is a good time to buy a home. The bad news is that the largest percentage of those who gave that response are likely to alrea... (read more) |
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Rob Chrisman
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Call it a comfortable barge or a luxury water house, thanks to Rudy D. for sending along this story about a $5.5 million floating home in Florida . Good luck for appraisers trying to find comps. Speaking of trying to find something, how about Google ... (read more) |
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Mortgage Rate Watch
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What a difference a week makes! At the end of last week, things were pretty grim, with mortgage rates having just seen their worst single week since 2013. The uplifting caveat at the time was that such bouts of nastiness are not that uncommon in the ... (read more) |
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Housing News
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Total home equity, not surprisingly, increased again in the second quarter of the year. CoreLogic's quarterly Homeowner Equity Insights report, which looks only at properties with one or more mortgages, puts the aggregate increase at $428 billion yea... (read more) |
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Housing News
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Thirty-year mortgage loans closed in August carried an average interest rate of 4.07 percent according to Ellie Mae's Origination Insight Report. Rates were down for the eighth consecutive month , easing back from an average of 4.18 percent in July. ... (read more) |
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