Tue, Oct 27 2015, 6:31 PM
If we needed any more evidence that the earlier price action had much to do with the spillover from European bond markets, the afternoon trade made it...
Tue, Oct 27 2015, 5:30 PM
Mortgage rates were sideways to slightly lower today, depending on the lender. Whereas some rate sheets were carbon copies of yesterday's latest ...
Tue, Oct 27 2015, 2:20 PM
There continues to be nothing too much to write home about when it comes to post-NFP October in bond markets. There has been a range of 2.0-2.08 th...
Mon, Oct 26 2015, 9:12 AM
The week's key event is undoubtedly Wednesday's FOMC Announcement, but should markets be getting worked up over the possibility of a change? Of cours...
Mon, Oct 26 2015, 5:35 PM
Bond markets got nostalgic for summertime Mondays today. Despite it being the beginning of a Fed week and falling hard on the heels of a sharper move...
Mon, Oct 26 2015, 5:03 PM
Mortgage rates moved slightly higher today on average despite strength in underlying bond markets. Normally, when bond markets improve, rates dro...
Mon, Oct 26 2015, 2:24 PM
It has been a remarkably quiet day so far during the domestic session. This seems more like the rule than the exception of late. The only instance o...
Fri, Oct 23 2015, 7:33 AM
If you follow bond markets closely enough, you may have noticed a certain measure of reluctance on the part of 10yr yields to break below the 2% barri...
Fri, Oct 23 2015, 5:42 PM
If you caught the Mid-Day , you're up to speed on anything interesting that happened today.
If you didn't, the only interesting thing that happen...
Fri, Oct 23 2015, 4:41 PM
Mortgage rates were slightly higher today, but did a good job of holding their ground considering the volatile market conditions. Rates take thei...
Fri, Oct 23 2015, 1:47 PM
Bond markets are in weaker territory today, more than erasing all of yesterday's gains and taking 10yr yields to the highest levels in 2 weeks. The ...
Thu, Oct 22 2015, 12:22 PM
As expected, this morning's European Central Bank (ECB) Announcement has been a source of volatility for markets, but its effects have varied widely...
Thu, Oct 22 2015, 7:33 AM
Over the past two days, we saw a surprisingly strong move higher in European bond yields that spilled over to US bond markets. The effects were mute...
Thu, Oct 22 2015, 5:07 PM
Stocks and bonds continued on their divergent paths today thanks to the European Central Bank. While there had been some speculation that the ECB w...
Thu, Oct 22 2015, 4:11 PM
Mortgage rates continued lower today, largely getting caught up with yesterday's underlying market movements. Lenders were likely being cautious ...
Wed, Oct 21 2015, 8:48 AM
As you've likely picked up on, this week has served primarily as a chance for markets to do whatever they need to do ahead of next week's FOMC announc...
Wed, Oct 21 2015, 4:30 PM
Nothing has changed from the mid-day update, so today's recap will largely be an amplification of those themes.
Bond markets were stronger overni...
Wed, Oct 21 2015, 4:02 PM
Mortgage rates bounced back
to some extent today, after yesterday's bigger move higher. The bond
markets that underlie mortgage rates actuall...
Wed, Oct 21 2015, 1:39 PM
Yesterday marked the first legitimate swoon in US bond markets in more than a week. The 3 days prior were especially flat, with 10yr yields ending th...
Tue, Oct 20 2015, 12:56 PM
Bond markets lost ground overnight, moving resolutely higher in yield during the European session. The Treasury weakness is notable in that it occu...
Tue, Oct 20 2015, 7:33 AM
This probably won't be the last time I mention it before next Wednesday, but next Wednesday is the FOMC Announcement. That's the one where Yellen sai...
Tue, Oct 20 2015, 5:36 PM
"Move along... Nothing to see here..." Despite the 4.6 bp increase in 10yr yields and the quarter point drop in MBS Prices, today was actually rathe...
Tue, Oct 20 2015, 4:35 PM
Mortgage rates were moderately higher today, ending a 4 day streak near the lowest levels in more than 5 months. To be fair, the streak isn't tec...
Mon, Oct 19 2015, 7:33 AM
I remember when I used to think that certain super smart, well-connected, high-powered traders actually knew where rates would be heading with better ...
Mon, Oct 19 2015, 5:00 PM
Time for another installment of "the headline is the recap." Bond markets sold-off a bit at noon and came back to end just barely inside positive ter...
Mon, Oct 19 2015, 4:27 PM
It wouldn't have taken much for mortgage rates to outdo themselves in terms of volatility when compared to the past few business days. Last Thu...
Mon, Oct 19 2015, 2:15 PM
Bond markets were weaker during the overnight session--at least at first. The easiest scapegoat for that weakness was the less-than-awful GDP print ...
Fri, Oct 16 2015, 7:51 AM
The October Fed meeting is still more than a week away, but it already looks like bond markets are preparing for it. Preparation for big events often...
Fri, Oct 16 2015, 7:20 PM
Stocks put in another day of gains today. This is important for 2 reasons. First, they--and by "they," I mean the S&P and S&P futures, which is the ...
Fri, Oct 16 2015, 5:13 PM
Mortgage rates had a tremendously uneventful day, holding roughly the same levels as those seen yesterday and the day before. In this case, a lac...
Fri, Oct 16 2015, 2:27 PM
Friday's trading has been slightly less exciting and has cut a much narrower range than Thursday's trading. Markets might as well not even be open ....
Thu, Oct 15 2015, 7:54 PM
MBS and Treasury yields moved into weaker territory after the 8:30am release of CPI and Jobless Claims this morning. One can only surmise that invest...
Thu, Oct 15 2015, 7:33 AM
Nothing like a good tragedy for lighthearted mid-week viewing as far as bond markets are concerned. Various global economies' data is growing ever we...
Thu, Oct 15 2015, 4:48 PM
Mortgage rates managed to hold their ground for the most part today. This is good to see, considering that the broader bond market had a tougher ...
Thu, Oct 15 2015, 1:34 PM
The overnight session began with markets showing their collective hand as stock prices and bond yields moved higher together. It's as if the memo wen...
Wed, Oct 14 2015, 8:46 AM
Bond markets love negative economic data--especially when the Fed is ostensibly waiting for domestic economic data to merely hold steady in order to j...
Wed, Oct 14 2015, 7:13 PM
One year ago today, things "got real" for bond markets as they leaped into significantly stronger territory, ultimately ending the day at the best clo...
Wed, Oct 14 2015, 5:13 PM
Mortgage rates dropped quickly today, getting them much of the way back to lows seen at the beginning of the month. For context, there has only b...
Wed, Oct 14 2015, 2:34 PM
Even a slew of corporate bond issuance isn't holding back bond markets from another strong move lower in yield today. In fact, in a break from the ...
Tue, Oct 13 2015, 9:15 AM
The surprisingly weak NFP at the beginning of October helped bond markets extend an already strong rally. The strength of the post-NFP rally was a su...
Tue, Oct 13 2015, 5:30 PM
Heading into 3-day weekends, it's not uncommon for investors to move to the sidelines by selling some of their holdings with the intention of getting ...
Tue, Oct 13 2015, 4:33 PM
Mortgage rates moved lower today , erasing only some of the weakness that dominated the previous week. In other words, rates were significantly hi...
Tue, Oct 13 2015, 1:56 PM
The holiday-shortened week is off to a slow but positive start for bond markets. The early overnight trading wholly confirms our "move to the sidel...
Fri, Oct 9 2015, 7:33 AM
You would think that after years of working in the same office that market participants would know how to find their way to the door. Yet strangely e...
Fri, Oct 9 2015, 6:32 PM
After trending decisively higher during almost every hour since hitting bottom last Friday, stocks and bond yields leveled off today. Perhaps it's ...
Fri, Oct 9 2015, 5:48 PM
Mortgage rates were generally quiet today as bond markets wound down ahead of the 3-day weekend. While stock markets and many businesses will be ...
Fri, Oct 9 2015, 2:15 PM
I reserve the right for this "MBS MID-DAY" to also be the "MBS RECAP" as I don't expect much to happen in the rest of the trading day. It seems fairl...
Thu, Oct 8 2015, 7:32 AM
Any deep hypothetical analysis of recent bond market behavior requires a caveat about volume and volatility . Namely, we haven't had any of either o...
Thu, Oct 8 2015, 5:40 PM
The overnight session was extra quiet for bond markets, with no meaningful movements until after 8am. In hindsight, uneventful was good as the recent...
Thu, Oct 8 2015, 5:01 PM
Mortgage rates moved modestly higher today , depending on the lender. Once again, pricing strategies remained widely variable due to market volati...
