Mortgage News
Aug 12, 2016
The theme for the day is domestic economic data. Today bonds had a great day, rallying as one report after the other provided confirmation of a weak economic state. We had been trying to break the lower barrier of the recent trading range, which indeed occurred today. going as low as 1.48% before finishing out the day at 1.51%. Key contributors were the Retail Sales report, which was anticipated at .4 percent increase, and came...
Aug 11, 2016
Bond markets remain within the recent range due to influence from overseas. We started out the domestic trading session in hopes that we would break through the lower boundary of 1.52% (in 10 year yields), however, the overnight session brought nothing exciting. We might have Japan to blame for this, as traders were on vacation today. Yields in Europe began rising straight out of the gate, and British yields bounc...
Aug 09, 2016
Bond markets began the week in perilous territory. We had last Friday's stronger than expected jobs report, which pushed yields back towards pre-Brexit ranges. In addition, we had supply increasing, both in terms of corporate bonds and treasury auctions. These both made the outlook for the week a bit dismal. Today has been a rally in the opposite direction. This rally began with help from a productivity report...
Aug 05, 2016
Mortgage rates climbed at the fastest pace in over three weeks today. The is due to the employment report that came in markedly higher than expected. This is especially important because June's employment report came in astoundingly weak. July's numbers were better, but today the "job creation" forecast called for 180,000 new jobs, and the numbers came in at 255,000 new jobs. This is good news for the...
Aug 04, 2016
Bond markets experienced some positive momentum today due to some pretty major changes in policy coming from the BOE (Bank of England). This morning the BOE cut it's key lending policy from .5 to .25. This rate cut marks the first of it's kind since 2009. Notably, the BOE indicated that another rate cut is in the works for "close to, but a little above zero". Additionally, two stimulus efforts were set...
Jul 28, 2016
Mortgage rates are lower today for a couple of reasons. The Fed Announcement yesterday was fairly uneventful. All eyes were on the Fed, looking to see whether or not they would make an indication of an impending rate hike. Since the clear message of intent to hike rates was not stated, bond markets rallied afterwards. Today the bond markets were flat, which was viewed as a success, as stock markets bounced. In other...
Jul 25, 2016
Mortgage rates are virtually unchanged again today, as bonds have been trading in an exceptionally narrow range. Indecision in the bond markets coming into a week of announcements that could have a significant impact on the market. Both the Fed and the Bank of Japan will be speaking in terms of monetary policy. The Fed isn't expected to make a rate hike this week, but could be letting on that a hike is in the near future....
Jul 22, 2016
Mortgage rates didn't budge today. in fact, they have been sideways all week. Bond markets started off the month at all-time lows, than had a pretty significant correction all last week. This plateau is a leveling off from that correction. This consolidation is also in part due to anticipation over next weeks Fed policy announcement and Japan's monetary announcement. Bond traders typically don't want to push...
Jul 21, 2016
Mortgage rates today are higher than they have been in almost a month. The last two weeks have brought slow but steady movements upwards. Conventional 30 year fixed rates are widely being offered at 3.5% for top tier mortgage scenarios. This current week has trended sideways mainly, with today's early morning weakness stemming from ECB President Draghi's commentary on monetary policy. Bond markets saw a spike...
Jul 18, 2016
Mortgage rates crept up slightly from Friday. We are approaching "pre-brexit" rates, and while this correction is being viewed as just that (a correction) we can't say for certain that it's a legitimate bounce. We can expect to see small moves towards higher rates, since rates pretty much hit rock bottom last week. The long term trend has been a fall to lower rates. This week we have several interesting...
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