Mon, Apr 6 2020, 4:55 PM
The most important ingredient in the mortgage market is the presence of homeowners--prospective or otherwise--with the means and desire to make monthl...
Mon, Apr 6 2020, 10:58 AM
Here's this week's Fed MBS Purchase Schedule.
The daily amount is down from a recent peak of $50 bln to $25 bln . So does that mean the Fed is o...
Thu, Apr 2 2020, 10:41 AM
Many people have "expert sources" they rely on for insight to potential market movers. I understand this quite well. On the one hand , I used to be...
Wed, Apr 1 2020, 9:43 AM
This morning's ADP Employment showed a loss of 27k jobs. Forecasts called for a loss of 150k jobs compared to last month's report that was strongly p...
Tue, Mar 31 2020, 5:30 PM
There are too many counter-intuitive and frustrating developments in the mortgage market to comprehend all at one time, let alone discuss. That's not ...
Tue, Mar 31 2020, 2:27 PM
CURRENT FED MBS BUYING SCHEDULE AND PURCHASE LOOKUP TOOL
I'm changing up this Q&A to make it shorter, denser, and better. If it's too pithy for you...
Tue, Mar 31 2020, 9:42 AM
I don't know much about porridge. I'm not even sure I've ever eaten it. I do know one thing about it though: the temperature has to be "just right" ...
Mon, Mar 30 2020, 12:19 AM
Here is this week's MBS buying calendar.
It differs from last week's in that there is now only $40bln of purchases per day rather than $50bln.
S...
Fri, Mar 27 2020, 10:50 AM
I devoted years of my life championing the cause of educating mortgage originators on the realities of MBS price movement. The most compelling call...
Thu, Mar 26 2020, 5:17 PM
I will do my best to speak to both consumer and mortgage industry people on this topic. It affects everyone. With that in mind, the following is a l...
Wed, Mar 25 2020, 6:42 PM
Depending on what you're looking at, when you look, and where you look, mortgage rates could either be amazing or terrible. Large, upstanding, secure,...
Wed, Mar 25 2020, 9:26 AM
It's no secret that volatility has been a big deal in the bond market (and most other markets) recently. But there's no comparing the drama seen in T...
Tue, Mar 24 2020, 6:36 PM
There is a LOT of misinformation flying around out there about the mortgage market, the Fed, and the various impacts on rates from the government's co...
Tue, Mar 24 2020, 11:49 AM
This page is now your official resource for the week when it comes to ANY AND ALL questions pertaining to what the Fed is doing in the mortgage market...
Tue, Mar 24 2020, 9:49 AM
Hit the comment section if we're missing anything and we'll get it updated to keep this as an up-to-date list of COVID-related changes to underwriting...
Mon, Mar 23 2020, 9:52 AM
There was a time when several billion dollars a day of Fed MBS purchases was considered a lot. Then the Fed's coronavirus response happened.
The Fe...
Thu, Mar 19 2020, 5:42 PM
Today was the most volatile day in the history of the mortgage market in many regards. There were days in the early 80's that saw rates move by simila...
Wed, Mar 18 2020, 10:47 AM
Everyone has a lot to digest right now. The average human on planet earth is no different from the entire financial market in that regard. We're und...
Tue, Mar 17 2020, 9:57 AM
There is some interesting stuff going on with global bond markets. Even as COVID ravages Europe, benchmark yields (German 10yr) are soaring relative ...
Mon, Mar 16 2020, 5:40 PM
Lots of words recently and lots to do for all of us, so let's make this simple. No, you can't get a that new 0% mortgage rate you heard about! It does...
Mon, Mar 16 2020, 9:44 AM
If you haven't seen the details of the over-the-weekend emergency Fed announcement, read this: http://www.mortgagenewsdaily.com/mortgage_rates/blog/93...
Sun, Mar 15 2020, 5:45 PM
There are a lot of words here. If you have a mortgage you might ever refinance (and especially if you think Sunday's emergency Fed news means you can ...
Fri, Mar 13 2020, 1:01 PM
Let's clear a few things up.
The Fed was already buying $60bln / month of bonds. Yesterday's announcement meant that the composition of those bond...
Thu, Mar 12 2020, 9:16 PM
In all my years of following mortgage rates I haven't seen anything quite like the current environment. 2008 came fairly close, but the vibe was decid...
Thu, Mar 12 2020, 10:18 AM
Another day, another false start confirmed for the stock market. More specifically, the modest bounce in stocks that was intact on Tuesday afternoon ...
Wed, Mar 11 2020, 4:46 PM
Mortgage rates continued a relentless surge higher today. The move began in earnest yesterday for two key reasons: bond market panic and mortgage mark...
Wed, Mar 11 2020, 12:46 PM
Just before 11am, we saw a move in MBS like few we've experienced since the financial crisis. WELL before the correlated move in Treasuries, MBS pric...
Wed, Mar 11 2020, 9:32 AM
Yesterday brought a fairly significant sell-off to the bond market and a slightly less significant rally to the stock market. Granted, the 4% improve...
Tue, Mar 10 2020, 5:47 PM
Mortgage rates have exploded higher over the past day and a half as the bond market sends threatening signals about a big picture bounce off the recen...
Tue, Mar 10 2020, 9:30 AM
If you're looking at the world through the lens of an epidemiologist, CDC employee, airline CEO, the stock market, the economy, or person over 65 livi...
Mon, Mar 9 2020, 5:02 PM
Mortgage rates would kindly like to reserve the right not to make sense to you, or anyone else these days. They haven't been pulled in so many directi...
Mon, Mar 9 2020, 11:43 AM
Overnight market panic made for some truly spectacular movement in the bond market with the 10yr Treasury yield down more than 40 bps at one point to ...
Fri, Mar 6 2020, 7:28 PM
Mortgage rates remain at or near all time lows , but they haven't moved much since hitting them earlier this week--at least on average. In fact, the a...
Fri, Mar 6 2020, 10:58 AM
At the moment I'm typing this, 10yr Treasury yields are 40 basis points lower than they were at the end of last week. This hasn't happened since the ...
Thu, Mar 5 2020, 8:00 AM
A bit of a diversion from the typical "Day Ahead" this morning as I came across an interesting assertion while talking about mortgage rates with some ...
Wed, Mar 4 2020, 7:08 PM
Gigantic bond rallies resulting in all-time rate lows have some side effects. One of them is that we subsequently find ourselves wondering if each re...
Wed, Mar 4 2020, 5:21 PM
Mortgage rates have progressively hit newer and lower all time lows every day this week, but there's one massive catch. Rates and fees have been extra...
Wed, Mar 4 2020, 3:37 PM
I was surprised to open up shop this morning and find yields and MBS right about where we left them yesterday afternoon. I was also surprised yesterd...
Tue, Mar 3 2020, 5:03 PM
This is mostly a reprint of a piece I wrote earlier today for the MBS Commentary channel. If you read that one, you've basically already seen what fol...
Tue, Mar 3 2020, 12:42 PM
The Fed announced an emergency rate cut of 50bps today (0.50%). Great! So your mortgage rate could be 0.5% lower, right?
WRONG!
And to be cl...
Mon, Mar 2 2020, 5:15 PM
There is always that one stomach-churning day that arrives in the midst of an epic bond rally that makes you question everything. Well, perhaps we do...
Mon, Mar 2 2020, 9:58 AM
I'm not an infectious disease specialist. I haven't been staying up all night reading all available literature on coronavirus (CV). But best I can t...
Mon, Mar 2 2020, 9:24 AM
Mortgage rates officially hit all-time lows this morning. Even so, it continues to be the case that Treasury yields (often referred to as the basis fo...
Fri, Feb 28 2020, 11:40 AM
This post will focus mostly on the charts, which many of you have requested, as I need to turn my focus toward a few other things (especially when it ...
Thu, Feb 27 2020, 6:30 PM
10yr yields were as low as 1.24% and ended the day at 1.27% after a decent amount of volatility. MBS gained almost a quarter point, but mortgage lend...
Thu, Feb 27 2020, 5:26 PM
Mortgage rates hit the lowest levels in 8 years either today or yesterday, depending on the lender, just narrowly edging out the rates seen in early J...
Thu, Feb 27 2020, 9:09 AM
Good morning. 10yr yields are in the 1.2's. All-time lows.
We follow MBS and the 10yr Treasury yield (and other rates, when relevant) here. The f...
Wed, Feb 26 2020, 10:03 AM
2012 was almost all about the European systemic crisis, although doubts remained about the US economic lift-off as well. All of the above played out ...
Tue, Feb 25 2020, 4:56 PM
Mortgage rates have been putting on a rather frustrating and exciting show in the month of February. On the one hand, they're at their lowest levels s...
Tue, Feb 25 2020, 12:22 PM
For the purposes of following along with the underlying forces affecting mortgage rates, Freddie Mac MBS essentially never mattered. Fannie had alway...
