Today, 4:33 PM
Still in The Range as Bonds Wait For Bigger Influences
Bonds were noticeably weaker to start the new month w...
Today, 3:57 PM
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...
Today, 11:37 AM
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 ...
Today, 10:31 AM
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 ...
Fri, Aug 29 2025, 4:21 PM
Calm Day to End A Calm Week
While Friday itself may not have resulted in a rally for the broader bond market...
Fri, Aug 29 2025, 2:30 PM
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...
Fri, Aug 29 2025, 11:44 AM
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...
Fri, Aug 29 2025, 10:17 AM
“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...
Thu, Aug 28 2025, 4:15 PM
Generally Exciting, But Specifically Boring
Heading into the present week, it was incredibly unlikely that w...
Thu, Aug 28 2025, 3:15 PM
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, ...
Thu, Aug 28 2025, 9:10 AM
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...
Thu, Aug 28 2025, 8:57 AM
“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...
Wed, Aug 27 2025, 5:12 PM
Steady Gains After Slightly Weaker Start
Bonds began the day in slightly weaker territory, but not for any p...
Wed, Aug 27 2025, 4:37 PM
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...
Wed, Aug 27 2025, 4:19 PM
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...
Wed, Aug 27 2025, 3:56 PM
Mortgage application activity was little changed last week, with only a fractional decline in overall volume. The Mortgage Bankers Association’s weekl...
Wed, Aug 27 2025, 3:44 PM
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...
Wed, Aug 27 2025, 11:43 AM
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...
Wed, Aug 27 2025, 11:18 AM
Not that this week's economic calendar is especially robust, but Wednesday's offerings are especially light. There are no monthly economic reports on ...
Tue, Aug 26 2025, 5:46 PM
Modest, Incidental Victory
Bonds closed with MBS in line with their best levels of the day, up an eighth of ...
Tue, Aug 26 2025, 5:15 PM
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...
Tue, Aug 26 2025, 10:30 AM
Focusing only production MBS coupons and longer-term Treasuries, the bond market is off to another slow, sideways start today with minimal change vers...
Tue, Aug 26 2025, 10:19 AM
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...
Mon, Aug 25 2025, 4:32 PM
Fairly Quiet Monday Considering Last Week's Noise
In last week's defense, it really wasn't that noisy, but F...
Mon, Aug 25 2025, 3:50 PM
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...
Mon, Aug 25 2025, 11:37 AM
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...
Fri, Aug 22 2025, 4:38 PM
Jackson Hole Speech Delivers
Powell's Jackson Hole speech was this week's only big ticket in terms of market...
Fri, Aug 22 2025, 3:15 PM
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 ...
Fri, Aug 22 2025, 10:59 AM
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...
Fri, Aug 22 2025, 8:49 AM
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...
Thu, Aug 21 2025, 3:33 PM
Some Headwinds Ahead of Powell's Jackson Hole Speech
Thursday brought the week's only relevant econ data wit...
Thu, Aug 21 2025, 1:03 PM
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...
Thu, Aug 21 2025, 10:53 AM
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 ...
Thu, Aug 21 2025, 10:24 AM
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. ...
Wed, Aug 20 2025, 3:19 PM
Almost No Reaction to Fed Minutes
As expected, today's Fed Minutes (a more detailed account of the meeting t...
Wed, Aug 20 2025, 2:57 PM
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...
Wed, Aug 20 2025, 12:39 PM
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...
Wed, Aug 20 2025, 11:35 AM
“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...
Wed, Aug 20 2025, 10:35 AM
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...
Tue, Aug 19 2025, 4:21 PM
Slow, Steady, Modest Improvement
Bonds are in the throes of the summertime "blahs." In other words, exciteme...
Tue, Aug 19 2025, 3:32 PM
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...
Tue, Aug 19 2025, 3:17 PM
Builder sentiment remains deeply subdued, as the National Association of Home Builders (NAHB) and Wells Fargo’s Housing Market Index (HMI) dipped one ...
Tue, Aug 19 2025, 2:51 PM
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...
Tue, Aug 19 2025, 12:08 PM
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'...
Tue, Aug 19 2025, 11:53 AM
14 fonts Apologies first! Yesterday I mistakenly wrote, “ARMs now account for nearly 50 percent of applications…” Thank you again to those who wrote,...
Mon, Aug 18 2025, 3:56 PM
Incidental Weakness or a New Trend?
The most interesting thing that happened in the bond market today involv...
Mon, Aug 18 2025, 3:39 PM
Mortgage rates are as high as they've been on almost any other day this month. You'd have to go back to August 1st to see anything higher. On the ot...
Mon, Aug 18 2025, 10:37 AM
As I type this, I’m at the doctor’s office, and some guy a few seats over is booing all the names being called that aren’t his. Do you boo the product...
Mon, Aug 18 2025, 10:09 AM
Summertime trading conditions tend to amplify trading motivations that might otherwise get lost in the shuffle. This morning, it's been the opening be...
Fri, Aug 15 2025, 3:30 PM
Weaker Conclusion But No Major Big Picture Implications
Despite much stronger revisions and a modestly stron...
