Wed, Aug 24 2022, 10:27 AM
The Mortgage Bankers Association, (MBA) says its Weekly Mortgage Application Survey for the week ended August 19 shows the volume of mortgage applicat...
Tue, Aug 23 2022, 4:29 PM
Fun While it Lasted: Bonds Give Up Data-Inspired Gains
Bonds started out weaker early this morning but were ...
Tue, Aug 23 2022, 3:32 PM
Today's mortgage rates are roughly in line with yesterday's for the average lender. Some are in better shape while others are slightly worse off depe...
Tue, Aug 23 2022, 12:29 PM
The headline conveys the thesis quite well when it comes to the New Residential Sales data just released by the Census Bureau. July's total fell to a ...
Tue, Aug 23 2022, 11:34 AM
Be still, our beating hearts! This morning's economic data came out weaker and bonds instantly engaged in a logical and sensibly-sized rally. Tradin...
Tue, Aug 23 2022, 10:33 AM
Mortgage rates dropped after mid-June. Momentarily switching gears, given their role in cakes, breakfasts, custards, and breads, if eggs didn’t exist,...
Mon, Aug 22 2022, 4:30 PM
Unfriendly Trend as Fed Fear Sets In
Without any obvious, individual motivations in the news or on the econ ...
Mon, Aug 22 2022, 4:01 PM
At the end of July, the prevailing concern in the mortgage industry was that rates were falling at an unhealthy pace. The good news is that as we app...
Mon, Aug 22 2022, 12:07 PM
Bonds don't have too much so stress about this week in terms of calendar events. The notable exception is Fed Chair Powell's Jackson Hole speech on F...
Mon, Aug 22 2022, 10:35 AM
John Kenneth Galbraith said, “The only function of economic forecasting is to make astrology look respectable.” How about forecasts of how dramatic th...
Fri, Aug 19 2022, 5:15 PM
Bonds Tank After EU Inflation Data
For those who caught this morning's commentary on European inflation data...
Fri, Aug 19 2022, 4:45 PM
The average mortgage rate headline among major news networks suggests things improved this week. The average headline is wrong . Don't blame the new...
Fri, Aug 19 2022, 12:55 PM
Yesterday ended with yields grinding into an ever narrower consolidation pattern with 2.91% serving as the ceiling in the 10yr. That's exactly where ...
Fri, Aug 19 2022, 10:37 AM
“The officer said, ‘You drinking?’ I said, ‘You buying?’ We just laughed and laughed.... It’s Friday morning and I need bail money.” No one ever struc...
Thu, Aug 18 2022, 4:36 PM
It was a very boring day for mortgage rates. There was no meaningful change versus yesterday's latest levels and there were almost no instances of mi...
Thu, Aug 18 2022, 4:02 PM
Consolidation Continues as Yields Avoid Both Floors and Ceilings
Whereas 10yr yields were willing to tempora...
Thu, Aug 18 2022, 3:16 PM
Homes are still selling in record time, but affordability and low inventories are driving sales lower. The National Association of Realtor® (NAR) says...
Thu, Aug 18 2022, 11:53 AM
The 2.91% technical level in 10yr yields held firm as a ceiling overnight and domestic traders began pushing a lower-yield agenda in the 7am hour. At...
Thu, Aug 18 2022, 10:45 AM
Today is World Breast Cancer Research Day, a global recognition of the life-changing research (past, present, and future) to end breast cancer. That w...
Wed, Aug 17 2022, 4:34 PM
Citing "surprising reasons" in a headline is only a few steps above "one weird trick" on the click-bait scale, but in today's case, it's warranted. ...
Wed, Aug 17 2022, 4:19 PM
UK Inflation Data Steals Show From Domestic Market Movers
Today's Retail Sales report and Fed Minutes were s...
Wed, Aug 17 2022, 11:03 AM
This morning's Retail Sales data is already out and it was close enough to forecast to avoid having a big impact on bonds. Unfortunately, overnight t...
Wed, Aug 17 2022, 10:09 AM
In Florida there are approximately 3,000 lakes, not enough to make it onto the leader board of states with the most named lakes (Minnesota, Wisconsin,...
Wed, Aug 17 2022, 8:57 AM
Mortgage application volume declined again last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume...
Tue, Aug 16 2022, 4:22 PM
Saying "ahead of Fed Minutes" in a headline about rates is a fairly cheap trick for a few reasons, or at least it can be. In today's case, it probabl...
Tue, Aug 16 2022, 3:57 PM
Inconsequentially Weaker and Increasingly Range-Bound
The word "range" appears in both the opening and closi...
Tue, Aug 16 2022, 12:10 PM
Residential construction numbers fell again in July, giving credence to Monday’s National Association of Home Builders’ (NAHB’s) report detailing a ne...
Tue, Aug 16 2022, 10:56 AM
Tuesday is getting off to a similar start to Monday when it comes to the level of movement, but this time around, it's in the opposite direction. Dep...
Tue, Aug 16 2022, 10:03 AM
“Common sense is not a gift. It's a punishment because you have to deal with everyone who doesn't have it.” This is a tough market, and common sense u...
Mon, Aug 15 2022, 5:11 PM
After rising above 6% in June and falling briefly below 5% by August 1st, mortgage rates have been calming down and staying slightly flatter in the bi...
Mon, Aug 15 2022, 5:01 PM
Super Sideways Summertime Monday
Oddly enough, we find ourselves more likely to be discussing summertime tra...
Mon, Aug 15 2022, 10:51 AM
What a difference 4 months make! In April, the National Association of Homebuilders (NAHB) recorded a Housing Market Index (aka "builder confidence")...
Mon, Aug 15 2022, 10:43 AM
Florida is the source of a sizeable percentage of home loans and fine lenders, as well as plenty of “Florida Man” stories. (Don’t read if easily offen...
Mon, Aug 15 2022, 10:07 AM
The previous week ended with bonds on the run and yields threatening to break up and over the 2.85% technical level. That breakout was somewhat incon...
Fri, Aug 12 2022, 5:28 PM
Stable and Sideways Now That Rates Are Back in The Range
The past two days had seen more volatility in rates...
Fri, Aug 12 2022, 5:05 PM
Fri, Aug 12 2022, 11:45 AM
Summertime trading is detectably different from the rest of the year. Volume and liquidity are a bit lighter. Counterintuitive moves are more common...
Fri, Aug 12 2022, 10:43 AM
Loan officers who’d like to learn a thing or two about the current prospecting environment are invited to listen in today at 2PM CT/noon PT as Steve R...
Thu, Aug 11 2022, 5:56 PM
When it comes to mortgage rates, Thursdays frequently lend themselves to a discussion about fact versus fiction (or "delayed fact" as it may be) in ne...
Thu, Aug 11 2022, 5:21 PM
Making Sense of Today's Seemingly Senseless Selling
Let's refresh our memories regarding 2022's bond trading...
Thu, Aug 11 2022, 12:57 PM
Up is down, old is new, green is red, etc. Here we are with a second straight day with inflation data coming in significantly lower than forecast and...
Thu, Aug 11 2022, 10:33 AM
We began 2022 thinking that this might be the “Year of Non-QM.” The product certainly has its advantages for some borrowers, and lenders & investors. ...
Wed, Aug 10 2022, 5:37 PM
First thing's first: we deal in extremely granular terms when it comes to mortgage rate movement here. If you're just looking for an idea of how toda...
Wed, Aug 10 2022, 5:02 PM
How In The World Did Bonds Lose Ground After a Big Drop in Inflation?
This morning's hotly anticipated CPI d...
Wed, Aug 10 2022, 12:24 PM
Reliably predicting the future in terms of directional market movement is tricky if not wholly impossible, but predicting higher odds of volatility is...
Wed, Aug 10 2022, 10:40 AM
Big and small, they aren’t the first and won’t be the last. Residential lenders everywhere are ruminating on Notarize laying off 75 percent of its leg...
Wed, Aug 10 2022, 9:01 AM
Mortgage applications rose slightly for the second week, driven by an increase in refinancing. The Mortgage Bankers Association (MBA) said its Market ...
Tue, Aug 9 2022, 5:03 PM
Mortgage rates had a bad day last Friday, rising at a very fast pace and ultimately making it almost all the way back to the previous week's highs. T...
Tue, Aug 9 2022, 4:24 PM
Tuesday Was Tame, But Wednesday Probably Won't Be
Tuesday's trading session was boring, with rates hitting d...
Tue, Aug 9 2022, 11:16 AM
Last week offered up decent bookends for a narrow, short-term range. A series of downbeat economic reports set the low yields last Monday. Then Fed ...
