Wed, Jun 23 2021, 9:25 AM
If Yesterday's big to-do was Fed Chair Powell's testimony, today's will be the 5yr Treasury auction. Notably, Powell didn't have a big impact. His c...
Tue, Jun 22 2021, 5:05 PM
No Whammies From Powell. Bonds Like It
Today's only notable calendar item was the congressional testimony fr...
Tue, Jun 22 2021, 1:03 PM
Existing home sales experienced their fourth consecutive decline in May . The National Association of Realtors® (NAR) said sales of previously owned s...
Tue, Jun 22 2021, 1:01 PM
Well, that turned on a dime. Lumber prices, which had risen more than exponentially during the pandemic and were a problem even before, have started d...
Tue, Jun 22 2021, 11:03 AM
Is office work returning? Some watch traffic patterns, and, sure ‘nuff, cars on the freeways of Los Angeles are traveling slower indicating that the c...
Tue, Jun 22 2021, 10:50 AM
The Fed's messaging is in a state of flux to some extent, as they move away from the "full speed ahead until further notice" and toward an evolving co...
Mon, Jun 21 2021, 4:29 PM
In 2010 it was viewed as a quick way to make a buck, but Wall Street's investment in single-family rental housing soon became a distinct asset class a...
Mon, Jun 21 2021, 4:29 PM
10yr yields may have hit their lowest levels in months in the wee hours of the morning and people may always perceive a bit too much correlation betwe...
Mon, Jun 21 2021, 4:23 PM
Treasury Trading Trends Coming and Going
Way back in early 2021, steepening was all the rage. That refers t...
Mon, Jun 21 2021, 11:24 AM
Last week was volatile for bonds with trepidation heading into (and out of) the Fed Announcement. A surprisingly strong reversal on Thu/Fri brought y...
Mon, Jun 21 2021, 11:03 AM
Today I head to Orlando for the Mortgage Bankers Association of Florida 2021 Secondary and Convention (approaching 250 registrants!) The live and in-p...
Fri, Jun 18 2021, 3:52 PM
MBS Only Slightly Better While 10yr Shines
As discussed in the day ahead, the bond market is in the midst of...
Fri, Jun 18 2021, 11:04 AM
Our typical definition of "repricing" has to do with mortgage lender reprices, but the term has always existed beyond our little corner of the market....
Fri, Jun 18 2021, 10:21 AM
When my Dad retired from the navy in 1962 after 20 years, he found a job through the Want Ads in the newspaper. I post jobs here, through the wonders ...
Thu, Jun 17 2021, 4:44 PM
Fannie Mae's economists have revised a lot of their forecast from last month as new data has come in. The outlook for the 2021 GDP has been revised mo...
Thu, Jun 17 2021, 4:31 PM
Strong Showing For Longer-Dated Bonds
With the Fed's dot plot in focus yesterday, the associated drama was h...
Thu, Jun 17 2021, 4:23 PM
It's Thursday on a volatile week for the bond market and thus time, once again, to play our favorite game: "no, rates didn't really do that." Sometime...
Thu, Jun 17 2021, 11:05 AM
Fortunately for much of the rest of the United States, lumber prices have been falling since May, hopefully cutting the money required for new constru...
Thu, Jun 17 2021, 10:55 AM
After Wednesday's Fed-inspired rout, bond yields have done a great job finding support in the 1.56-1.59% area overnight amid high volume trading. All...
Wed, Jun 16 2021, 4:42 PM
Mortgage rates were already drifting higher in the first half of the week, but that was nothing compared to today. This afternoon's Fed Announcement w...
Wed, Jun 16 2021, 4:18 PM
Fed's Salty Dots Rock Bonds
As feared/anticipated, today was all about the "dots" (the dot plot that shows F...
Wed, Jun 16 2021, 2:00 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, Jun 16 2021, 10:31 AM
Broker and Lender Services and Products Faster applications = happier borrowers = loyal customers. VOE+VOIs are an unnecessary pain in the you know wh...
Wed, Jun 16 2021, 10:22 AM
Housing starts recovered in May after falling more than 9 percent in April but permitting had another lackluster month. The U.S. Census Bureau and Dep...
Wed, Jun 16 2021, 9:52 AM
There are 8 Fed announcements per year (barring emergencies). Today's announcement is one of the 4 that include updated economic projections (the "do...
Wed, Jun 16 2021, 8:13 AM
The latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) dropped 2 points in June. The Index, a measure of home ...
Wed, Jun 16 2021, 8:10 AM
A new report from the National Association of Realtors® (NAR) says that the demand for and sale of vacation homes soared during the pandemic. While th...
Wed, Jun 16 2021, 8:07 AM
Mortgage application activity bounced back from the Memorial Day holiday week with a seasonally adjusted increase of 4.2 percent in the Mortgage Banke...
Tue, Jun 15 2021, 4:15 PM
Mortgage rates had a great week last week, ultimately getting very close to the lowest levels since March. One of the main sources of motivation was t...
Tue, Jun 15 2021, 4:10 PM
Pre-Fed Paralysis Despite Some Interesting Data
Retail Sales down 1.3% and last month revised up to 0.9%? C...
Tue, Jun 15 2021, 11:40 AM
I was spending a little time yesterday evening at the local cannabis club with my favorite bud-tender (an ombudsman!), and she was telling me about ho...
Tue, Jun 15 2021, 9:00 AM
On weeks that close out with the big jobs report, an inordinate amount of headlines include a reference to the impending data. The same is true with ...
Mon, Jun 14 2021, 4:19 PM
New Week, New Sense of Urgency
The new week wasted no time in differentiating itself from the previous week ...
Mon, Jun 14 2021, 10:44 AM
Elaine F. reminded me of a quote from Hemingway: “Never mistake motion for action.” And basketball coach John Wooden said, “Never mistake action for a...
Mon, Jun 14 2021, 9:20 AM
Last week was relatively impressive and perhaps somewhat surprising in terms of bonds' ability to rally in the absence of overt fundamental motivation...
Fri, Jun 11 2021, 6:21 PM
No, this isn't one of those click-bait headlines that promise to share "one weird trick" or proclaim "you'll never believe what happened next." Well, ...
Fri, Jun 11 2021, 3:55 PM
Bonds Circle Weekend Wagons as Fed Day Looms
This week was a bit of a barn burner for the bond market with 1...
Fri, Jun 11 2021, 11:14 AM
Friday: time for some random non-mortgage stuff. Everyone knows that if you lose one sense, your other senses become enhanced. Which is why people wit...
Fri, Jun 11 2021, 9:43 AM
Slightly weaker?! How could we say such things when the MBS chart looks like this:
Don't worry. This isn't exactly "real" due to the roll. The...
Fri, Jun 11 2021, 8:42 AM
It is hardly a surprise given the rapid increase in home prices, but homeowners gained another $1.9 trillion in equity in the first quarter of this ye...
Fri, Jun 11 2021, 8:40 AM
Redfin says the second home market appears to be cooling although annual sales, measured by mortgage rate locks, were up nationwide by 48 percent in M...
Thu, Jun 10 2021, 4:00 PM
Best Levels in Months After Much Higher CPI Data (No, Really!)
If you'd told someone that core annual CPI wo...
Thu, Jun 10 2021, 10:04 AM
If you'd told someone that core annual CPI would come in 0.4% higher than expected at a staggering 3.8%, but that Treasuries would only sell-off a few...
Thu, Jun 10 2021, 10:02 AM
With plenty of in-person mortgage events slated for the remainder of 2021, it is good that human brains are specialized for facial recognition and tha...
Wed, Jun 9 2021, 3:51 PM
Strong 10yr Auction Reinforces Friendly Trend
Bonds charged into the domestic session making surprisingly sw...
Wed, Jun 9 2021, 2:40 PM
The bond market is the main ingredient that lenders use to determine lending rates. The mortgage market is no exception . In fact, mortgages have spec...
Wed, Jun 9 2021, 11:34 AM
I hope that Google never shuts down. I know six, maybe seven, things. I know that the President’s plane was delayed seven hours this morning due to ci...
Wed, Jun 9 2021, 10:37 AM
In the past 48 hours, bonds have entered into one of those interesting rally patterns marked by a striking absence of conventional motivations. That ...
Wed, Jun 9 2021, 8:20 AM
Mortgage application activity slowed further during the week ended June 4, a short business week due to Monday's Memorial Day holiday. The impact of t...
Tue, Jun 8 2021, 4:07 PM
Fannie Mae announced a new refinance program “RefiNow”, effective June 5th , designed to provide greater loan flexibilities for low income borrowers, ...
