Tue, Oct 21 2025, 5:07 PM
Slow, Steady Gains Continue
Perhaps the absence of big-ticket econ data has left bond traders to ponder a re...
Tue, Oct 21 2025, 4:29 PM
The bonds that underly mortgage rates were only slightly stronger today, but that's never a bad thing when they closed near the best levels in a year ...
Tue, Oct 21 2025, 11:34 AM
On the one hand, there's not much going on for the bond market these days. The jobs report is a flat-out requirement in terms of informing major chan...
Mon, Oct 20 2025, 4:17 PM
Strange Combo of Excitement and Boredom
Boring stuff first: there was no significant data, news, volume, or ...
Mon, Oct 20 2025, 3:23 PM
Mortgage rates ended last week at the lowest levels in just over a month. It was the 3rd best day in over a year and the 24th best day in over 3 years...
Mon, Oct 20 2025, 11:16 AM
New week. Same grind. We're waiting (likely for a good while longer) for the government shutdown to end before the most relevant econ data can truly e...
Fri, Oct 17 2025, 5:01 PM
Logical Pull-Back on Tamer Tariff Talk, But Mortgages Outperform
If there was only one event to be aware of ...
Fri, Oct 17 2025, 2:22 PM
The average top tier 30yr fixed rate was unchanged on Friday despite the bond market being slightly weaker. Normally, weaker bonds mean higher rates, ...
Fri, Oct 17 2025, 11:53 AM
By process of elimination and ongoing forensic efforts, it's becoming more and more clear that yesterday's mystery rally in the short end of the yield...
Thu, Oct 16 2025, 4:16 PM
Seriously... No One Seems to Know
Today's most prominent feature was a large, rapid move in Fed Funds Future...
Thu, Oct 16 2025, 3:42 PM
Despite a stark absence of any truly inspiring events, interest rates have managed to put in two fairly serious days of movement. In today's case spec...
Thu, Oct 16 2025, 9:40 AM
There were quite a few economic reports that would have been released this morning were it not for the gov shutdown. OK, well only 3 notable absences...
Wed, Oct 15 2025, 5:32 PM
Fairly Flat At Strongest Levels in Weeks
10yr yields ended the day a mere 0.1bp higher than yesterday (4.029...
Wed, Oct 15 2025, 4:26 PM
Mortgage rates are based on bonds and bonds are trading at their best levels since September 17th. Of course there are different kinds of bonds, so w...
Wed, Oct 15 2025, 10:16 AM
Stocks have made a bit of a round trip since last Friday when Trump's tariff comments sparked a big sell-off. Bonds benefited from that at the time. ...
Tue, Oct 14 2025, 5:43 PM
Yields Hug Multi-Week Lows After Powell Speech
Bonds were remarkably resilient over the extended weekend giv...
Tue, Oct 14 2025, 5:02 PM
Last week ended with mortgage rates dropping to their best levels since September 17th. Over the weekend, the underlying bond market maintained the ga...
Tue, Oct 14 2025, 9:59 AM
Bonds are flashing red on the screen (depending on when you look), but even at their weakest levels of the morning, we'd still consider this a stronge...
Fri, Oct 10 2025, 5:43 PM
Markets Rocked by New Tariff Drama
Bonds were already having a decent day this morning with overnight market...
Fri, Oct 10 2025, 3:16 PM
Mortgage rates saw their biggest day-over-day decline of the past several weeks today in response to unexpected news regarding additional tariffs on C...
Fri, Oct 10 2025, 9:44 AM
At the start of the week, we noted Japanese political developments as a key reason for overnight losses on Monday morning. This had to do with Takaich...
Thu, Oct 9 2025, 4:05 PM
Uneventful Day; MBS Underperform
It's not uncommon to see MBS outperform their Treasury benchmarks in the ru...
Thu, Oct 9 2025, 3:33 PM
It's getting pretty tough to weave an interesting narrative on mortgage rates over the past 3 weeks. During that time, they just haven't changed that ...
Thu, Oct 9 2025, 9:17 AM
With Jobless Claims on hold due to the shutdown, bonds are forced to endure another data-free morning. The calendar offered a glimmer of hope with a P...
Wed, Oct 8 2025, 3:21 PM
Some Selling Pressure After Auction and Fed Minutes
There were no market-moving economic reports scheduled f...
Wed, Oct 8 2025, 3:00 PM
Mortgage rates technically ticked a hair lower today, but it's more accurate to view them as being broadly sideways. Some lenders issued improvements ...
Wed, Oct 8 2025, 9:33 AM
While there are a smattering of Fed speakers on the calendar today, the morning comments are not likely to have an impact. In fact, the average Fed sp...
Tue, Oct 7 2025, 4:26 PM
Bonds Turn Green After Econ Data and Treasury Auction
Bonds began the day in slightly weaker territory as yi...
Tue, Oct 7 2025, 3:57 PM
Mortgage rates have been in a very narrow range for nearly 3 weeks with the last major move seen on September 17th and 18th following the Fed rate cut...
Tue, Oct 7 2025, 11:38 AM
10yr yields drifted up toward the 4.20% technical level overnight but buyers showed up at the 8:20am CME open. The initial recovery looks more technic...
Mon, Oct 6 2025, 4:39 PM
Incidental Weakness But No Big Picture Change
There were no economic reports on tap today and no obvious mar...
Mon, Oct 6 2025, 4:23 PM
Mortgage rates began the week right in line with their highest levels of the past 30 days. This sounds a bit more dramatic than it is because the pas...
Mon, Oct 6 2025, 8:57 AM
On paper, it was supposed to have been a sleepy session for bonds with nothing of note on the econ calendar. But in practice, we're seeing one of the ...
Fri, Oct 3 2025, 4:59 PM
Weaker Day, Stronger Week
Friday ended up seeing the bond market give up some ground with most of the weakne...
Fri, Oct 3 2025, 3:51 PM
Mortgage rates moved just a bit lower today. Relative to any other day in the past 2 weeks, it was unremarkable. But because the range has been so na...
Fri, Oct 3 2025, 10:12 AM
With NFP on hold due to the shutdown, today's ISM Services was our only chance for for data driven volatility in the 2nd half of the week. A big beat...
Thu, Oct 2 2025, 4:04 PM
Ultra Quiet Session, But Ultimately Stronger
With the day's only relevant econ data on hold due to the shutd...
Thu, Oct 2 2025, 3:16 PM
If we're splitting hairs, today's mortgage rates are half a hair lower than yesterday's, but the average borrower might not see a difference in a rate...
Thu, Oct 2 2025, 9:45 AM
As a reminder, economic data published by government entities is on hold during the shutdown. Today, that means no Jobless Claims (also no Factory Ord...
Wed, Oct 1 2025, 3:53 PM
Best Closing Levels in More Than a Week, But Still Generally Flat
Short version: bonds have been basically f...
Wed, Oct 1 2025, 3:16 PM
Mortgage rates are based on bonds and bonds take cues from economic data. Employment-related data is particularly important. The monthly jobs report f...
Wed, Oct 1 2025, 8:32 AM
Bonds were already a hair stronger coming into the ADP data, but the results (-32k vs 50k forecast and previous month revised to -3k from 54k) have pr...
Tue, Sep 30 2025, 4:12 PM
Gains Erased by Month/Quarter-End Trading
If it's the last day of a month and especially if it's also the la...
Tue, Sep 30 2025, 3:08 PM
Mortgage rates were just barely lower this morning versus yesterday's latest levels, but most borrowers won't see any major difference from any of the...
Tue, Sep 30 2025, 11:25 AM
No new news on the probably government shutdown, but betting markets show increased odds, for whatever that's worth. The only reason to watch or care ...
Mon, Sep 29 2025, 5:08 PM
Waiting on Details as Bonds Reinforce The Range
It was a forgettable trading day, but at least slightly stro...
Mon, Sep 29 2025, 3:55 PM
It was an uneventful day for the bond market (and, thus, interest rates) as investors wait for clarity on this week's potential government shutdown. I...
Mon, Sep 29 2025, 10:00 AM
Under normal circumstance, we look forward to the first Friday of any given month as the day that the jobs report takes a swing at sending the stronge...
Fri, Sep 26 2025, 3:54 PM
Last week was a wild one for mortgage rates with the lowest levels in nearly a year on Monday and an abrupt spike after Wednesday's Fed announcement. ...
Fri, Sep 26 2025, 10:36 AM
PCE may be the most relevant inflation report when it comes to assessing progress toward the Fed's 2% target, but it is not the most relevant report t...
