This morning's economic reports (jobless claims and Philly Fed) are not notoriously big market movers, but many analysts gave ample credit to Claims for driving last Thursday morning's rally.  Now today, claims are right back in line with the same low levels from 2 weeks ago.  Continued Claims are also much lower than expected, inc... (continue reading)

Several things happen on Fed Day--especially on the 4 out of 8 examples with updated rate forecasts from Fed members.  The official announcement of a rate cut is typically the least important aspect.  In fact, it is usually entirely unimportant in terms of its impact on mortgage rates . Instead, the bonds that determine mortgage rates are much... (continue reading)