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Mortgage rates fell modestly today, but not enough to make it back to the lows seen earlier this week. 4.25% is still the most prevalent 30yr fixed rate on top tier scenarios, meaning day-to-day movement has been limited to upfront costs (sometimes referred to as "points," depending on the source of information). Since last Friday, the range has been exceptionally narrow leading up to tomorrow's Employment Situation (the big "jobs report"). This is the most important scheduled economic report each month. While its impact can vary, it always has tremendous potential to move markets in either direction. Given that today's rates are slightly lower than the average over the past few weeks, and the trend has been toward slightly higher rates during that time, a more cautious strategy makes good
Mortgage Rate Watch
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Mortgage rates fell modestly today, but not enough to make it back to the lows seen earlier this week. 4.25% is still the most prevalent 30yr fixed rate on top tier scenarios, meaning day-to-day movement has been limited to upfront costs (sometimes r... (read more)
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Mortgage Rate Watch
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Mortgage rates were higher to end the day, but not as high as they might have been without the Fed Statement. The day began with a series of strong economic reports. The ADP Employment Report was much stronger than expected, as was the employment com... (read more)
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Rob Chrisman
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Supply and demand (“the invisible hand”) are the driver of many things in life, as are perceived shortages. So it was with great concern that Chris C. and Joe W. sent this breaking news from Kansas City about… the bacon reserve hit... (read more)
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MBS Commentary
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Occasionally, these Thursday's before NFP have very little by way of relevant economic data. Today is arguably such a Thursday. With us as always is the Jobless Claims report, but it hasn't been much of a market mover for years now. ... (read more)
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MBS Commentary
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Between this morning's economic reports and opening tradeflows, there was quite a bit more volume early in the day. This was almost exclusively in response to the ADP and ISM data. Both were exceptionally strong, and both had clearly-de... (read more)
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MBS Commentary
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Today ended up being exceptionally quiet for bond markets in the bigger picture, although that wasn't clearly going to be the case earlier this morning. By 8:50am, yields were at their lowest levels in more than a week as investors were ... (read more)
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