Mortgage News
Feb 10, 2017
Bond markets experienced a pretty slow day today. Starting out in the overnight session, there were two key influencers. Firstly, the currency fluctuations affected the first part of the session, followed by weakness in the European Bond markets. Once the domestic day started, bonds weakened further with the release of the Import Price data, which came in weaker than expected. The Consumer Sentiment report helped bonds find...
Jan 17, 2017
Bonds had the "best" day in many regards since late November, specifically November 29th. There were a couple of reasons for this. Firstly, Thursday and Friday of last week, heading into the three day weekend, traders were getting out of the market. Today those same traders returned to the market, and the 10 year yields saw an increase of 7bps. Another contributing factor for today's improvement was the...
Jan 03, 2017
Today the bond markets relax following the release of large amounts of corporate data. Bonds were at their highest levels of the day following the corporate bond issuance, as well as the ISM Manufacturing data, which was longer than expected. By 10:15 am, 10 year yields were at their highest levels, and 7bps more than last weeks close. 10 year yields and mortgage backed securities both came back to "unchanged" levels by the...
Dec 27, 2016
Today was the slowest day of the year for bond markets. This may be attributed to the holiday week, but at the end of the day, it means that nothing major is happening in the bond markets today. Traders are just trying to maintain the status quo post-Fed, and due to the limited supply this week in market data, this is to be expected. The only meaningful data on tap for this week is the Home Prices on Monday, and then...
Nov 18, 2016
The theme for the day is INFLATION. More than any other concern (market data, ECB policy, and potential Fed hikes) is the idea that inflation is in the near future. Every time the Trump administration talks about proposed policy, the end result always leads to fears of inflation. The recent ew days in the green appear to be a consolidation trend, not a true reversal in mortgage rates. Heading into a holiday week is not helping...
Nov 16, 2016
Today the bond markets ended the day flat, which in reality was a victory in the wake of the post-election spike. We started the U.S. trading day in weaker territory, and thanks to the weaker Producer Prices report and Manufacturing Data, as well as the EU market, we had a mid-day rally which brought us back to pretty well unchanged. We are not out of the woods yet, as the focal point is now on getting back down below the 2.17% range...
Nov 14, 2016
Mortgage rates for a 30 year fixed conventional home loan are now at the 4.00% mark. Last time we saw this kind of movement at this kind of pace was 1987. 2013 experienced a similar pattern. In 2013 the end result was a higher rate over the following weeks and months. In our current situation, we don't really know what to expect in the coming weeks and months, so there may or may not be a parallel there....
Nov 10, 2016
Mortgage rates continue to rise in a runaway selling spree that began with the presidential election. In short, the Trump victory led market participants to conclude that there would be decreased regulation, increased spending, trade policy changes, and lower taxes. There have been rapid re-pricing in the markets that suggests that inflation is on the horizon. Whether or not these developments actually happen or not is left t o be...
Oct 27, 2016
Bonds are now at the weakest levels in 5 months. Just when we thought we saw the 1.80% "ceiling" earlier in the week, we were sadly mistaken. We finished out the day at 1.85% for 10 year yields, having reached a "high" of 1.87% mid-day. How did this happen? Well, it comes down to the fact that post-Brexit, there were concerns about the UK economy as a whole. Today we were all stunned by the GDP...
Oct 25, 2016
Rates stayed completely still today, sort-of. The overnight trading session brought some weakness when a big seller decided that it was time for a sell-off. 10 yer yeilds rose at that time from 1.76 to 1.788 within half hour. The rest of the market participants saw this movement, and decided that they were comfortable with 1.788 being the ceiling for the day. Bonds barely moved until about 8:20am, and then 10am Consumer...
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