Wed, Nov 30 2022, 1:13 PM
The combination of this morning's ADP employment data and the preliminary GDP revision pushed yields slightly higher after a flat overnight session. ...
Wed, Nov 30 2022, 10:19 AM
October saw contracts to purchase existing homes fall for the fifth straight month. The National Association of Realtors® (NAR) said its Pending Home...
Wed, Nov 30 2022, 10:13 AM
In the secondary markets, lenders are trying to wring out every penny from loan sales. For example, in today’s podcast (available here) is an intervie...
Wed, Nov 30 2022, 8:28 AM
Thanksgiving had its usual effect on the mortgage market during the week ended November 25, although the third week of easing interest rates helped mo...
Tue, Nov 29 2022, 4:47 PM
It's been hard to find an interesting new angle on mortgage rates over the past 2+ weeks. They've been remarkably flat during that time after falling...
Tue, Nov 29 2022, 4:33 PM
Issuance Sets The Tone and Keeps Bonds Range-Bound
Bonds have now spent more than 2 weeks locked inside a ve...
Tue, Nov 29 2022, 11:30 AM
If you're just here for the conforming loan limit news, $726,200 is the number for 2023. Does this mean no one can get a mortgage for more than $72...
Tue, Nov 29 2022, 9:49 AM
Corporate debt issuance is a net negative for bonds. There was a lull in issuance heading into Thanksgiving. With traders snapping out of holiday mo...
Tue, Nov 29 2022, 9:44 AM
Lenders and vendors alike are emerging from Thanksgiving and looking ahead to which day they have off for Christmas in the U.S., the 23rd or the 26th....
Mon, Nov 28 2022, 4:31 PM
Excitement, volatility, non-stop action... concepts that have absolutely nothing to do with mortgage rate movement over the course of the past two wee...
Mon, Nov 28 2022, 12:20 PM
Bonds were effectively closed for a 4-day weekend starting with Thanksgiving last Thursday. True, Friday was technically open for half a day, but vol...
Mon, Nov 28 2022, 9:29 AM
Why does opening every ironing board sound like you’re dipping a witch in scalding oil? Cutting costs can sound like that as well, and while we await ...
Fri, Nov 25 2022, 11:57 AM
Putting out this daily commentary is like being in the army: I usually do more by 6AM than many people do during much of the day. The commentary is a ...
Fri, Nov 25 2022, 9:11 AM
MBS live will be operating in "holiday light" mode today. The weekly newsletter is on holiday but will be back next week. Commentary and alerts will...
Wed, Nov 23 2022, 3:42 PM
Bond markets will be closed for Thanksgiving tomorrow. That means mortgage lenders won't be publishing new rates. While markets are technically open...
Wed, Nov 23 2022, 3:26 PM
Rates Recover Nicely After Fed Minutes
Today was the only day of the holiday-shortened week with any meaning...
Wed, Nov 23 2022, 11:04 AM
We'd be the first to advocate taking Thanksgiving week trading momentum with a grain of salt, so this morning's discussion is less about drawing conne...
Wed, Nov 23 2022, 9:30 AM
Let me save you a web search tomorrow: 1-800-butterball. A web search turned up a misconception: It appears that robber Willie Horton, when he was ask...
Wed, Nov 23 2022, 8:21 AM
Mortgage application volume increased for the second consecutive week as interest rates continued to decline. The Mortgage Bankers Association (MBA) s...
Tue, Nov 22 2022, 3:35 PM
Rates are driven by bonds and mortgage rates are driven by mortgage-backed bonds. These bonds trade in the open market all day every day. Mortgage l...
Tue, Nov 22 2022, 3:25 PM
Light Participation Limits MBS Gains as Treasuries Shrug Off Weak Auction
Today's 7yr Treasury auction was o...
Tue, Nov 22 2022, 10:38 AM
Welcome to the bond market on Thanksgiving week in a year with the fastest rate spike in 4 decades, driven by inflation. This year, it just so happen...
Tue, Nov 22 2022, 9:07 AM
When was the last time that you did something for the first time? (Warning: tissues may be needed.) The best use of technology is to improve quality o...
Mon, Nov 21 2022, 3:41 PM
Random, Inconsequential Volatility Driven by Holiday Week Trading Conditions
No sooner did we finish reading...
Mon, Nov 21 2022, 3:12 PM
Mortgage rates made their biggest recent move (and their biggest single day move ever) 2 Thursday's ago after a key report showed inflation was lower ...
Mon, Nov 21 2022, 9:51 AM
Whereas humans might feel sleepy after a big holiday meal, the bond market often feels that way for the entire holiday week. Thanksgiving week is one...
Mon, Nov 21 2022, 9:12 AM
Sometimes it’s tough to find good news out there. For independent mortgage bank (IMB) and mortgage subsidiaries of chartered bank lenders, the MBA rep...
Fri, Nov 18 2022, 3:59 PM
Modest Losses But Uneventful in The Bigger Picture
'Tis the season for the bond market to enter holiday trad...
Fri, Nov 18 2022, 3:37 PM
There's no question that last week was an exciting one for rates. On Wednesday, the average 30yr fixed was fairly close to the highest levels since 20...
Fri, Nov 18 2022, 11:58 AM
The state of the housing market in 2022 is well known by now. The sharpest rate spike in 40 years to the highest rates in 20 years combined with the ...
Fri, Nov 18 2022, 11:37 AM
One unfortunate side effect of the general hyperfocus on inflation as the biggest issue facing markets is that bonds have been able to bounce from one...
Fri, Nov 18 2022, 9:52 AM
Few base their company or family’s savings on the inherent risk in a prediction. But… On a big scale, and we’ve been hearing forecasts of a recession ...
Thu, Nov 17 2022, 5:18 PM
If you'd like to get the quick scoop and be on your way, here you go: the big move in rates happened last Thursday when the average 30yr fixed dropped...
Thu, Nov 17 2022, 4:10 PM
Weaker Today, But Still in Solid Territory Despite Fed Push-Back
Bonds lost a bit of ground overnight and th...
Thu, Nov 17 2022, 3:47 PM
There aren't many ways to make the Census Bureau's New Residential Construction report exciting, and there are zero ways to frame it in a positive lig...
Thu, Nov 17 2022, 10:15 AM
After spending the first 3 days of the week attempting to moderately extend the gains, bonds are finding some resistance today. Comments from St. Lou...
Thu, Nov 17 2022, 9:47 AM
The release yesterday of FHFA’s report on Agency Guarantee Fees prompted some of the discussion here in Kansas City among mortgage folks about how cha...
Wed, Nov 16 2022, 3:43 PM
Decent Rally Despite Strong Retail Sales and Hawkish Fed Speakers
It was an interesting day for the bond mar...
Wed, Nov 16 2022, 3:09 PM
The mortgage landscape is very interesting at the moment. On any given day, some lenders are moving higher, others are moving lower, and the rest are...
Wed, Nov 16 2022, 12:28 PM
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell another 5 points in November. NAHB said this measure of b...
Wed, Nov 16 2022, 11:43 AM
The day is getting off to an interesting start as stronger Retail Sales data initially pushed yields higher. That weakness lasted for less than half ...
Wed, Nov 16 2022, 9:52 AM
This morning I head to Kansas City to spend some time with the MBAKC. KC is a mere 500 miles from Oak Park, Illinois, east of Chicago and childhood ho...
Wed, Nov 16 2022, 9:12 AM
Mortgage application volume increased on a seasonally adjusted basis during the week ended November 11 but declined sharply before adjustment. The Mor...
Tue, Nov 15 2022, 3:57 PM
1 Step Back and 1 Step Forward So Far This Week
Bonds made solid gains overnight, largely following a rally ...
Tue, Nov 15 2022, 3:31 PM
Let's talk about the current state of mortgage rates. Before we do, some housekeeping: the following pertains to averages across multiple lenders. T...
Tue, Nov 15 2022, 3:22 PM
The Mortgage Bankers Association (MBA) collects data on borrower eligibility (FICO, loan type, LTV, etc) and combines that with underwriting guideline...
Tue, Nov 15 2022, 11:06 AM
Today kicks off with the Producer Price Index painting a similar picture to last week's CPI data. Specifically, monthly wholesale inflation dropped 0...
Tue, Nov 15 2022, 10:29 AM
The other day I walked in on Myrtle who was looking at the litter cleaning robot on the screen as if to ask, “What’ll they think of next?” Businesses ...
Mon, Nov 14 2022, 4:56 PM
If you're just getting caught up, last Thursday was one for the record books--at least when it comes to the daily records that exist going back to 200...
Mon, Nov 14 2022, 4:14 PM
The Best Half Point MBS Sell-Off
On probably any other day, a half point sell-off in MBS would be bad new...
