Mortgage News
Nov 23, 2015
Mortgage rates are relatively flat today. There was a downward surge in yields that began at 8:20am when the domestic market opened, but other than that, it's been a strong market for US bonds, and weak in the overseas bond markets. European markets are no doubt still reeling from recent events in France and Germany, so it stands to reason that there would be a divergence in the domestic and overseas bond markets. The...
Nov 19, 2015
Mortgage rates are slightly higher today, with the exception of the 30 Year Fixed rates and the 5/1 Adjustable rates, which remained the same. The FOMC minutes released yesterday revealed that the Fed is beginning to think about a longer term big picture that models that economic change that we have already seen in Japan and Europe. The change would implement rates "at or near zero" due to several factors, including a...
Nov 18, 2015
Bond markets are continuing their patttern of consolidation, and seem to be afraid to make any major moved in anticipation of the 2:00pm release of the FOMC minutes. Both Mortgage Backed Securities and Treasuries are in a holding pattern, and are pretty well at "unchanged" from yesterday's trading range. Corporate Bond issuance has had a larger impact on Treasuries in comparison to MBS. Today the Housing Starts...
Nov 17, 2015
Last week brought a good run of gains in the bond market, where rates rose quickly, but then started to level off. We have seen four consecutive days of lower interest rates, although the changes day over day are modest. Rates are slightly lower today compared to yesterday, but this is probably just a typical consolidation effort. This is typical after large moves in either direction. Many lenders are offering 30 year...
Nov 16, 2015
Mortgage rates continue to move back into the green since Friday. With much of the media focusing attention on Paris and global events surrounding it, not many headlines are coming out of the mortgage sector. The only notable events are were the selling of stocks and purchasing of bonds that occurred in the overnight session. With the exception of Oil prices, neither stock or bond yields have gone down any lower than what was...
Nov 13, 2015
Mortgage rates have lowered across the board, with the exception of the 5/1 Adjustable rates, which inched up 0.01% This is due to some help from oil prices and equity markets. The last five days have seen an upward trend, which may be more than "just" a correction from the 11/6 NFP report. This is, of course a short term trend. It appears as though the consensus is that we expect to see a hike in December,...
Nov 12, 2015
The overnight session was uneventful coming off the Veterans Day market closure. President Draghi of the European Central Bank (ECB) made some comments which boosted the bond markets, and treasuries followed as well. Also coming out of the St Louis Fed were comments made by President Bullard, which basically stated that the U.S. was "entering an era of permanently lower inflation and interest rates" along with other comments...
Nov 11, 2015
Bond Markets are closed today. Tuesday ended the day with MBS coming back from some of the weakness due to a lack of new corporate debt issuance, particularly in comparison to Monday, which saw massive amounts of corporate debt hitting the markets. Yesterday marked the first movement into positive territory that we have seen since the 30th of October. It will take more than yesterday's bounce to prove a positive trend, but at least...
Nov 09, 2015
Mortgage rates are higher today as a response to last week's NFP report. Mortgage markets are moving to price based on the stance that a rate hike by the feds is imminent. Stocks and bonds will likely see the impact of a rate increase. Additional pressure on the bond markets is being created by the issuance of new corporate debt. This type of debt issuance is typical as we roll into the winter months. Today's...
Nov 06, 2015
Mortgage rates are a nudge higher across the board today. Today's job reports came in undeniably stronger than expected, which helped bolster any concerns that the Feds would not impose a rate hike in December. The NFP report was forecasted at 180k, and came in at +271k, the unemployment rate was 5.0 versus the previous forecast of 5.1, Hourly earnings and the private sector employment numbers came in stronger as well then was...
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