Fri, Oct 10 2025, 3:16 PM
Mortgage rates saw their biggest day-over-day decline of the past several weeks today in response to unexpected news regarding additional tariffs on C...
Fri, Oct 10 2025, 2:22 PM
Mortgage application activity declined again last week as refi demand continues pulling back after the surge in mid September. According to MBA’s Week...
Fri, Oct 10 2025, 11:49 AM
The stalemate & shutdown continue, all but eliminating the government release of economic news. Recall that the U.S. Treasury posted a $345 billion bu...
Fri, Oct 10 2025, 9:44 AM
At the start of the week, we noted Japanese political developments as a key reason for overnight losses on Monday morning. This had to do with Takaich...
Thu, Oct 9 2025, 4:05 PM
Uneventful Day; MBS Underperform
It's not uncommon to see MBS outperform their Treasury benchmarks in the ru...
Thu, Oct 9 2025, 3:33 PM
It's getting pretty tough to weave an interesting narrative on mortgage rates over the past 3 weeks. During that time, they just haven't changed that ...
Thu, Oct 9 2025, 11:46 AM
“Two lawyers walk into a pub. They order a couple of drinks and take subs out of their brief cases. They begin to eat. Seeing this, the angry pub owne...
Thu, Oct 9 2025, 9:17 AM
With Jobless Claims on hold due to the shutdown, bonds are forced to endure another data-free morning. The calendar offered a glimmer of hope with a P...
Wed, Oct 8 2025, 3:21 PM
Some Selling Pressure After Auction and Fed Minutes
There were no market-moving economic reports scheduled f...
Wed, Oct 8 2025, 3:00 PM
Mortgage rates technically ticked a hair lower today, but it's more accurate to view them as being broadly sideways. Some lenders issued improvements ...
Wed, Oct 8 2025, 11:50 AM
We’re sailing through autumn. Places like Seattle and Minneapolis are losing 3-5 minutes of sunlight a day. Donald Trump told Congress to end changing...
Wed, Oct 8 2025, 9:33 AM
While there are a smattering of Fed speakers on the calendar today, the morning comments are not likely to have an impact. In fact, the average Fed sp...
Tue, Oct 7 2025, 4:26 PM
Bonds Turn Green After Econ Data and Treasury Auction
Bonds began the day in slightly weaker territory as yi...
Tue, Oct 7 2025, 3:57 PM
Mortgage rates have been in a very narrow range for nearly 3 weeks with the last major move seen on September 17th and 18th following the Fed rate cut...
Tue, Oct 7 2025, 11:45 AM
President Trump has recommended that publicly held companies only report earnings every six months instead of every three. Don’t stockholders deserve ...
Tue, Oct 7 2025, 11:38 AM
10yr yields drifted up toward the 4.20% technical level overnight but buyers showed up at the 8:20am CME open. The initial recovery looks more technic...
Mon, Oct 6 2025, 4:39 PM
Incidental Weakness But No Big Picture Change
There were no economic reports on tap today and no obvious mar...
Mon, Oct 6 2025, 4:23 PM
Mortgage rates began the week right in line with their highest levels of the past 30 days. This sounds a bit more dramatic than it is because the pas...
Mon, Oct 6 2025, 11:45 AM
Often the economy and general business trends are separate from management and business acumen. Like Block Buster, which at the high point had over 9,...
Mon, Oct 6 2025, 8:57 AM
On paper, it was supposed to have been a sleepy session for bonds with nothing of note on the econ calendar. But in practice, we're seeing one of the ...
Fri, Oct 3 2025, 4:59 PM
Weaker Day, Stronger Week
Friday ended up seeing the bond market give up some ground with most of the weakne...
Fri, Oct 3 2025, 3:51 PM
Mortgage rates moved just a bit lower today. Relative to any other day in the past 2 weeks, it was unremarkable. But because the range has been so na...
Fri, Oct 3 2025, 3:22 PM
The National Association of Realtors’ Pending Home Sales Index (PHSI)—which tracks contract signings on existing homes—ticked higher in August, but re...
Fri, Oct 3 2025, 3:03 PM
Both the FHFA and the S&P CoreLogic Case-Shiller indices published updated home-price data this week. The message hasn’t changed: prices are still hig...
Fri, Oct 3 2025, 2:47 PM
Mortgage application activity dropped sharply last week as higher rates cut into both refinance and purchase demand. According to MBA’s Weekly Applica...
Fri, Oct 3 2025, 11:46 AM
Here in Telluride, CO, after learning of my capital markets background, yesterday someone bluntly asked me, “Can one person slow or stop the United St...
Fri, Oct 3 2025, 10:12 AM
With NFP on hold due to the shutdown, today's ISM Services was our only chance for for data driven volatility in the 2nd half of the week. A big beat...
Thu, Oct 2 2025, 4:04 PM
Ultra Quiet Session, But Ultimately Stronger
With the day's only relevant econ data on hold due to the shutd...
Thu, Oct 2 2025, 3:16 PM
If we're splitting hairs, today's mortgage rates are half a hair lower than yesterday's, but the average borrower might not see a difference in a rate...
Thu, Oct 2 2025, 11:47 AM
We’re two days into the 4th quarter of the 2025, two days into another government shutdown, and… companies are relishing their September numbers. I ha...
Thu, Oct 2 2025, 9:45 AM
As a reminder, economic data published by government entities is on hold during the shutdown. Today, that means no Jobless Claims (also no Factory Ord...
Wed, Oct 1 2025, 3:53 PM
Best Closing Levels in More Than a Week, But Still Generally Flat
Short version: bonds have been basically f...
Wed, Oct 1 2025, 3:16 PM
Mortgage rates are based on bonds and bonds take cues from economic data. Employment-related data is particularly important. The monthly jobs report f...
Wed, Oct 1 2025, 11:09 AM
Come on… you don’t believe politics and mortgages are separate? Look at politicized government housing agencies: whoever is running HUD, whether it is...
Wed, Oct 1 2025, 8:32 AM
Bonds were already a hair stronger coming into the ADP data, but the results (-32k vs 50k forecast and previous month revised to -3k from 54k) have pr...
Tue, Sep 30 2025, 4:12 PM
Gains Erased by Month/Quarter-End Trading
If it's the last day of a month and especially if it's also the la...
Tue, Sep 30 2025, 3:08 PM
Mortgage rates were just barely lower this morning versus yesterday's latest levels, but most borrowers won't see any major difference from any of the...
Tue, Sep 30 2025, 11:46 AM
“Why do millennials think the government saved their lives? Because they are indebted to it forever.” Here in Colorado, the United States federal gove...
Tue, Sep 30 2025, 11:25 AM
No new news on the probably government shutdown, but betting markets show increased odds, for whatever that's worth. The only reason to watch or care ...
Mon, Sep 29 2025, 5:08 PM
Waiting on Details as Bonds Reinforce The Range
It was a forgettable trading day, but at least slightly stro...
Mon, Sep 29 2025, 3:55 PM
It was an uneventful day for the bond market (and, thus, interest rates) as investors wait for clarity on this week's potential government shutdown. I...
Mon, Sep 29 2025, 11:51 AM
Here in Colorado, banking, credit unions, and independent mortgage banks are a solid part of the economic fabric. LOs here and everywhere are scrambli...
Mon, Sep 29 2025, 10:00 AM
Under normal circumstance, we look forward to the first Friday of any given month as the day that the jobs report takes a swing at sending the stronge...
Fri, Sep 26 2025, 3:54 PM
Last week was a wild one for mortgage rates with the lowest levels in nearly a year on Monday and an abrupt spike after Wednesday's Fed announcement. ...
Fri, Sep 26 2025, 3:01 PM
Existing-home sales held roughly steady in August after tepid uptick in July. That NAR reported a seasonally adjusted annual rate of 4.0 million , do...
Fri, Sep 26 2025, 2:33 PM
New home sales surged in August, breaking a two-year stretch of range-bound activity. The Census Bureau and HUD reported a seasonally adjusted annual ...
Fri, Sep 26 2025, 2:12 PM
Mortgage application activity technically hit another long-term high last week, but that's only because it was riding the coattails of the previous we...
Fri, Sep 26 2025, 11:48 AM
Call them wretched or call them splendid, in Japan, robots and service bots run some restaurants and are indeed taking the place of humans, who have n...
Fri, Sep 26 2025, 10:36 AM
PCE may be the most relevant inflation report when it comes to assessing progress toward the Fed's 2% target, but it is not the most relevant report t...
Thu, Sep 25 2025, 3:54 PM
Reasonably Resilient After AM Losses
In another straightforward trading session, bonds responded logically t...
