Mortgage News
Jun 24, 2016
Today we saw a massive landslide rally due to Brexit and Brexit only. Domestic data was ignored, and markets saw the biggest movement since the February rally! 10 year yields hit 1.406 during the overnight session, and then came backup slightly to close in the mid 5's. The last major rally in the bond market wasn't as strong as this one, and though we expect to see some pull back, this is putting us in the...
Jun 23, 2016
Mortgage rates bumped up slightly higher in anticipation of the Brexit results. Economic data had very little impact today. Depending on the results of Britain's decision to stay in the EU, or go, markets can realistically move either way around 8-10 bps. The high end of the recent range has been at around 1.80-1.84%, and the low end has been at 1.61%. Currently the 10 year yields are at 1.74%, which leaves some room...
Jun 22, 2016
Token gains were seen today in the bond markets. Markets opened up the day strong, and then once the European markets opened, the weakness started to set in. It seems that markets were reacting ever so slightly to Brexit poll results and the strong 7 year treasury auction today. The real market mover is likely to be the Brexit decision, which is scheduled for tomorrow. The results of the Brexit decision will either help in...
Jun 21, 2016
Mortgage rates are currently at the highest rate they have been in two weeks. Last week's rally in the bond market was spurred by the sentiment that Britain would leave the EU. Now that is shifting to a fairly even probability of Britain remaining in the EU. If this happens, rates could rise sharply. It's hard to say if the last few days have been a breather in bond movement, or a correction from the over-zealous...
Jun 20, 2016
Financial market tensions surrounding the Brexit vote this week are driving rates up at a steep level. This week could be a volatile one, as the Brexit situation comes to the forefront. Votes late last week suggested that Britain may in fact stay in the EU. We don't know what to expect if Britain decides to depart. This hasn't happened before, so there is no comparison to be made in terms of potential impact. At the...
Jun 17, 2016
Heading into the weekend, we see rates moving up slightly as bond are slightly weaker. This weakness began in the early hours yesterday, and today was compounded by tradeflow related issues, and anxiety leading into the Brexit decision next week. This is an opposite movement from what we have been seeing over the last several days, and it may or not be a legitimate bounce. We'll have to wait until next week for confirmation....
Jun 16, 2016
Mortgage rates moved lower again today, mainly as a response to yesterday's move in MBS (mortgage backed securities). We are now hitting even further into 3 year lows. The last time we saw MBS lead rates into all time lows was back in 2012, for similar reasons. The average mortgage originator is now quoting top-tier borrowers at 3.5% for a conventional 30 year fixed mortgage loan. It is hard to say whether or not rates...
Jun 15, 2016
Today we saw mortgage rates again unchanged. The bond markets started out slightly weaker, and then returned to unchanged levels after today's FOMC announcement. At this point in time, very few expected a rate hike to be announced today. We mainly were looking for Yellen to give any clues as to the forecasted hike, or give any reason for market participants to worry. Today's announcement was bond-friendly, and...
Jun 14, 2016
Mortgage rates are at a standstill today, after experiencing some lower rates this morning as European markets continue to dip even lower, now into negative territory. The impact of the EU markets has always been a factor in US bond performance,, as it is an indication of the state of the world economic market. It appears that the bond traders are holding off with any major moves in anticipation of tomorrow's FOMC announcement....
Jun 13, 2016
Today was a good day for bond markets and conversely, mortgage rates. The "stock lever" kicked into action. By stock lever, we are referring to the correlation between stocks and bonds. Generally speaking, what's good for stocks is bad for bonds, and vice versa. Today we saw a classic example of this phenomenon. Stocks in the US and European markets led the way for the 10 year yields, as they closed at...
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