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 dodged a bullet yesterday. As you know mortgage rates have basically mirrored the movements of the stock markets recently. As stocks rallied, loan pricing worsened and mortgage rates rose. As stocks sold, loan pricing improved and mortgage rates fell. This relationship has dictated the...
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...
All I can say about yesterday is that it was an UGLY UUUGLY day for interest rate watchers. Mortgage rates were pressured higher right out of the gate following a warmer than expected read on producer level price inflation. And then, to make matters worse, as the day progressed, benchmark rates drifted...
All week we said "wait until Thursday to lock", "mortgage rates will improve after the bond auction on Thursday", "the end of the week will be the best time to lock in your loan". The Treasury auction came and went. After the last round of debt was sold, $13 billion of 30...
Mortgage rates continued to move higher yesterday following a warmer than expected read on inflation at the producer level and a better than anticipated industrial production report. After the data was released, benchmark Treasury yields moved higher and prices of mortgage backed securities fell, forcing...
In a volatile session, mortgage rates ended yesterday's session unchanged as a small rally in benchmark Treasuries helped support the MBS market. Following weaker than expected economic data in the morning, rates rallied. However as profit taking took place later in the day, early session strength...
Over the past few month I have been using a very well defined strategy to gauge lock/float opportunities. The idea is to lock when mortgage backed securities approach their recent range's price highs, and float when MBS are near the bottom of their recent price range. This "play the range"...