October 3rd is a date that has come up many times in the past month of mortgage rate coverage. That's because there's been a veritable chasm between t...
Mortgage applications decreased modestly last week, with overall volume slipping 1.2%. The Mortgage Bankers Association’s weekly survey showed a decli...
“Twas the third of September, the day I’ll always remember… Wherever he laid his hat was his home, and when he died, all he left us was a loan…” Okay,...
Bonds were flat to just slightly stronger in the overnight session but a noticeable rally is underway following the JOLTS data (job openings and labor...
Mortgage rates are based on bonds and bonds can do funny things on the first and last trading days of any given month. One of the most common "funny t...
What’s old is new again? In Vermont, one man is refurbishing payphones for people to use for free. Very cool. Debt isn’t old or new, but how we treat ...
The Tuesday after Labor Day can have a mind of its own when it comes to financial markets--especially if it also happens to be the trading day of the ...
It was a very slow and steady week for mortgage rates. On all 5 days, the average top tier 30yr fixed rate moved by 0.02% or less. This is a small en...
There are two big picture inflation reports in US that address consumer prices: CPI and PCE. Of the two, PCE is broader and more highly regarded by po...
“The hardness of the butter is proportional to the softness of the bread.” Proportionality is important, whether in a restaurant or in a lender watchi...
There is no singular, official primary source for mortgage rate levels. The going rate is whatever can be locked/closed at any given lender. As such, ...
This morning's economic calendar only looks robust on paper. While quarterly GDP results in numerous line items, they're not as important as they mig...
“Remember how when you were little you could just rip off your diaper and run around naked and everyone thought it was so cute and funny? Anyway, I ne...
Both the FHFA and the S&P CoreLogic Case-Shiller indices published updated home-price data this week. The takeaway remains the same: prices are rising...
The latest New Home Sales report showed little change in July, with sales holding very close to June’s pace. The seasonally-adjusted annual sales rate...
Mortgage application activity was little changed last week, with only a fractional decline in overall volume. The Mortgage Bankers Association’s weekl...
It continues to be the case that day-to-day changes in average mortgage rates are very small. Today was no exception in that regard. Nonetheless, toda...
Not that this week's economic calendar is especially robust, but Wednesday's offerings are especially light. There are no monthly economic reports on ...
I was today years old when I realized that the shovel was literally a groundbreaking invention. The best ads and marketing focus on rates and products...
Mortgage rates tend to move at least a little every day although they haven't been moving too much in the bigger picture recently. The only truly memo...
Focusing only production MBS coupons and longer-term Treasuries, the bond market is off to another slow, sideways start today with minimal change vers...
There are some “big-hitters” in the mortgage, finance, and housing world who will tell you that the Trump Administration’s plan to sell shares in Fann...
After last week's Jackson Hole speech from Fed Chair Powell, rates fell to their lowest levels since October 3rd, 2024, narrowly surpassing the recent...
Last week may have ended on a high note with bonds rallying on Powell's Jackson Hole speech, but perception was better than reality at the time. The r...
Heading into the week, Fed Chair Powell's speech at the Fed's annual Jackson Hole Symposium was only event on the calendar that held much promise for ...
Today's Jackson Hole speech gave Fed Chair Powell an opportunity to adjust his stance in light of much weaker jobs report that came out 2 days after t...
A few years back someone told me, “Two lenders merging in this environment is like two drunks outside a bar holding each other up.” That isn’t quite t...
In a world (like this one) where mortgage rates are dictated by bond market movement and where bonds take cues from certain economic reports, weeks li...
Today is the only day of the week with any economic reports that are relevant to bond market movement. The results are in, and bonds aren't thrilled. ...
After sliding back in June, existing-home sales picked up in July. The latest update, released August 21, shows a modest rebound. Sales rose 2.0% to ...
For the 11th straight business day, mortgage rates are very close to the levels from the end of the previous day. Over the past week, however, most o...
Mortgage application activity eased last week, but not in a statistically significant way. One might be inclined to note a very slight uptick in mort...
By now, we've already said quite a bit about this week's scarcity of scheduled events with the power to motivate meaningful changes in the bond market...
“I asked a German girl if Germans are afraid of numbers. She said 9!” Numbers make up the bond market, and a steeper yield curve (the difference betwe...
Mortgage rates are based on bonds and bonds, and bonds have some seasonality to them. This doesn't necessarily mean there's a reliable seasonal patte...
Builder sentiment remains deeply subdued, as the National Association of Home Builders (NAHB) and Wells Fargo’s Housing Market Index (HMI) dipped one ...
The latest Residential Construction report from the Census Bureau showed a sharp rebound in July, with overall housing starts climbing 5.2% to a 1.428...
If yesterday was marked by incidental weakness, today is shaping up to be the opposite. In fact, yields and MBS prices are right in line with Friday'...
14 fonts Apologies first! Yesterday I mistakenly wrote, “ARMs now account for nearly 50 percent of applications…” Thank you again to those who wrote,...
Straightforward Data-Driven Rally
It proved to be an incredibly straightforward day for the bond market. Trading levels were roughly unchanged in early trading. Friendly Fed comments provided a modest b...