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Mortgage rates moved back over the 5% threshold, on average, for the first time since early 2011 today following mixed data on the jobs market. Why would "mixed data" be such a problem? It's not, per se, but in this case, it reinforced certain trends that have posed big problems for rates. Namely, the annual pace of wage growth has now held at 2.8% or above for 4 months in a row. Previously, 2.8% was an isolated occurrence and sort of a magical line in the sand. Analysts and policy-makers lamented "frustratingly tepid wage growth" when we were below that line. Now that we're on the other side, the prevailing belief/fear is that wage growth is high enough to put upward pressure on inflation, and that's a big problem for interest rates (inflation is one of rates' mortal enemies). I don't want
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Mortgage Rate Watch
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Mortgage rates moved back over the 5% threshold, on average, for the first time since early 2011 today following mixed data on the jobs market. Why would "mixed data" be such a problem? It's not, per se, but in this case, it reinforced certain trends... (read more) |
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Housing News
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Mortgage lenders have been increasingly reporting tighter margins as costs rise for each actual loan transaction. In the last few years the principal reason behind this as revealed in Fannie Mae's quarterly Mortgage Lender Sentiment Survey has been i... (read more) |
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Rob Chrisman
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“Rob, is any lender making money out there?” Well, what’s the old “joke?” “How do you get $5 million in the mortgage biz? Start with $10 million!” Not so funny when it’s real. Few companies are prosperi... (read more) |
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Mortgage Rate Watch
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If you don't happen to make it past this first sentence, just know that anyone telling you rates are much higher today is NOT lying to you. Anyone telling you the opposite is wrong, even though they may not understand why they're wrong. Coming to suc... (read more) |
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MBS Commentary
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At this point, there's nothing left to be said or done in preparation for today's NFP data. Bonds stand on the edge of the most recent abyss. This time it's 3.20-3.24%-ish. The specific level really doesn't matter (sorry Gundlach).&... (read more) |
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MBS Commentary
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If you're looking for today's recap, check out the Huddle. Or just know that we sold-off a bit more and then settled sideways, fairly close to yesterday's highest rates. Mortgage lenders dinged rate sheets just a bit more and we're now wa... (read more) |
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