Mon, Jun 16 2014, 3:53 PM
Last Thursday's gains marked the beginning of the end for the trend toward higher rates from late May. Friday maintained enough of those gains to con...
Mon, Jun 16 2014, 3:09 PM
Mortgage rates improved again today despite stronger-than-expected economic data. When economic reports are better than forecast, rates tend to move ...
Fri, Jun 13 2014, 12:40 PM
Bond markets gave back a small chunk of yesterday's rally heading into the overnight session on comments from the Bank of England regarding an acceler...
Fri, Jun 13 2014, 7:42 AM
Despite a lack of events on the calendar, today's session could still be informative due to yesterday's technical developments. ( What's a "technica...
Fri, Jun 13 2014, 3:22 PM
Heading into the last few hours of the day, MBS are only off 1 tick from yesterday's latest levels, but unlikely to make it back to yesterday's highs....
Fri, Jun 13 2014, 2:33 PM
Mortgage rates staged a modest comeback
this afternoon after starting the day in line with the highest levels
of the week. As underlying marke...
Thu, Jun 12 2014, 12:11 PM
Retail Sales and Jobless Claims both came in weaker than expected this morning and bond markets improved. That set of cause and effect could have tak...
Thu, Jun 12 2014, 7:45 AM
So bond markets were supposed to suffer heading into to 2014, and most everyone was wrong. Once everyone got on the same page about being wrong, then...
Thu, Jun 12 2014, 4:25 PM
Weaker data, slumping stocks, Iraq, and an awesome 30yr Bond Auction all helped Treasuries and MBS by varying degrees today. The morning data's job w...
Thu, Jun 12 2014, 3:43 PM
Mortgage rates made a stronger mover lower
today, following a well-received 30yr Treasury auction. Treasury
yields don't directly dictate mort...
Wed, Jun 11 2014, 11:44 AM
During yet another morning without significant events on the calendar, bond markets have finally found cause to end their 3-day losing streak . To b...
Wed, Jun 11 2014, 7:27 AM
The headline is pretty ominous, but not for any particular reason. It's merely an observation of where we've been over the past few weeks, namely, ...
Wed, Jun 11 2014, 4:55 PM
Despite bond markets undergoing many more vacillations between "positive" and "negative" territory today, trading levels are still heading out the doo...
Wed, Jun 11 2014, 4:24 PM
Mortgage rates took the day off from
their fairly pervasive move higher. Day-over-day rates have been the
same or higher for 8 out of the last...
Tue, Jun 10 2014, 7:42 AM
Yesterday was a complete non-starter except inasmuch as it started to go sideways shortly after the open and never looked back. Traders were trading,...
Tue, Jun 10 2014, 5:03 PM
Perhaps even before you read this, MBS prices will be another 8-12 ticks lower due to the Roll (monthly settlement, beginning with Fannie/Freddie 30yr...
Tue, Jun 10 2014, 4:15 PM
Mortgage rates continued higher today
adding to a losing streak that has only seen one day of improvement in
the last 9. Rate sheets now most ...
Tue, Jun 10 2014, 1:03 PM
Treasuries were under pressure right from the start today, having begun their move weaker when European trading came online around 3am. 10's managed ...
Mon, Jun 9 2014, 12:03 PM
There are three kinds of uneventful trading days: inconsequentially stronger, inconsequentially weaker, and unchanged. Bond markets stood a good chan...
Mon, Jun 9 2014, 7:42 AM
In stark contrast to the previous week, this one is very light in terms of economic data and events. That relative silence coincides well with rate...
Mon, Jun 9 2014, 3:54 PM
On the approach, this week looked very light in terms of relevant calendar events to inspire trade. So far, that probable lack of inspiration is tu...
Mon, Jun 9 2014, 3:11 PM
Mortgage rates rose moderately
today. Market conditions were exceptionally quiet and after trading
opened in the secondary mortgage market, th...
Fri, Jun 6 2014, 12:35 PM
Long before yesterday's ECB Announcement, traders and talking heads alike have been lamenting the lack of volatility in bond markets. If they'd onl...
Fri, Jun 6 2014, 7:30 AM
The ECB threaded the needle yesterday. By some accounts, they did more or less than expected, but both camps agreed it was very close to expectatio...
Fri, Jun 6 2014, 4:27 PM
Thinking back to the last NFP report, we had that big beat (288k vs 215k forecast), that ultimately ended in gains for bond markets. That was prett...
Fri, Jun 6 2014, 3:24 PM
Mortgage rates remained very close
to yesterday's latest levels, though that varies depending on the time
of day. Though they returned closer ...
Thu, Jun 5 2014, 12:30 PM
Expectations were all over the board for today's European Central bank policy announcement, as well as the characterization of future policy potenti...
Thu, Jun 5 2014, 7:14 AM
I'm as surprised as you are... After global bond markets pulled back from the brink of oblivion in mid 2012 (led by the European systemic collapse) an...
Thu, Jun 5 2014, 4:15 PM
Compared to what it could have been, today turned out to be relatively calm for bond markets. From a day over day standpoint, 10yr yields are only 2b...
Thu, Jun 5 2014, 3:25 PM
Mortgage rates finally ended
a 5-day losing streak, moving lower for the first time since May 28th.
Today's big order of business was the Euro...
Wed, Jun 4 2014, 11:04 AM
It would have been fair to hope that recent losses in bond markets would be leveling off after losing ground abruptly over the past 4 days. Perhaps t...
Wed, Jun 4 2014, 7:31 AM
Today brings the release of the ADP Employment Report. At times, this data has been maligned as the a horrible predictor of the official number from ...
Wed, Jun 4 2014, 4:56 PM
The next two days are potentially the biggest so far this year for bond markets. The key issue will be the European Central Bank's policy announcemen...
Wed, Jun 4 2014, 3:39 PM
Mortgage rates were higher yet again
today. This time around, the move wasn't quite as brisk as the past
few days. In fact, morning rate shee...
Tue, Jun 3 2014, 12:51 PM
After yesterday kicked off the new month with a quick return over 2.47 in 10yr Treasury yields, the overnight session kept the selling pressure intact...
Tue, Jun 3 2014, 7:51 AM
Whether we're talking about mortgage rates falling briefly to 4.0 after only recently breaking to 4.125% or whether we're talking about 10yr yields br...
Tue, Jun 3 2014, 5:08 PM
Bond markets were weaker today with losses intact right from the start. There was brief respite heading into the afternoon, but then selling resume...
Tue, Jun 3 2014, 3:42 PM
Mortgage rates continued moving higher
at a relatively brisk pace today. The historically normal sources of
market guidance--like economic dat...
Mon, Jun 2 2014, 12:02 PM
Bond markets began the day on the back foot, losing ground right from the overnight session. The weakness didn't pick up noticeable steam until the o...
Mon, Jun 2 2014, 7:56 AM
On the first week of most any month, the focal point for bond market trading is unquestionably Friday's Nonfarm Payrolls (NFP)--and with good reason. ...
Mon, Jun 2 2014, 3:47 PM
Bond markets were weaker today. The story of that weakness really begins in the middle of last week when Wednesday and Thursday saw successive move...
Mon, Jun 2 2014, 3:09 PM
Mortgage rates moved higher
today, returning in line with the same "sharply sideways" levels seen
just before the most recent push to 2014 lows...
Fri, May 30 2014, 12:10 PM
After the strong move lower in rates through yesterday morning and a disconcertingly sharp pull-back yesterday, possibilities for today were diverse. ...
Fri, May 30 2014, 7:50 AM
For the purposes of this discussion, 'interest rates' refer to mortgage rates and 10yr Treasury yields. Why 10yr yields? I just put together this ...
Fri, May 30 2014, 4:57 PM
Today was a good test for MBS and Treasuries. It spoke volumes to the current state of play in bond markets: traders are afraid to get too short ah...
Fri, May 30 2014, 3:51 PM
Mortgage rates continued slightly higher
today. This had more to do with a market-based continuation of
yesterday's momentum than it did wit...
Thu, May 29 2014, 12:53 PM
We've been talking a bit about how yesterday's impressive rally could have had something to do with positioning for today's GDP revision . The thoug...
Thu, May 29 2014, 7:51 AM
Before yesterday, a break below 2.47 in 10yr yields was less likely than remaining in a narrower range. The big breaks would logically have their bes...
Thu, May 29 2014, 5:35 PM
GDP came out much weaker than expected this morning and Jobless Claims were noticeably stronger than expected. Pending Home Sales were stagnant and d...
Thu, May 29 2014, 3:49 PM
Mortgage rates began the day in even better shape than yesterday, but market volatility prompted most lenders to raise rates in the afternoon .
...
