Mortgage News
May 25, 2016
Bonds are still lingering around the higher end of the recent trading range. Month end is usually a supportive environment for the bond markets as money managers typically purchase bonds as a part of routine housekeeping and to balance their books. We have had quite a few setbacks over the last week, beginning with the FOMC announcement. Pressure from the stock market and oil prices continues to be a factor, as well as corporate...
May 24, 2016
Today's overnight session, namely 3am to 1pm Eastern Standard Time brought weakness in the US Bond markets, which continued throughout the day. Market participants were hoping that the recent sideways trend would give way to some upwards movement, but this was not the case today. Stock prices surged today, and the New Home Sales data came in exceptionally strong this morning. Neither of these events are good for bonds. Even...
May 23, 2016
Bond markets start the week . They haven't made any significant moves since last Wednesday's FOMC announcement. The domestic data on tap was light today, and the market has very little motivation at this point. In fact, the information coming out of the Fed today seems a bit contradictory to the message that we got last week, Two key points were made today by Fed Speaker Williams. One being tha...
May 20, 2016
For the second consecutive day following Wednesday's FOMC announcement, we see the bond market at a standstill. There were some minor housekeeping trades, but other than that, it was a very quiet day. In looking at the technical details and the trading levels, it appears that the market is very indecisive. This consolidation effort will likely last into next week, where bonds will find motivation to move. &nbs...
May 19, 2016
Rates remained fairly unchanged today, which can be interpreted as a victory in the bond markets. Two Fed speakers took the stage today, Vice Chair Fischer and NY Fed President Dudley both spoke, and markets were waiting for either confirmation of Fed position, or a statement retracting their reference of a June hike. To the relief of the bond markets, there was no mention of monetary policy from Fischer, and Dudley did confirm...
May 18, 2016
Mortgage rates have risen significantly for the second consecutive day as bonds continue to weaken. The catalyst for this change was the strong message coming out of the Fed that a rate hike in June "would be appropriate". The Fed has, up until this point, not been so direct about it's position on a rate hike, but rather hinting at keeping an eye on the inflation rate and the global economy. This surprising message...
May 09, 2016
Mortgage rates are literally one day away from being able to claim the title of being at "Three Year Lows". While the consolidation effort continues in the bond markets, we haven't seen an upward bounce yet. The overnight session was quiet, and bonds rallied at a steady pace through the close of the domestic session. Bonds cleared the only hurdle for the day with ease, which was the issuance of corporate debt....
May 05, 2016
Bond markets are close to the lower range of recent trading levels, thanks to the momentum that has been in place for the last several days. Not even the issuance of a hefty amount of corporate debt could sway the bond markets from their intent on moving lower. It seems that there weren't any more sellers left in the bond markets after this morning's corporate bond issuance. There wasn't any movement in the oil and stock...
May 04, 2016
Today was relatively uneventful in the mortgage market. The overnight session brought very little movement in the bonds. Upon the open in the domestic trading session, the ADP employment report came in weaker than was expected, which helped out bonds, but then some resistance was met when the inflation numbers on the ISM Non-Manufacturing data created some negative momentum. Bonds continued to hold their ground, and rounded out...
May 03, 2016
Today saw massive losses in Europe's Bank Stocks. This set the tone for a great day for Domestic Bonds. We saw the trading range go all the way down to a low of 1.782 before settling into a comfortable 1.80 to end the day. Stocks and Oil lost ground today, and today's success in the bond market confirmed the doubts that we had been having over the last 24 hours about the momentum of the bond market. The next few...
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