Thu, Jul 1 2021, 4:24 PM
Mortgage rates have had several good weeks now after being dealt a blow by the Fed announcement on June 16th. Said "blow" is relative , to say the lea...
Thu, Jul 1 2021, 3:14 PM
Uneventful Start to Q3, But Tomorrow is a Wild Card
There's always some risk that the first trading day of a...
Thu, Jul 1 2021, 11:27 AM
Construction spending fell off a bit in May, however residential construction remains the strongest sector , accounting for more than half the annuali...
Thu, Jul 1 2021, 11:25 AM
Pending home sales in April unnerved a lot of people. At what should have been a high point in the spring market, they fell 4.4 percent from the previ...
Thu, Jul 1 2021, 11:00 AM
Halfway done with 2021?! Yes, time is flying, and summer is here. The weather service just published instructions on how to bake a lasagna in your mai...
Thu, Jul 1 2021, 9:36 AM
The simple concept of timing is often underappreciated as a market mover. For instance, 820am and 3pm ET can often be sources of volatility simply be...
Wed, Jun 30 2021, 4:29 PM
Mortgage rates fell again today--now officially below the lowest levels in the past 2 weeks. In order to accomplish that, rates had to fully erase the...
Wed, Jun 30 2021, 4:11 PM
Failed Breakout Puts More Emphasis on End-of-Week Events
Notice that the headline didn't invoke "the jobs re...
Wed, Jun 30 2021, 10:57 AM
“Adam and Eve were the first people not to read the Apple terms and conditions.” Who has actually read their phone’s manual? Technology marches on, wi...
Wed, Jun 30 2021, 9:41 AM
Some people may pine for Fridays due to the end of a work week, or perhaps as the start of an extended weekend (as is the case with the impending exam...
Wed, Jun 30 2021, 9:34 AM
Mortgage applications fell sharply last week, affecting both refinance and purchase components of the Mortgage Banker Association's (MBA's) Market Com...
Tue, Jun 29 2021, 4:10 PM
Strong Data, But Even Stronger Sideways Grind
Bonds started the day in slightly weaker territory but moved v...
Tue, Jun 29 2021, 3:12 PM
Mortgage rates are primarily a function of trading levels in the bond market and bonds have enjoyed (or suffered) an interesting mix of volatility and...
Tue, Jun 29 2021, 1:17 PM
The government stakeholders involved in the various pandemic related forbearance programs appear to be directing their full attention to their upcomin...
Tue, Jun 29 2021, 1:14 PM
When the S&P CoreLogic Case-Shiller and Federal Housing Finance Agency's price reports for March were released we wrote that the superlatives were get...
Tue, Jun 29 2021, 10:57 AM
Ginnie Mae sent out a press release last week could create some confusion for those readers who only skimmed the lede. The opening paragraph states th...
Tue, Jun 29 2021, 10:45 AM
Say what you will about huge companies not having an impact on housing, MLOs can’t ignore the fact that they’re here. The latest example is global rea...
Tue, Jun 29 2021, 9:21 AM
Since the 2nd week of June, the bond market has been operating in a fairly narrow range with trading momentum being largely flat in the bigger picture...
Mon, Jun 28 2021, 4:38 PM
Monday Giveth
Summertime weekend trading dynamics are sadly a source of motivation for bond markets--especia...
Mon, Jun 28 2021, 11:38 AM
Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 8.6 percent in May compared to a 13.2 percent gain...
Mon, Jun 28 2021, 11:37 AM
The White House has announced another key appointee to a federal housing post. Julia Gordon has been named Assistant Secretary for Housing at the Depa...
Mon, Jun 28 2021, 11:36 AM
Black Knight reports that the number of loans in forbearance rose by 1,000 during the week ended June 22. The company says this was a continuation of ...
Mon, Jun 28 2021, 11:16 AM
Seattle will hit 110 degrees F today. Change is afoot. Last week changes of personnel within the CFPB and the FHFA (hence Fannie & Freddie) captured o...
Mon, Jun 28 2021, 10:39 AM
This week brings good potential for volatility as Friday represents the confluence of several individual events that are normally worth some volatilit...
Fri, Jun 25 2021, 11:56 AM
Small, Defensive Shift Heading Into The Weekend
The highest core inflation in decades proved to be no big de...
Fri, Jun 25 2021, 11:29 AM
As lenders are working on adjusting margins, best-ex, and staffing, while at the same time relieved that rates haven’t gone up and pipelines are motor...
Fri, Jun 25 2021, 10:07 AM
Much like the CPI data 2 weeks ago, today's PCE data showed the highest core inflation in decades. In fact, we'd have to go back almost 3 decades when...
Thu, Jun 24 2021, 3:26 PM
Bonds Snooze Through Data and Infrastructure Bill
The day began with a morning of lackluster econ data being...
Thu, Jun 24 2021, 11:41 AM
The White House didn't waste any time after a Supreme Court ruling allowed it to do so, removing Mark Calabria as Director of the Federal Housing Fina...
Thu, Jun 24 2021, 10:59 AM
In case you haven’t heard, the Supreme Court ruled that a U.S. president can remove the head of Federal Housing Finance Agency, in this case, Mark Cal...
Thu, Jun 24 2021, 10:22 AM
This week's supply of economic data is rapidly dwindling and we've yet to see a bond market reaction worth writing home about. This morning's crop pr...
Wed, Jun 23 2021, 3:58 PM
Sideways Grind Means More Focus on Next Jobs Report
As bonds continue to distance themselves from last week'...
Wed, Jun 23 2021, 2:51 PM
New home sales dropped for the second month in May, falling below an 800,000 unit pace for the first time in a year. The U.S. Census Bureau and the De...
Wed, Jun 23 2021, 2:49 PM
On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing ...
Wed, Jun 23 2021, 11:04 AM
Folks are talking about how in-person mortgage conferences are coming back strong. For example, here in Florida that MBAF conference is approaching 30...
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...
