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Last week, trial results from Pfizer's covid vaccine sent shockwaves through financial markets. Stock prices and bond yields both moved decisively higher. In general, higher bond yields coincide with higher mortgage rates. Last week was no exception, but the mortgage market definitely has much more insulation than normal against bond market weakness. That means big spikes in Treasury yields have translated to smaller spikes in mortgage rates. Nonetheless, higher rates are higher rates, so it made sense to expect another reaction to this morning's deja vu moment when Moderna's vaccine trial results were even better than Pfizer's. For a moment, it seemed like logic would prevail. Bonds lost ground at first, but quickly found their footing. After a few hours, both Treasuries and mortgage bonds
Mortgage Rate Watch
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Last week, trial results from Pfizer's covid vaccine sent shockwaves through financial markets. Stock prices and bond yields both moved decisively higher. In general, higher bond yields coincide with higher mortgage rates. Last week was no exception,... (read more)
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MBS Commentary
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Bond Market Indecision After More Vaccine News
Another Monday, another early morning announcement of staggeringly high efficacy in a covid vaccine trial. This time, however, bonds didn't lose nearly as ... (read more)
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Rob Chrisman
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Here’s a good one. “I’m giving up drinking until Christmas. Sorry, wrong punctuation. I’m giving up. Drinking until Christmas.” Did you know that 1/20/2021 (Inauguration Day) is a palindrome!? Or do you know why millions... (read more)
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Housing News
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The National Association of Realtors® (NAR) said on Thursday that home prices have continued to grow in each of the 181 areas it tracks for its quarterly metro home price report. Both record-low mortgage rates and depleted inventories of existing... (read more)
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Housing News
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The number of COVID-19 related forbearances plans headed downhill at an increasing pace over the last few week although there is no guarantee the improvement will continue. Black Knight says there was another 4 percent decline , representing 121,000 ... (read more)
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Housing News
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Mortgage applications , especially for home purchases, pulled back from the previous week's level. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 0.5 percent on a seasonally adjusted... (read more)
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