Thu, Apr 13 2023, 5:16 PM
Longer Term Rates Lose Ground Despite Softer Inflation
Today's initial focus was on the big drop in Producer...
Thu, Apr 13 2023, 10:19 AM
(Warning: cuteness ahead.) How does it feel to be a loan officer dealing with multiple borrowers on one loan? The study of how people borrow money, an...
Thu, Apr 13 2023, 9:26 AM
If only the bond market cared as much about producer prices as it does for consumer prices! The latter had a fine showing yesterday with CPI coming i...
Wed, Apr 12 2023, 4:25 PM
If we could only blame one thing for the huge jump in interest rates seen since early 2022, it would be inflation. That fact led to a high degree of ...
Wed, Apr 12 2023, 4:11 PM
Mixed Reactions to CPI and Fed Minutes
This morning's "as-expected" inflation data was very well received by...
Wed, Apr 12 2023, 10:44 AM
The importance of economic reports like the Consumer Price Index (CPI) cannot be overstated in the current environment. Case in point, this month's i...
Wed, Apr 12 2023, 10:29 AM
This morning I head from Seattle to Atlanta for some MBA/STRATMOR Peer Group meetings. Seattle has its share of hipsters, and sometimes one needs a tr...
Wed, Apr 12 2023, 8:23 AM
Mortgage applications increased last week for the fifth time in six weeks. The Mortgage Bankers Association (MBA) said its Market Composite Index, a m...
Tue, Apr 11 2023, 4:50 PM
Mortgage rates didn't do much today (the average lender drifted microscopically, and Wednesday's CPI data has infinitely more power to move the needle...
Tue, Apr 11 2023, 4:29 PM
All Eyes on CPI
Wednesday morning brings the most consequential economic data of the next several weeks in t...
Tue, Apr 11 2023, 12:19 PM
With the global financial market mostly firing on all cylinders after the various closures of the holiday weekend, the post-NFP defensiveness remains ...
Tue, Apr 11 2023, 10:22 AM
“The human brain is the most amazing organ in the human body. It works 24 hours a day, 365 days a year, from birth up until the moment that you buy yo...
Mon, Apr 10 2023, 4:00 PM
Unofficially Still Waiting For The Week to Begin
Bonds took today to get caught up after an unconventional h...
Mon, Apr 10 2023, 3:54 PM
Mortgage rates put in a great performance last week--especially if you stopped paying attention on Thursday. At that time, it was the best weekly dro...
Mon, Apr 10 2023, 12:34 PM
The juxtaposition of an uncharacteristically early close on Friday, an important nonfarm payrolls release, and widespread holiday closures in European...
Mon, Apr 10 2023, 11:14 AM
Fannie Mae’s monthly survey of consumers’ attitudes toward buying or selling a home and their own financial situation showed a mixture of sentiments i...
Mon, Apr 10 2023, 10:48 AM
I just looked at the balance of my checking account: $LMAO.00. Here’s a tip of the day to keep your bank account from going to $0 with this non-mortga...
Fri, Apr 7 2023, 4:58 PM
Interest rates were remarkably calm in the last week of March. The market was in the process of shifting focus from the banking sector back to economi...
Fri, Apr 7 2023, 3:03 PM
Straightforward Selling After Jobs Data; CPI Up Next
While it's possible to find a few folks on the internet...
Fri, Apr 7 2023, 11:53 AM
This morning's jobs report was very close to perfectly in line with forecasts. While the job count declined from last month, the report was strong ov...
Fri, Apr 7 2023, 10:11 AM
Rates can be 0 percent, but if there are no homes to buy, lender and real estate agent activity will grind to a halt. I realize that this is an extrem...
Thu, Apr 6 2023, 4:41 PM
Mortgage rates put in a solid performance so far this week with substantial declines to the lowest levels in months as of yesterday afternoon. Thursd...
Thu, Apr 6 2023, 4:32 PM
Weeklong Rally Levels Off Ahead of Jobs Report
10yr yields began the week over 3.5% and rallied more than 20...
Thu, Apr 6 2023, 12:04 PM
The tone of Wednesday's trading was a bit different than the previous two days. All 3 featured motivation for lower rates/yields from the economic da...
Thu, Apr 6 2023, 9:26 AM
My cat Myrtle never turns down a good helping of enchanting, diced, barbequed beef. (Sorry vegetarians: La Principessa is a carnivore.) I realize that...
Wed, Apr 5 2023, 4:16 PM
Rates Rally Cautiously After ISM Services Data
On the approach, today's ISM Services PMI looked like the 2nd...
Wed, Apr 5 2023, 3:53 PM
It seems like only a few weeks ago that the average 30yr fixed mortgage rate was surging up to 7% from 6% just a few weeks earlier. In fact, it doesn...
Wed, Apr 5 2023, 11:09 AM
“I’ve had $8,000 in my bank account and I’ve had $8. Let me tell you, the $8 lasted longer.” $42 billion in deposits didn’t last long in Silicon Valle...
Wed, Apr 5 2023, 11:03 AM
Apart from Friday's jobs report, this morning's ISM Services (or "non-manufacturing") data was the week's most relevant market mover in terms of sched...
Wed, Apr 5 2023, 8:35 AM
March was a good month for the mortgage market with application volume growing for four straight weeks, but as the month ended, so did the winning str...
Tue, Apr 4 2023, 4:44 PM
Downbeat Data Primes The Pump For Shift
Tuesday's Job Openings report combined with Monday's ISM Manufacturi...
Tue, Apr 4 2023, 4:35 PM
As long as we're talking about the best case scenario conforming 30yr fixed mortgage rate, the average lender officially hit 2-month lows today, just ...
Tue, Apr 4 2023, 12:43 PM
It wasn’t yet the season, but February’s home price environment seems to have gotten a jump on the vaunted spring housing market. Black Knight’s Mort...
Tue, Apr 4 2023, 11:17 AM
Bonds began the day in weaker territory as they followed European yields higher overnight. But the domestic session is looking up thanks to JOLTS dat...
Tue, Apr 4 2023, 10:25 AM
I was having dinner in Manhattan last night, with the topics including Virgin Orbit filing for bankruptcy and the continuing Homepoint rumors (any que...
Tue, Apr 4 2023, 9:56 AM
Construction spending remained unremarkable in February, declining fractionally from January (-0.1 percent) while maintaining a 5.2 percent improvemen...
Mon, Apr 3 2023, 4:00 PM
Mortgage rates moved lower today as investors reacted to economic data that showed contraction in the manufacturing sector. The Institute for Supply ...
Mon, Apr 3 2023, 3:49 PM
Downbeat Data Puts Downward Pressure on Rates
Although there was some cause for concern in the overnight tra...
Mon, Apr 3 2023, 10:20 AM
Today I’m in Manhattan, having flown in to one of the nicer malls I’ve ever walked through, aka LaGuardia Airport. ($8 billion goes a long way.) No, I...
Mon, Apr 3 2023, 9:39 AM
The bond market is still in the process of reestablishing composure after the recent banking panic. The bank episode sent Fed rate expectations plumm...
Fri, Mar 31 2023, 6:18 PM
Fri, Mar 31 2023, 3:34 PM
Bonds Rally on Month-End Trading and Friendly Inflation Data
Bonds began the day in unchanged territory and ...
Fri, Mar 31 2023, 12:12 PM
Today brings two new updates on inflation. Core PCE inflation came in at 4.6 vs 4.7% forecasts, down from a 4.7% level previously. This isn't nearly...
Fri, Mar 31 2023, 9:27 AM
“My landlord told me that she would like to have a chat with me about the house's sky-high heating bills this winter. I told her, ‘Sure thing, wheneve...
Thu, Mar 30 2023, 4:09 PM
This week's theme has undoubtedly been the extreme absence of volatility in the rate market. Whether we're looking at mortgage rates themselves or a ...
Thu, Mar 30 2023, 3:52 PM
Uncanny Calm Unlikely to Last
For the third straight day, the bond market traded in a range that was signifi...
Thu, Mar 30 2023, 12:00 PM
Volume and volatility have rapidly died down over the past 3 days as the market settles into a waiting game. What are we waiting for? Successive day...
Thu, Mar 30 2023, 10:11 AM
It’s important to be stylish; just ask Pope Francis. (Page down once or twice to see the fake image. And we wish the 86-year-old a speedy recovery fro...
Wed, Mar 29 2023, 5:03 PM
For the second day in a row, mortgage rates didn't move nearly as much as they have been moving on any given day during the past 3 weeks. This is a r...
Wed, Mar 29 2023, 4:44 PM
Another Boring (But Resilient) Day
After the past few weeks, boring trading days aren't necessarily unwelcom...
