Thu, Aug 1 2024, 10:13 AM
Bonds were exceptionally sideways in the overnight session with 10yr yields holding between 4.05 and 4.06 for almost the entirety. It wasn't until the...
Wed, Jul 31 2024, 5:28 PM
Surprisingly Strong Reaction to Equivocal Powell
Opinions certainly vary as to whether today's communication...
Wed, Jul 31 2024, 5:11 PM
The Fed didn't cut rates today and rates then moved quickly lower. Naturally, there's more to the story than that, but the paradox is a good reminder...
Wed, Jul 31 2024, 2:01 PM
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, moderated, and the unempl...
Wed, Jul 31 2024, 11:50 AM
Signed contracts for home sales increased in June, a broad-based improvement seen in all four major regions of the country. The National Association o...
Wed, Jul 31 2024, 11:46 AM
“Hard work pays off in the future; laziness pays off now.” Joking aside, competitors out there sure aren’t being lazy. Who wants your previous clients...
Wed, Jul 31 2024, 8:52 AM
Interest rates were largely unchanged during the week ended July 26. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measu...
Wed, Jul 31 2024, 8:50 AM
While there is still one market moving economic report left this morning, the first two have been bond friendly with both ADP and the Employment Cost ...
Tue, Jul 30 2024, 4:06 PM
Data and Headlines Drive Modest Volatility Ahead of The Fed
There were two different bouts of modest volatil...
Tue, Jul 30 2024, 3:42 PM
Mortgage rates began the day with the average lender quoting just slightly higher rates compared to yesterday's latest levels. By the end of the day,...
Tue, Jul 30 2024, 12:54 PM
Is it a surprise to anyone that millions of renters could afford to buy a home with their mortgage payment not exceeding 30 percent of their income? D...
Tue, Jul 30 2024, 12:28 PM
The Job Openings and Labor Turnover Survey (JOLTS) became an occasionally major market mover over the past few years as traders looked for any availab...
Mon, Jul 29 2024, 4:14 PM
No Bad News in Today's Treasury Announcement
There have been a few occasions in the past few years where Tre...
Mon, Jul 29 2024, 4:00 PM
Although the range has been very narrow for the past few weeks, average mortgage rates nonetheless fell to the lowest levels in more than 6 months. T...
Mon, Jul 29 2024, 12:03 PM
Language has oddities. For example, plurale tantums: items that are usually referred to in plural, often preceded by “pair of” even when there is only...
Mon, Jul 29 2024, 11:41 AM
Bonds were moderately stronger overnight with some of the improvement seen right at the start of the session and a majority following the start of Eur...
Fri, Jul 26 2024, 6:04 PM
Straightforward Gains After Important Inflation Data
While today's monthly core PCE headline may have techni...
Fri, Jul 26 2024, 5:37 PM
This week's most important economic data was the PCE price index which is the gold standard of big picture inflation measurement. For those hoping to ...
Fri, Jul 26 2024, 12:00 PM
The only thing constant is change. After 53 years, Southwest Airlines is ending its 100 percent open seating policy! (I don’t mind lining up.) People ...
Fri, Jul 26 2024, 11:58 AM
After yesterday's quarter over quarter core PCE price index came in 0.2% higher than expected, we knew today's monthly PCE data would have to include ...
Thu, Jul 25 2024, 3:29 PM
Lots of Competing Motivations Causing Volatility In a Narrow Range
Today marked an uptick in the importance ...
Thu, Jul 25 2024, 2:52 PM
Mortgage rates continue moving in very small steps from day to day--something that's been the case since the Consumer Price Index (CPI) more than 2 we...
Thu, Jul 25 2024, 11:44 AM
It was easy to question the notion of "data dependence" in the first half of the week, largely because there wasn't much in terms of meaningful econom...
Thu, Jul 25 2024, 11:38 AM
As lenders continue to deal with change (the latest rumors have Flagstar is selling its mortgage group to Mr. Cooper; rumor only, ask your rep for rea...
Wed, Jul 24 2024, 4:35 PM
Mortgage rates technically moved up to the highest levels in 2 weeks today, but that sounds a bit more dramatic than it actually is. Rates have large...
Wed, Jul 24 2024, 4:30 PM
Whatever Happened to Bonds Being Data Dependent?
Bonds began the day in stronger territory and remained stro...
Wed, Jul 24 2024, 12:07 PM
While they may not be the most highly consequential economic reports on any given month, today's S&P Global PMIs were our best shot to see some volati...
Wed, Jul 24 2024, 12:05 PM
In Utah every year, July 24th commemorates “Pie and Beer Day,” the day in 1847 when the first group of pioneers reached the Salt Lake valley and their...
Wed, Jul 24 2024, 12:03 PM
Interest rates and prices continued to curtail home sales in June. The Census Bureau and the Department of Housing and Urban Development reported on W...
Wed, Jul 24 2024, 8:42 AM
Home buyers remained on the sidelines as interest rates drifted lower, perhaps paying attention to the Federal Reserve’s musings about future cuts. Th...
Tue, Jul 23 2024, 4:23 PM
Afternoon Weakness For Longer-Term Bonds. Are MBS in That Category?
It's easy to throw around general catego...
Tue, Jul 23 2024, 3:50 PM
Spats of volatility in the mortgage rate world seem to last only a matter of hours recently and to occur only a few times on any given month. The res...
Tue, Jul 23 2024, 12:04 PM
Existing home sales fell in June, but the median sales price hit a record high as it had also done in May . The National Association of Realtors® sai...
Tue, Jul 23 2024, 11:49 AM
Before President Biden quit his reelection bid, markets had been pricing in a “Trump Trade.” This meant investors placing bets on a steeper yield curv...
Tue, Jul 23 2024, 11:39 AM
This morning's market movement continues to build a case against yesterday's mid-day sell-off being serious and purposeful. Bonds have continued to r...
Mon, Jul 22 2024, 5:02 PM
Mid-Day Mystery Move But no Impact on Bigger Picture
The most notable development in the bond market today w...
Mon, Jul 22 2024, 4:51 PM
Mortgage rates rose at a moderately quick pace on Friday, partially in response bond market weakness on Thursday afternoon that happened too late in t...
Mon, Jul 22 2024, 12:18 PM
No way, President Biden decided to drop out of the presidential race on National Ice Cream Day! The markets (take your pick… stock, bond, currency, wh...
Mon, Jul 22 2024, 11:22 AM
If there was any remaining doubt that recent political headlines were given too much credit for impacting the bond market, it was removed late Sunday ...
Fri, Jul 19 2024, 5:22 PM
Super Duper Flat After Overnight Losses
In a vacuum limited to this week, Friday ended up being the only int...
Fri, Jul 19 2024, 5:03 PM
While there was never much of a chance of mortgage rates moving above the levels seen at the beginning of last week, they were easily able to nab the ...
Fri, Jul 19 2024, 11:32 AM
I get asked if I think our industry puts too much emphasis on what the Federal Reserve is doing, and its being able to control inflation. In a word, m...
Fri, Jul 19 2024, 10:26 AM
This week's bond rally hit a wall at the 3pm close on Wednesday. There's been gradual upward pressure since then with today's overnight session seein...
Thu, Jul 18 2024, 5:08 PM
Morning Volatility, Afternoon Drift
Bonds began the day in modestly weaker territory before undergoing a bit...
Thu, Jul 18 2024, 4:02 PM
Thursday's mark the release of Freddie Mac's weekly mortgage rate survey. It's the longest running and most widely cited measure of mortgage rates, b...
Thu, Jul 18 2024, 12:49 PM
Today's Jobless Claims report is for the week ending July 13th. This is important because the establishment survey for the big jobs report (nonfarm p...
Thu, Jul 18 2024, 11:49 AM
It’s not just Americans who can’t afford U.S. homes. International purchases of U.S. homes over the past year declined 36 percent to 54,300 properties...
Wed, Jul 17 2024, 4:43 PM
More Data Defiance. Maybe It's All About Claims?
Bonds have been trending gently stronger after last week's ...
Wed, Jul 17 2024, 4:26 PM
Despite an active calendar of events that had the potential to cause volatility, average mortgage rates managed to remain unchanged in the morning and...
Wed, Jul 17 2024, 11:48 AM
Is anyone else seeing those sensational, “yellow journalistic” headlines saying that real estate is plummeting? Think again. The American Enterprise I...
