Tue, Jun 8 2021, 3:54 PM
Mortgage rates haven't been in the habit of making epic swings recently. That's not a bad thing considering they continue to operate in very low terri...
Tue, Jun 8 2021, 3:53 PM
Snowball Rally Reinforces Post-Payrolls Opportunities
Last week's jobs report created an opportunity to ride...
Tue, Jun 8 2021, 11:49 AM
The nation's mortgage delinquency rate is inching closer to its pre-pandemic level as early stage delinquencies improve. CoreLogic says that in March ...
Tue, Jun 8 2021, 11:47 AM
After years of opening mail I’ve come to the conclusion that, when stamped on an envelope in the U.S. mail, “personal and confidential” usually isn’t,...
Tue, Jun 8 2021, 10:24 AM
A short squeeze occurs when bond yields fall to levels that force short sellers to cover their positions (read more here, if that didn't make sense), ...
Mon, Jun 7 2021, 4:25 PM
Sideways to Start The Week, But That's Still a Victory
Last Friday's jobs report sparked a reasonably big bo...
Mon, Jun 7 2021, 12:57 PM
April price gains may have set a record for setting records and Black Knight, in its Mortgage Monitor for the month, runs them down. The annual rate o...
Mon, Jun 7 2021, 12:47 PM
While consumers' comfort with their financial situation appears to be improving, their pessimism about homebuying is also growing. Fannie Mae says whi...
Mon, Jun 7 2021, 12:43 PM
The share of refinances originated during a month dropped below 60 percent in April for the first time since September 2020. ICE Mortgage Technology, ...
Mon, Jun 7 2021, 10:54 AM
Time is flying, and the months click by. We’re approaching the Summer Solstice. (Here in Sitka, AK, the official sunrise is around 4AM and it sets aro...
Mon, Jun 7 2021, 9:37 AM
Summertime Mondays--especially those without any significant calendar events--have a tendency to be lighter than normal in terms of volume and volatil...
Fri, Jun 4 2021, 3:05 PM
Locking vs Floating After Today's Jobs Report
NFP missed the mark and bonds ultimately rallied today. That ...
Fri, Jun 4 2021, 10:22 AM
A while back I made an appointment at a new doctor and under, “What do you wish to be called?” I wrote, “The Chosen One.” Wednesday, I heard the recep...
Fri, Jun 4 2021, 9:45 AM
The reaction has been back-and-forth in a very narrow range, but with very typical volume for NFP (in other words, traders are clearly trading... they...
Fri, Jun 4 2021, 8:45 AM
It wasn't a complete record setter, but mortgage bankers still established a few same quarter and other new highs as they kicked off the year with ano...
Thu, Jun 3 2021, 4:36 PM
Have We Mentioned The Jobs Report?
It seems that there's been more build-up than normal ahead of this month'...
Thu, Jun 3 2021, 10:52 AM
Here’s your pro tip of the day: occasionally blow on the wine in your coffee mug to convince the rest of the Zoom meeting that it is tea. Speaking of ...
Thu, Jun 3 2021, 9:48 AM
A clear theme has emerged this morning. The day's early jobs-related reports have all come out noticeably stronger (technically Challenger Layoffs in...
Thu, Jun 3 2021, 8:11 AM
The U.S. Census Bureau has released pieces of its 2020 report, Characteristics of New Housing. This is a massive annual compilation of data on what bu...
Wed, Jun 2 2021, 4:14 PM
In week-over-week terms, mortgage rates are modestly higher this afternoon compared to last Wednesday. In the slightly bigger picture, however, rates ...
Wed, Jun 2 2021, 4:00 PM
Sideways and Still Waiting on Friday's Jobs Report
Today's trading lived up to the sideways promises discuss...
Wed, Jun 2 2021, 1:44 PM
While many workers plan, at least according to recent surveys, to continue spending at least part of each week working from home, a shorter commute st...
Wed, Jun 2 2021, 10:47 AM
Real estate agents will tell you that offering above asking price is only the first step, with many buyers also waiving contingencies, skipping inspec...
Wed, Jun 2 2021, 9:23 AM
The spring of 2021 has been marked by a sideways consolidation that alternates between being "a sure thing" and "surely about to end. By mid April, b...
Tue, Jun 1 2021, 3:31 PM
Bonds a Bit Nervous as Big Data Week Begins
If there was ever a time when economic data was inconsequential ...
Tue, Jun 1 2021, 12:41 PM
Construction spending inched up in April, but the increase was tempered by a decline in publicly funded projects. The U.S. Census Bureau put the rate ...
Tue, Jun 1 2021, 11:12 AM
CoreLogic says that April saw further acceleration in the growth of housing prices. The company, which reported an 11.3 percent annual increase in hou...
Tue, Jun 1 2021, 10:56 AM
June, already. Plans to return to the office? The Mortgage Bankers Association, for example, is gearing up for a July 12 return. And you can bet it’s ...
Tue, Jun 1 2021, 9:24 AM
The new, holiday-shortened week begins with a good amount of weakness versus Friday's latest levels. Nonetheless, yields are right in the middle of t...
Fri, May 28 2021, 3:03 PM
Decent Gains Despite Hotter Inflation Data
While there was nothing especially memorable about today's tradin...
Fri, May 28 2021, 10:31 AM
Traffic is already bad out there! Here’s a sign on a beekeeper’s truck: “If you see me running, things have gone poorly, and you should run too.” Life...
Fri, May 28 2021, 10:04 AM
When we pondered the possibility (or frankly, the likelihood) of core inflation numbers hitting 3.0%+ several months ago, there was no way to know exa...
Thu, May 27 2021, 3:37 PM
Moderate Weakness; Decent Treasury Auction
7yr Treasury auctions haven't been great for the bond market in 2...
Thu, May 27 2021, 10:52 AM
I was telling my cat Myrtle about the labor shortage in the United States, but she didn’t seem fascinated, to say the least. In fact, she gave me a lo...
Thu, May 27 2021, 9:28 AM
With so much uncertainty about economic outcomes in the coming months, and with a healthy amount of bond market weakness already seen in the first qua...
Wed, May 26 2021, 3:35 PM
Yields Find a Floor Ahead of Month-End and Long Weekend
Today's most notable feature was a paradoxical move ...
Wed, May 26 2021, 11:08 AM
Do you think that creativity is waning? Hardly. Some great products and ideas come out of the mundane. Wonder what happens to your unused hotel soap a...
Wed, May 26 2021, 9:41 AM
When yields began to rise in August 2020 (and when they continued to rise at an even fast pace in Q1), we began looking for an intermission that wou...
Tue, May 25 2021, 4:41 PM
As of last Wednesday, mortgage rates were right in line with 1-month highs . They've drifted nicely lower since then and are now at their best levels ...
Tue, May 25 2021, 4:05 PM
Surprisingly Strong Move For No Great Reason
While there were a few positive developments for bonds today, t...
Tue, May 25 2021, 11:46 AM
The superlatives are getting tired - historic, record setting - but they have to come into play again with the March home price gains. A spokesperson ...
Tue, May 25 2021, 11:28 AM
Sales of newly constructed homes gave back some of their March gains last month, declining 5.9 percent to a seasonally adjusted annual rate of 863,000...
Tue, May 25 2021, 10:24 AM
Are you ready for a real-live holiday on Monday? With millions more Americans vaccinated since the last holiday, and the end-of-May weather, it’s a sa...
Tue, May 25 2021, 9:27 AM
Richmond Fed President Tom Barkin had the mic this morning at the NC Chamber of Commerce and one of his comments does a good job of capturing the esse...
Mon, May 24 2021, 3:56 PM
Uneventful But Slightly Stronger Start
At times, and especially during the summertime months, Mondays end up...
Mon, May 24 2021, 12:47 PM
A recent policy brief from the Urban Institute (UI) suggests a radical but common-sense solution for achieving affordable housing - homeownership. UI ...
Mon, May 24 2021, 10:51 AM
May's nonfarm payrolls number (released on June 4th) is the next obvious instance of a big ticket market mover. Between now and then, there are sever...
Mon, May 24 2021, 10:48 AM
What is your, and your company’s, value proposition? Lenders must be vigilant, which means paying attention to trends, big and small. For example, on ...
Fri, May 21 2021, 4:08 PM
Stronger Data Proves No Match For The Sideways Grind
Bonds have done a good job of clearing hurdles of vario...
Fri, May 21 2021, 12:16 PM
Existing home sales posted their third monthly loss in April, falling 2.7 percent compared to sales in March. The National Association of Realtors® (N...
