Tue, Sep 28 2021, 12:29 PM
Seen on a chalkboard outside a bar: “Beer shortage coming soon. Panic buy here!” Moving from booze to bonds, thinking that the Fed would buy $5 billio...
Tue, Sep 28 2021, 10:02 AM
Momentum, macroeconomic considerations, and Fed policy continue to dominate the bond market since last Thursday as traders are swept up in the widespr...
Mon, Sep 27 2021, 4:29 PM
Losses Continue Despite Decent 5yr Treasury Auction
Today's 5yr Treasury auction was respectable with the in...
Mon, Sep 27 2021, 3:18 PM
Mortgage rates continued somewhat higher on Monday as bond markets lost ground over the weekend, adding to the heavier losses seen on Thursday and Fri...
Mon, Sep 27 2021, 10:28 AM
I could tell that my cat Myrtle was miffed Sunday. I’m sure that she, given her position at the top of the food chain, believes that I shouldn’t be wa...
Mon, Sep 27 2021, 9:50 AM
At the end of last week, we noted the looming Treasury auction cycle at the start of this week. Due to calendar constraints, it's earlier than normal...
Fri, Sep 24 2021, 3:37 PM
Range Breakout or New Trend Channel?
It was an interesting trading session in the bond market as Treasury yi...
Fri, Sep 24 2021, 11:36 AM
Sales of newly constructed homes performed better than expected in August but remain well behind the pace set in August 2020. The U.S. Census Bureau a...
Fri, Sep 24 2021, 10:47 AM
As early as 4 months ago, we'd been eyeing late September as do or die time for the low rate environment. By early September, we had a very clear pic...
Fri, Sep 24 2021, 10:37 AM
First off, my apologies to Ernest Hemingway whose name I mistakenly wrote as “Earnest.” Thank you to those who pointed that out. Second… Okay… I see m...
Thu, Sep 23 2021, 3:54 PM
Homeowner equity grew $2.9 trillion nationwide from the second quarter of 2020 to the same quarter this year. CoreLogic's Homeowner Equity Report show...
Thu, Sep 23 2021, 3:52 PM
Delinquencies hit a new post-pandemic low in August as the national delinquency rate fell by 84,000 loans or 3.48 percent compared to July. It was 41....
Thu, Sep 23 2021, 3:49 PM
Existing home sales ended two months of gains in August, falling 2.0 percent on a seasonally adjusted basis from the previous month. The National Asso...
Thu, Sep 23 2021, 3:28 PM
Mortgage rates jumped substantially higher today as global markets reacted to yesterday's Fed announcement. But that's really just scratching the surf...
Thu, Sep 23 2021, 2:41 PM
What's Up With Today's Big Sell-Off?
It's not nearly as surprising to see bond yields breaking technical cei...
Thu, Sep 23 2021, 11:05 AM
This morning the Mortgage Bankers Association's Research Institute for Housing America (RIHA) released, The Impact of Climate Change on Housing and Ho...
Thu, Sep 23 2021, 10:03 AM
Wednesday's reaction to the Fed was essentially a non-reaction with yields ending the day very close to pre-Fed levels. Traders were more willing to ...
Wed, Sep 22 2021, 5:31 PM
Mortgage rates were surprisingly steady today as the bond market reacted to a new policy announcement from the Fed. Perhaps "reacted" is the wrong wor...
Wed, Sep 22 2021, 4:31 PM
Powell Effectively Confirms November Taper Barring NFP Catastrophe
Bonds reacted well to the initial Fed ann...
Wed, Sep 22 2021, 2:01 PM
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum ...
Wed, Sep 22 2021, 10:35 AM
Once a week it is Wednesday… but this one is noteworthy. An equinox is the instant of time when the plane of Earth's equator passes through the geomet...
Wed, Sep 22 2021, 10:02 AM
We've been pining for this particular Fed day for weeks, at least. In fact, as early as June 1st, we pointed out that Fed speakers seemed to suggest ...
Wed, Sep 22 2021, 8:10 AM
The Mortgage Bankers Association (MBA) estimates that there were 17 percent fewer applications for new home purchases in August than in July, but thos...
Wed, Sep 22 2021, 8:08 AM
The volume of applications for first mortgages grew by 4.9 percent on a seasonally adjusted basis during the first full week after Labor Day. The Mort...
Tue, Sep 21 2021, 3:54 PM
"Inside Day" Placeholder Ahead of Wednesday's Main Event
The AM commentary revisited and reiterated the cons...
Tue, Sep 21 2021, 2:24 PM
By the end of last week, mortgage rates moved up to match their highest levels in 2 months. After a modest recovery yesterday, today's rates are littl...
Tue, Sep 21 2021, 11:36 AM
Residential construction numbers were a surprise again in August. Permits for construction and housing starts were both higher than expected, however,...
Tue, Sep 21 2021, 11:34 AM
A cluster of stories about appraised values of homes in minority areas hit the national news earlier this summer and now Freddie Mac has released an a...
Tue, Sep 21 2021, 10:41 AM
A sign in the window reads CURED MEATS. Inside, a salami takes his first steps since the accident. A prosciutto learns to forgive. There are all kind ...
Tue, Sep 21 2021, 9:54 AM
Trading ranges and consolidation patterns can make for tedious discussion when they're well-behaved for weeks on end. We began discussing the current...
Mon, Sep 20 2021, 4:18 PM
Surprise Snowball Rally as Stocks Swoon Over Global Risks
When it comes to stocks vs bonds, pundits generall...
Mon, Sep 20 2021, 11:23 AM
Builder confidence edged its way higher in September, ending a three-month slump. The National Association of Home Builders (NAHB) reports that the NA...
Mon, Sep 20 2021, 10:46 AM
Someone asked me if I had plans for the fall. It took me a moment to realize they meant “autumn,” not the collapse of civilization. Lots of folks are ...
Mon, Sep 20 2021, 9:53 AM
Evergrande is a Chinese real estate company that has been circling the drain for months. During that time, press reports increasingly suggest that Ev...
Fri, Sep 17 2021, 4:33 PM
Traders Move to Sidelines Ahead of Fed Announcement
September's big Fed announcement doesn't hit until next ...
Fri, Sep 17 2021, 1:19 PM
The number of homes flipped by investors grew by 3.5 percent in the second quarter of the year. It was the first increase in more than a year. ATTOM s...
Fri, Sep 17 2021, 11:21 AM
Another powerful group of federal officials are in the hotseat after details of their personal finances were revealed. While there are no accusations ...
Fri, Sep 17 2021, 11:19 AM
Some things stick with you , some don’t. Many of the topics covered here in Atlanta’s NAMMBA Connect 2021 will stick with folks since they mirror what...
Fri, Sep 17 2021, 10:07 AM
The headline is a bit dramatic, but not untrue. 10yr yields were as high as 1.351 yesterday--just a moderate day of weakness away from the 2-month hi...
Thu, Sep 16 2021, 4:20 PM
Mortgage rates moved higher again today, bringing the average lender to the worst levels since last Thursday. There are a few exceptions to that due t...
Thu, Sep 16 2021, 3:54 PM
Uneventful Afternoon After Strong Data Sends Yields Higher
Today's key development was the duo of much stron...
Thu, Sep 16 2021, 11:02 AM
Refinancing and home purchases had a nearly even share of mortgage originations in July. ICE Mortgage Technology said that 50 percent of closed loans ...
Thu, Sep 16 2021, 11:01 AM
I’m getting old. I can remember the lyrics from a Steppenwolf song that I haven’t heard in 20 years but I don’t remember what I had for lunch yesterda...
Thu, Sep 16 2021, 9:08 AM
Bonds are starting the day on the back foot as Retail Sales rose 0.7% despite a median forecast of -0.8. The Philly Fed numbers also surged past 18.8...
Wed, Sep 15 2021, 4:28 PM
Mortgage rates began the day with promise. Actually, it was the underlying bond market (which largely dictates mortgage rates) was sending promising s...
Wed, Sep 15 2021, 4:08 PM
Sideways Vibes Won't Give Up Just Yet
Bonds made a move yesterday with yields breaking below the lower bound...
Wed, Sep 15 2021, 10:51 AM
Today there are 400,000 homeowners in their final month of forbearance and another 1.2 million still in the program as it winds down, thus, it is prob...
Wed, Sep 15 2021, 10:25 AM
How ‘bout some random Q&A for Hump Day? Did you know that almost 2,400 of your co-workers are already registered for the National MBA conference next ...
Wed, Sep 15 2021, 10:19 AM
The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury announced late Tuesday that they were suspending some of the provisi...
Wed, Sep 15 2021, 10:17 AM
The traditional end of summer was accompanied by a tiny boost in the volume of mortgage applications. The Mortgage Bankers Association said its season...
