Mortgage News
Jul 15, 2016
Mortgage rates have been climbing this week, which was predicted after the landslide we had seen previously. Today was a little uncharacteristic, in that bond movement suggested a move higher in rates, and the mortgage rates held relatively steady. This is a small victory in the grand scheme of this week's shift in momentum, but time will tell how far the rates will go up. Today we saw two reports come out this morning that...
Jul 08, 2016
Today marks the end of the week, and since it was NFP day, the big focus was on the employment report known as Non-Farm Payroll. The estimated number of new payrolls was 170K, and the actual data indicated 265K new payrolls created, This is a substantial difference, and the kind of thing which would typically send rates higher in a hurry. The fact that rates held steady today is somewhat surprising, but we are not out of the clear...
Jul 07, 2016
Well, it finally happened. Rates are up slightly today, breaking the 9 day willing streak. In mortgage terms, anything over 5 days of gains in the bond market warrants a bounce in the opposite direction. Bonds started out the day in weaker territory from the overnight session. ADP Employment and Jobless Claims initiated more selling, and then around 10:30am, stock prices and bond yields bounced concurrently. Bonds...
Jul 06, 2016
Mortgage rates drop again today for the 8th consecutive day. Rarely has a drop in rates exceeded this long of a rally. We may be in for a bounce, or at least a pause. The jobs report is due out Friday, and depending on the outcome of the report, the Fed may be adjusting it's outlook on raising rates. There are other economic reports due in the next few days as well. For now, most lenders are offering 3.25% to 3.375%...
Jul 05, 2016
Mortgage rates dropped again today, bringing several lenders down to a 3.25% rate for a 30 year fixed conventional loan. The last times rates hovered around this number was back in late 2012. We are on a current run of 7 days, and rates may go lower, but not without some ensuing bounces afterwards. With home appreciation slowing, it is a good time to buy. The main factors in the current state of rates continue to be...
Jul 01, 2016
In keeping with the theme for the week, EU drags Bonds down even further today. We are still holding strong heading into the 3 day weekend. The main motivator today was the news coming out of the European Central Bank (ECB). They are considering changing the rules for allocation of bonds by country, which would provide more bonds to countries that were in need, as opposed to a more even distribution, which exists currently....
Jun 30, 2016
Mortgage rates finish out the second quarter strong, dipping lower into 3 year lows. Federal spokesperson Yellen made a comment a couple of weeks ago that rates could be seeing a "new normal" in terms of lows. This new norm is being shaped by the Brexit decision, as well as the general malaise in economic growth and low inflation levels. Top tier mortgage scenarios are widely being quoted at 3.375%, although some...
Jun 29, 2016
Mortgage rates dropped slightly today compared to yesterday. The bond markets performed well within the post-Brexit trading range. That is, until the afternoon. When 3pm EST hit, multiple factors contributed to a spike in Treasuries, and eventually MBS followed. The initial source of motivation was the massive release of corporate bonds by Oracle, which spurred a large number of investors to liquidate their holdings to buy...
Jun 28, 2016
The market continues to be driven by the post-Brexit fallout. Two domestic reports were released today, namely Gross Domestic Product (GDP) and the Consumer Cofidence report. Neither of these reports made much impact. Trading levels today were flat relative to yesterday, as they stayed within yesterday's trading range. Bonds have been on a massive rally since the Brexit decision came to light last Friday, and although we may...
Jun 27, 2016
Mortgage rates are seeing new 3 year lows as the fallout from Brexit continues. The 10 year yields have gone down 10bps, and the Fannie Mae 3.0 rose more than 3/8ths of a point. We are still seeing the initial reaction, and most of the movement has occurred in the days since Friday. Long terms reactions are still to be determined, but the short term reaction has been extremely positive for mortgage rates. Most lenders are...
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