Tue, Mar 16 2021, 3:53 PM
No Help From Strong Auction or Weak Data; Waiting on The Fed
Bonds shrugged off a big miss in Retail Sales t...
Tue, Mar 16 2021, 11:38 AM
Escalating costs took a toll on builder confidence this month. The National Association of Home Builders (NAHB) said its Housing Market Index dipped t...
Tue, Mar 16 2021, 10:30 AM
Time flies. Ringo is 80!? I bet he’s done some vacationing in the last 60 years. I gave my wife a dart and a poster of a world map and told her, “Thro...
Tue, Mar 16 2021, 10:19 AM
So far this morning, bonds have passed over the econ data in favor consolidating inside Friday's trading range. Given the proximity of the Fed announ...
Mon, Mar 15 2021, 3:52 PM
Fighting Good Fight, Waiting on Fed Day
Coming off a fairly rough Friday at the end of last week, it's mildl...
Mon, Mar 15 2021, 11:27 AM
A study by ApartmentList has identified a new category of workers, arising, at least in part, out of the pandemic. Lynn Pollack, writing in GlobeSt , ...
Mon, Mar 15 2021, 10:01 AM
Here we are at the Ides of March: only two weeks until the end of the 1st quarter! The time is flying by and time is precious. Last night I slept on t...
Mon, Mar 15 2021, 9:21 AM
Last week ended poorly for the bond market with yields jumping to new one year highs. It was also the first full week with 10yr yields trading above 2...
Fri, Mar 12 2021, 3:36 PM
Sobering Reminder About Rising Rate Trend
By yesterday afternoon, the bond market had managed to string toge...
Fri, Mar 12 2021, 3:07 PM
Fannie Mae announced March 10 that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purcha...
Fri, Mar 12 2021, 1:21 PM
Homeowners' housing wealth grew by record numbers in the fourth quarter of last year . CoreLogic, in its Home Equity Report for the period, says the a...
Fri, Mar 12 2021, 11:15 AM
Black Knight notes a large improvement in forbearance statistics during the week ended March 9. The number of loans in active plans dropped by 77,000 ...
Fri, Mar 12 2021, 10:27 AM
By yesterday afternoon, the bond market had managed to string together several of the most reassuring days of 2021. Today's early losses provide a wa...
Fri, Mar 12 2021, 9:56 AM
A year ago… remember when you couldn’t find toilet paper for sale? Now you can’t find a house for sale. But there are plenty of Agency MBS and other d...
Thu, Mar 11 2021, 3:50 PM
Mortgage rates improved microscopically today as the underlying bond market stayed uncharacteristically steady. Since the beginning of 2021, bonds hav...
Thu, Mar 11 2021, 3:36 PM
Tame Treasury Auctions. What's Up With New NOO/2nd Fees?
The week's biggest potential market movers (the 10...
Thu, Mar 11 2021, 12:55 PM
Fannie Mae has sent lenders an advanced notice that additional risk criteria is coming for loans it acquires from lenders. Lender Letter 2021-08 lays ...
Thu, Mar 11 2021, 12:53 PM
Access to mortgage credit remained unchanged in February after making modest gains over the previous four months. The Mortgage Bankers Association sai...
Thu, Mar 11 2021, 12:43 PM
Roughly 60 percent of U.S. households are effectively priced out of the new home market according to 2021 estimates from the National Association of H...
Thu, Mar 11 2021, 11:24 AM
With all the hundreds of thousands of borrowers around the nation left to refinance, lenders are understandably concerned about mortgage rates creepin...
Thu, Mar 11 2021, 10:31 AM
Yesterday's much-anticipated 10yr auction was extremely underwhelming. Combine that with fairly flat trading levels at the moment and the mortgage co...
Wed, Mar 10 2021, 4:01 PM
Reasons For Both Hope and Caution
Today's 10yr auction was average, but that performance followed a mid-d...
Wed, Mar 10 2021, 11:33 AM
CoreLogic's December 2020 Loan Performance Insights report was upbeat, citing positive signs of recovery after a rocky year in which a pandemic and re...
Wed, Mar 10 2021, 10:02 AM
Today I head off on a business trip to Georgia for a few days, which reminded me that yesterday’s commentary had some state facts. As expected, people...
Wed, Mar 10 2021, 10:02 AM
2021's rate spike is big enough and has been going on long enough that there is widespread speculation about how much worse it could get. While it is...
Wed, Mar 10 2021, 8:44 AM
Mortgage application volume turned lower again this week after longer term rates rose again, pulling more steam out of refinancing. The Mortgage Banke...
Tue, Mar 9 2021, 4:16 PM
Wednesday's 10yr Auction Could Cast a Big Vote on a Bounce
With bonds coming into the session in much strong...
Tue, Mar 9 2021, 4:15 PM
At this point, no one should be surprised to hear that mortgage rates have moved significantly higher in 2021--especially in the past few weeks. There...
Tue, Mar 9 2021, 10:38 AM
Fannie Mae's Home Purchase Sentiment Index (HPSI) declined slightly in February as did four of its six components. The Index, based on a sample of ans...
Tue, Mar 9 2021, 9:58 AM
Much like February 26th, overnight strength in the bond market allows us to ask the same obvious question: "is this the bounce?" Much like Feb 26th, ...
Tue, Mar 9 2021, 9:56 AM
Does anyone agree on anything anymore? In the past, state trivia was fun because everyone agreed on it. No one will disagree that Alaska is the northe...
Mon, Mar 8 2021, 3:38 PM
3-Day Weekend for Volatility; Waiting on Supply
After Friday's bond market rout, today's relatively calm tra...
Mon, Mar 8 2021, 10:27 AM
Last year was a record setting one when it comes to mortgage origination according to Black Knight's January Mortgage Monitor. It puts the total volum...
Mon, Mar 8 2021, 10:04 AM
Over the past 3-4 months, the prospect of fiscal stimulus has done major damage to the bond market. It wouldn't have been a surprise to see more weak...
Mon, Mar 8 2021, 9:43 AM
Let’s start the week with a gaggle of questions. Do you feel old knowing that Taylor Swift is older than the four Beatles were when they broke up? Hav...
Fri, Mar 5 2021, 5:28 PM
Huge Jobs Report, Logical Weakness, and a Nice Bounce, But...
Bonds did quite well today considering Powell'...
Fri, Mar 5 2021, 11:54 AM
A new policy paper from the Urban Institute (UI) looks at the recent amendments to the senior preferred stock purchase agreement (PSPA) agreed to by o...
Fri, Mar 5 2021, 11:43 AM
As Black Knight has repeatedly predicted, end of February expirations drove the number of mortgage loans in forbearance lower this past week. There wa...
Fri, Mar 5 2021, 11:37 AM
The Consumer Financial Protection Bureau (CFPB) has proposed to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule ...
Fri, Mar 5 2021, 10:30 AM
Today began with Nonfarm Payrolls coming in at 379k vs 182k forecast. Last month's numbers were revised up to 166k from 49k. The unemployment rate t...
Fri, Mar 5 2021, 9:59 AM
In the legal field, virtual litigation is thought to be here to stay, vaccine or no vaccine. And as the pandemic continues, and remote hiring continue...
Thu, Mar 4 2021, 5:27 PM
Mortgage rates jumped quickly today after Q&A session with Federal Reserve Chair Jerome Powell. What did he say to cause such drama? Actually, it's mo...
Thu, Mar 4 2021, 4:19 PM
Powell Does Exactly What He Was Supposed To (And Bonds Didn't Like It)
From this AM: "some recent analysis h...
Thu, Mar 4 2021, 2:57 PM
There seems to be a fair amount of surprise and confusion surrounding today's bond market sell-off in response to Fed Chair Powell's Q&A with the WSJ....
Thu, Mar 4 2021, 9:56 AM
Welcome to the only day where the date is a command. Owners of shopping malls wish they could command everyone to go shopping in one. When was the las...
Thu, Mar 4 2021, 9:29 AM
Monday and Tuesday brought a stronger start for bonds and, with it, hopes that a broader bounce was in the works. Wednesday dashed those hopes and in...
Wed, Mar 3 2021, 3:51 PM
MBS Outperform, But Bonds Fail To Confirm The Bounce
Tuesday's gains increased odds that a friendly bounce w...
Wed, Mar 3 2021, 10:52 AM
To listen to the audio version of today’s commentary with an interview with STRATMOR Group’s resident recovering accountant Jim Cameron on handy metri...
Wed, Mar 3 2021, 9:30 AM
Bonds had a great day yesterday--not so much because the rally covered a ton of ground, but rather because it helped build a case for the end of the m...
Wed, Mar 3 2021, 8:25 AM
Mortgage application volume rose for the first time in four weeks during the week ended February 26, but it was only a marginal increase. The Mortgage...
