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There was a bit of behind-the-scenes volatility in the bond market today. Normally, bond volatility translates to interest rate volatility. In some cases, the timing of the volatility is such that has a minimal impact on mortgage lenders. Today was one of those days. Yesterday evening, news broke regarding a court ruling that would block the imposition of some recently announced tariffs. Stocks rallied on the news and the bond market weakened (implying higher rates in the day ahead). But by this morning, much of the initial reaction had been reversed. After the somewhat soft economic data, bonds continued to improve. In general, weaker data is good for bonds/rates. Today was no exception, but the weakness and the reaction was minimal. Markets had also successfully sniffed out the probability that the tariff ruling would be paused during the appeal process, something that likely helped fuel the overnight recovery. The net effect is a modest drop in the average conventional 30yr fixed rate, back to levels seen on Monday afternoon.
Mortgage Rate Watch
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There was a bit of behind-the-scenes volatility in the bond market today. Normally, bond volatility translates to interest rate volatility. In some cases, the timing of the volatility is such that has a minimal impact on mortgage lenders.... (read more)
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MBS Commentary
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We have a primer in the MBS Live knowledge base regarding the potential for overnight news and bond trading to give a completely different impression of how the following day will eventually trade: Overnight trading makes no guarantees. Th... (read more)
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Rob Chrisman
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How about those junk emails that start off with, “I’m not going to waste your time.” It already wasted my time. Is it a waste of time paying attention to what government officials say, or schedules that they give? Trelix’s Brett Parker noted, “Last y... (read more)
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Federal Reserve Bank of Dallas
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