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...
Yesterday I wrote that mortgage rates were under pressure because stocks were rallying. Yes stocks were indeed on a winning streak, but the bond market hasn't done all that bad...all things considered. Don't get me wrong, mortgage rates are definitely higher than they were last week, but by pricing...
Good Morning. 830am data has been released. Housing Starts were much worse than expected as were Building Permits.... 08:30 16Jun10 RTRS -US MAY HOUSING STARTS -10.0 PCT VS APRIL +3.9 PCT (PREV +5.8 PCT) 08:30 16Jun10 RTRS -US MAY HOUSING STARTS 593,000 UNIT RATE (CONSENSUS 650,000) VS APRIL 659,000...
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 moved mostly sideways near newly hit 2010 lows yesterday but did come under a small amount of upward pressure late in the day as the stock market rallied into the close. As the prices of mortgage backed securities moved lower, many lenders repriced for the worse, but the increases in consumer...
Good Morning All. 830AM econ data has been released... Housing Starts : +5.8 % vs. March +5.0 % (revised from +1.6 %) at 672,000 unit rate vs. consensus 650,000 vs. March 635,000 (revised from 626,000) Housing Permits : -11.5 % vs. March +5.4 % (revised from +6.8 %) at 606,000 unit rate vs. consensus...
Mortgage rates improved a few basis points yesterday, but only enough to recover loan pricing losses that occurred the previous day. A lack of meaningful economics data combined with a generally slow trading environment have kept mortgage rates in a tight range this week. Although benchmark Treasury...
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...
Mortgage rates rallied lower yesterday after the Federal Reserve reiterated they intend to keep the Fed Funds rate at at exceptionally low levels for an “extended period”. The Fed also held steady in their belief that inflation is not posing a threat to economic stability. In regard to the...
Good Morning. Happy St. Patrick's Day. The BLS released the Producer Price Index at 830am. Producer prices fell 0.6% in February following a 1.4% rise in January. The core read, which strips out volatile food and energy costs, rose 0.1% following a 0.3% uptick in January. Both prints were below consensus...