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The day is young, but off to an uncommonly volatile start following 2 key inputs. The overnight session brought news of the Senate passing the $1.9 trillion spending bill. Bond yields surged higher as a result. The second input was the big miss in the jobs report (combined with the big beat in the unemployment rate). The initial reaction was strongly positive, but it has since reversed course (and then reversed again, and then again one more time).
All of the bond market volatility is playing out in a vacuum that almost completely ignores the stock market. If you ever wondered whether or not NFP deserves the title of the most consequential economic report for the bond market, days like today make it clear.
MBS Commentary
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The day is young, but off to an uncommonly volatile start following 2 key inputs. The overnight session brought news of the Senate passing the $1.9 trillion spending bill. Bond yields surged higher as a result. The second input was ... (read more)
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Rob Chrisman
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Making headlines is United Wholesale averaging $15 billion a month in production and earning total net income of $3.4 billion for 2020 , quite a change from the $415 million of net income in 2019. And over time, we change. In your 20s: “I fell ... (read more)
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Housing News
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The Urban Institute (UI) has looked at a final mortgage rule issued by the Consumer Financial Protection Bureau (CFPB) in late 2020 which would provide a 3-year pathway to safe harbor for loans that are a rebuttable presumption or nonqualified mortga... (read more)
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Mortgage Rate Watch
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Mortgage Rates were steady to slightly lower yesterday even though prevailing trends in the bond market suggested caution. Today's trading is a different story. Granted, there haven't been any huge, dramatic moves, but today's bond market weakness ad... (read more)
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Housing News
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CoreLogic reports that December saw yet another acceleration in home price increases. The company's Home Price Index (HPI) rose 9.2 percent on an annual basis. The increase in November was 8.2 percent. The month-over-month change, 1.1 percent, was al... (read more)
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Housing News
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Public and privately funded construction spending ended 2020 with a 4.7 percent increase over spending in 2019. The U.S. Census Bureau said the combined outlays for the recent year was $1.430 trillion compared to 1.365 trillion the prior year. Reside... (read more)
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