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Mortgage rates spiked, big-time, today. Underlying bond markets had already moved higher in rate overnight, but the trend was taken to a new level by an exceptionally strong employment report from ADP. Although this isn't the big jobs report (we'll get that on Friday), many market participants treat the ADP numbers as one of several advance indicators of Friday's jobs report. Sometimes it doesn't register a response, but when it beats the forecast by as much as it did today (298k vs 190k), markets can't help but adjust their trajectory ahead of Friday. The net effect was the sharpest move higher in rates in several months , slightly outpacing last Wednesday's rout. Moreover, with the exception of a modest improvement on Monday, rates have moved higher every single day since February 27th. In
Mortgage Rate Watch
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Mortgage rates spiked, big-time, today. Underlying bond markets had already moved higher in rate overnight, but the trend was taken to a new level by an exceptionally strong employment report from ADP. Although this isn't the big jobs report (we'll g... (read more)
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Rob Chrisman
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Yes, we change our clocks this weekend, losing an hour, although some states have escaped this ordeal by not using Daylight Savings Time. Different states do things differently. As it turns out, unfortunately, there are certain states that have bette... (read more)
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MBS Commentary
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Not that we didn't already know this, but bond markets have been on the back foot ever since last week's rapid shift in Fed rate hike expectations. This had the effect of pushing yields to the higher side of their consolidation range (the one t... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) said today that mortgage applications for both purchases and refinancing grew during the week ended March 3. The MBA's Market Composite Index, a combined measure of both types of activity, rose by 3.3 percent on... (read more)
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Mortgage Rate Watch
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Mortgage rates rose moderately today, keeping them in line with recent highs. The run to those highs took place largely over the past week as markets quickly adjusted their expectations for a Fed rate hike at next Wednesday's meeting. As of last Thur... (read more)
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MBS Commentary
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It's not incredibly common for bonds to improve in the week leading up to an almost certain Fed hike. That said, we only have 2 recent examples in the modern economic environment. So there's not really an established trend that dictates... (read more)
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