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...
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...
After holding levels not seen since early this summer for over a week, mortgage rates are under some pressure to move higher. Yesterday, mortgage backed securities were lower in price which forced lenders to offer higher mortgage rates. The downward move continued all the way into close which led to...
Mortgage rates continue to hold below 5% despite some better than expected economic data last week. As a general rule, better than expected economic data usually leads to higher mortgage rates while worse than expected data improves rates (that has not been the case recently though). At the close on...
Highlights: The week begins with a slow start as no data will be released on Monday. Markets will likely look for news of how $75 billion will be raised by the ten banks in need of extra capital, as per the Stress Tests published last Thursday. Financial shares soared 23% last week, boosting U.S. markets...
The U.S. economy will continue to struggle between slowing growth and rising inflation. According to economists and strategists, markets will focus on U.S. advance retail sales, July CPI and the University of Michigan/Reuters consumer sentiment. U.S. markets will also receive U.S. trade balance, IBD...
According to strategists and economists, markets will be looking for some direction next week with the release of major economic reports. In the U.S., markets will receive PPI, CPI, retail sales, FOMC minutes and regional manufacturing reports on top of Fed Chairman Ben Bernanke testifying before Congress...
It is going to be a blockbuster week for data in the U.S. with the release of tier one data. Markets will receive April's CPI report, retail sales, import price index, industrial production and capacity utilization, housing starts and building permits, and the University of Michigan/Reuters consumer...