The bond market had another bad day yesterday following a strong read on Retail Sales and an improved outlook from the small business sector. Treasuries were however seen as cheap in the aftermath and a recovery rally unfolded in the overnight session. The 10 year note is currently +17/32 at 93-15 yielding...
Mortgage rates had a bad day yesterday. Consumer borrowing costs started moving higher early in the session and never looked back. We had no relevant data on the calendar today and the marketplace was generally quiet as many investors and decision makers took time off for religious holiday. This left...
Good Morning S&Ps opened lower then traded higher before closing near the same levels it they started the session yesterday. This tells us the stock market is indecisive after S&Ps broke 200 day moving average. In the chart below I have called attention to a potential " evening doji star...
Mortgage rates initially started to rise yesterday morning but were quick to reverse course as stocks lost recovery momentum. The stock market's reversal of fortune forced investors to reallocate their funds into risk averse assets like government guaranteed U.S. Treasuries . This sent benchmark...
Mortgage rates yesterday ended a rally streak that brought consumer borrowing costs back down toward their best levels of 2010. Almost erasing all the losses experienced before and after the Federal Reserve exited the secondary mortgage market. After the steady recovery run seen in MBS over the last...
Good Morning. Loan apps fell last week . I am not so worried about refinance apps continuing to decline, this is an expected event. I am however troubled by the retracement in purchase application demand. The homebuyer tax credit expires at the end of the month. Prospective homebuyers should be applying...
Mortgage rates spent all last week attempting to recover from a few weeks of bad news in the bond market. We went home on Friday afternoon in good spirits as rates were seen at their best levels since the week before the Fed exited the mortgage backed securities market. The week ahead is very busy with...
Mortgage rates moved a few basis points lower yesterday after producer price data indicated inflation is still not a market moving concern. This data came out early in the morning which allowed lenders to improve rate sheet pricing right out of the gates. After that, mortgage backed securities prices...
Good Morning. Inflation data has hit screens. The Consumer Price Index was UNCHANGED in February (+0.0018)...this is cooler than consensus forecasts which called for a 0.1% gain. The CORE CPI print, which strips out food and energy, rose 0.1% in February---on the screws. Year over year, the consumer...
Mortgage rates moved higher early Friday morning following a better than expected read on Retail Sales. However, as the day progressed, benchmark Treasury yields did move lower, helping mortgage-backed securities prices recover early session losses. Most lenders did not reprice for the better after these...