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Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It's nothing too scandalous--or even terribly interesting. Lenders are simply less eager to follow every little juke and head-fake in bond markets when things have been so flat in the bigger picture. The summertime phenomenon only adds to the apathy. The net effect is that lenders often find themselves with the need to adjust prices based on bond market movement in the previous business day. In the current case, that means lenders are getting caught up with Friday afternoon's bond market improvement, thus allowing for lower rates on a day where bonds are technically weaker. The coming days bring
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Mortgage Rate Watch
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Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It's nothing too scandalous--or even terribly int... (read more) |
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Rob Chrisman
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How much would you pay to drive a cab? In New York City, in 2014, the price of a Taxi Medallion hit $1.3 million. With Uber and Lyft, Medallions are now running in the $200,000s to the $500,000s. These valuable licenses that allow yellow cabs to oper... (read more) |
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Housing News
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Pending home sales recovered from a three-month swoon in June, increasing 1.5 percent in June. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 110.2. NAR also revised the May PHSI up slightly, from 108... (read more) |
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Housing News
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The last of the May's four home price indices (HPI) that MND tracks, the version supplied by Black Knight Financial Services, was released on Monday. Like the others, it shows accelerating price increases on a year-over-year basis, but indicated a sm... (read more) |
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MBS Commentary
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Last Friday's AM commentary had a detailed write-up on the significance of " month-end bond buying ." Here's a link to that, and here's a link to our primer on the topic. With today being the last day of July, it's possible we'll still see some... (read more) |
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MBS Commentary
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Overnight weakness almost ruined it, but 10yr yields just barely held inside the necessary levels to claim their third straight "inside day." In other words, the entire trading range of the past 3 days has fallen inside Tuesday's trading rang... (read more) |
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consumerfinancemonitor.com
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