Mortgage News
Jun 10, 2016
The European markets led the way today, driving rates lower for the fourth consecutive day. The panic surrounding the recent Brexit poll and global economic distress has led the European markets to a state of falling bond markets. Domestic bonds have followed, with 10 year yields at their lowest levels in over 3 years. The reason that the Brexit is significant is the poll released information indicating that the British may be...
Jun 08, 2016
Today we continue to see some narrow consolidation continuing in the lower end of the trading range. In fact, 10 year yields reached 1.697 today, which is the lowest that they have been all year. Only four instances this year have 10 year yields hit this low number. Today was light in domestic data, and so markets seem to be hovering in anticipation of next week's FOMC announcement, which will likely spark some volatility....
Jun 07, 2016
Mortgage rates are slightly lower today than yesterday, having started out flat in the overnight session, then eventually finding some motivation from the European markets. European markets are at all-time lows as the German Bund hit 0.048 today. The ECB is commencing it's corporate bond buying program tomorrow, so some eager buyers got ahead of the game today. In domestic news, there wasn't much in the way of data, so...
Jun 06, 2016
In the mortgage markets, we saw the overnight session bring in some weakness. After Friday's snowball rally, the effect from Yellen's speech wore off, and we are left in the lower end of their long term range. Perhaps traders knew that this week was bringing supply concerns. Both Treasury auctions and corporate bond issuance is on tap for this week. In terms of a June rate hike, there is a very low probability that...
Jun 03, 2016
Finally, some positive news for mortgage rates! Today was "NFP Day" as it is referred to. The Non-Farm Payroll report comes out, detailing the number of existing payrolls. The estimate for today's report was 164k, and it came in astoundingly low, at 38k. This news means that a June hike in rates is rather unlikely, given that Fed chair Yellen stated that the Fed really only needs 100k payrolls ...
Jun 02, 2016
Today the focus was the European Central Bank, which confirmed a position which is very bond-friendly. The ECB stated that rates will stay where they are at, or move lower through the end of their bond buying program (scheduled to end in March 2017.) Following this announcement, rates rallied in Europe, and domestic yields followed. After the close of the overseas trading session, bonds flattened out, possibly with the help of...
Jun 01, 2016
Today in the bond markets, we had an opposite cycle compared to yesterday. We were stronger in the overnight session, but weaker as the day progressed. Morning put us in a 2 week low, however, the release of the ISM Manufacturing data caused that strength to fade. The report came in stronger than expected, especially the inflation component. This should make the Fed's case for a hike in one of the coming...
May 31, 2016
Bond markets started the day out in weaker territory as the reaction from Yellen's Friday comments was felt. In the afternoon, however, a rally ensued after the results of the Brexit poll were released. This poll was previously mentioned by Fed speakers and one that would be the deciding factor on whether to hike sooner than later. After the results of the poll were released, the Euro markets were first to rally. US...
May 27, 2016
Today was a half day for the financial markets. These days leading into a holiday weekend don't generally produce much impact. Bonds rounded out the day a couple of ticks higher than yesterday. The only significant news coming out of the day was the speech from Fed spokesperson Yellen. She kept with the sentiment that a June or July hike would be a probability, and then, in the last few minutes of the day, a few bonds...
May 26, 2016
Bonds got a boost today from early month-end buying. Mortgage rates are the lowest that they have been in over a week.10 year yields are at 1.83, which are down by 4.2bps. The change today was inspired by traders' need to balance their portfolios at the end of the month in order to maintain a certain mix of bonds that investors require. Being that the holiday weekend is approaching, many traders got a jump on buying today....
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