Mortgage News
Mar 14, 2016
Mortgage rates have inched up today, and we expect to see some consolidation as we head into a big ticket week for the mortgage markets. The fun starts tomorrow with the Bank of Japan releasing its own announcement regarding policy. Then we have the FOMC minutes coming into play on Wednesday. On tap in the domestic data calendar we see the release of the Retail Sales report tomorrow, along with the NY Fed Manufacturing data, and...
Mar 10, 2016
Mortgage rates have moved higher today, and market participants are busy digesting the European Central Bank policy changes that Draghi announced this morning. At 7:45am, the press release hit the markets, confirming changes that will loosen the ECB policies in several areas, including refinance rate, marginal lending facility, and deposit rate cuts. The monthly purchases will increase from current 60 billion to 80 billion, and the...
Mar 09, 2016
Bond markets are looking for footing ahead of tomorrow's announcement coming out of the European Central Bank. Chinese data and a strong rally out of Japan are causing traders to move to short trading positions, meaning they are covering their losses, and betting that rates will increase. In fact, a survey coming from JP Morgan this week showed that this week was the biggest week for a shift in trading positions since last...
Mar 08, 2016
We finally see some green in the mortgage rates today after the last several days of higher rates. This was undoubtedly caused by a surge in oil prices, coupled with the issuance of corporate debt early in the day yesterday. It's important to remember that we are still operating at near all-time lows, and any major shift in the markets would leave borrowers wishing they had locked thier rate. This scenario has occurred...
Mar 07, 2016
After several sideways days, mortgage rates are heading in an upward trend. This is more of a pronounced bounce than a typical corrective or consolidation trend. It appears that the rise in oil and stock prices is now hurting the bond market rather than helping, and also there has been a more than normal connection to the European Bond markets. The Euro markets contributed to the Treasuries and MBS performing as well as they did...
Mar 04, 2016
Looking at the rates, we wound up with a flat day yesterday after mortgage backed securities outperformed in the face of the lack of volume and inspiration. The much anticipated ISM data that hit the markets at 11:20am yesterday failed to elicit a response in the markets. This is likely due to the fact that it was pretty well on target with the prediction. The key factors in the bond rally that occurred at midday were t...
Mar 03, 2016
Mortgage rates climb higher again today. There is a pretty simple explanation for the trend that we are seeing so far this year. It dates back to February, when the 151k NFP report hit the presses. Things continued to go downhill after Yellen acknowledged that the Feds were observing the same weaknesses in the economy. This week's ISM manufacturing report ended a major losing streak, and the ADP report released yesterday confirmed it. There...
Mar 02, 2016
Bond markets got hit from several different angles yesterday. The ISM report that was released at 10:00am, prompted a surge of weakness bond markets. Oil as well as stocks started to perform well also, adding pressure to the bond markets. The S&P gained over 40 points yesterday. There is also the fact that the first of month is time when most traders take on new positions for the month, typically designe...
Mar 01, 2016
The bond markets are continuing their sideways trek that has ensued recently. The motivations for bond markets this year have largely been the Stock/Oil prices, as well as economic data, both domestic and overseas. What we see happening is that while equities markets like oil and stocks are rising, we see the European bond yields have been falling, so there seems to be a virtual tug-of-war, and the result is flat for US Treasuries....
Feb 29, 2016
Mortgage rates today are slightly higher than they were on Friday, but the focus really comes down to the analytics behind the rates. There is an ominous trend in the bond markets. The correlation between the 10 year yields and the 2 year yields has been shifting since the first part of 2016. Typically the 10 year yields are trending higher than the 2 year yields. As they start to move closer together, that tells us that a...
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