Mortgage News
Nov 02, 2015
Mortgage rates are slightly lower than they were on Friday. Bond markets are preparing for the FOMC to confirm their position in regards to the "alluded to" December rate hike. In fact, the main reason that the hike didn't happen as soon as September, was that weakness in China presented concerns over global economic weakness. The only information that could throw the Fed's off of their current stance is the NFP...
Oct 30, 2015
Mortgage rates are continuing to climb today in the wake of the FOMC announcement this past Wednesday. Bond markets have improved enough to cover yesterday's losses, but are still relatively flat. Treasuries are consistent with yesterday's sell-off levels, and we are hoping for a closing number of 2.135 for 10-year yields today. The numbers for today may be a bit inflated as they reflect typical month end sell-offs....
Oct 29, 2015
Mortgage rates are higher across the board today by a significant amount. Yesterday's FOMC announcement did not help out the bond market. The fact that the Fed is most likely to hike rates in December caught many off guard. The statistics changed from a "one in three" chance of a December rate hike, to "over 50 percent" chance. Gross Domestic Product data didn't come in as expected either today,...
Oct 28, 2015
Mortgage rates are slightly lower today from yesterday. Bond markets were weaker today coming off the overnight session, although still holding within the recent range. European markets had very little influence on the US Treasury rates this morning. At 10:00am today, the Oil prices climbed significantly. This marks the largest jump in Oil markets for several months. Bond markets felt the impact, and are now climbing...
Oct 27, 2015
Mortgage rates rose slightly higher today. We are still seeing a narrow range consolidation in the Bond Markets that has stayed between 2.0 and 2.08 ever since the release of the Non-Farm Payroll report, specifically in the last couple of weeks. We don't expect a lot of movement before tomorrow's Fed announcement, even though there has been some movement in the Oil and European markets during the overnight session. We...
Oct 26, 2015
Today has been a relatively slow day for the domestic session. Overnight the US and German Bund yields both fared well, and then changed direction, the short lived rally was helped out by weaker readings in New Home Sales. In the bigger picture, the FOMC Announcement set for Wednesday is the main event this week. We expect that there will be verbiage suggesting a hike in the near future, possible end of year, or early 2016. The...
Oct 23, 2015
Mortgage rates benefitted today from weakness in the bond markets. China's PBOC (People's Bank of China) cut rates suddenly, and this had a negative effect on US Bond rates. In addition, weakness continued after 8:20am today with the opening of the Treasury pit. There hasn't been any significant data being released domestically today, which intensified the impact of the overseas rate cut. This change negated...
Oct 22, 2015
Mortgage rates have had a mixed response today due to the ECB (European Central Bank) announcement and new corporate debt issuance, particularly from Coca-Cola. Corporate debt is similar to the US Treasury issuing debt, in that it causes investors to put up cash to own the bonds. This causes more of an issue in the bonds markets, and less of an issue in the MBS and Treasuries. The ECB announcement also spurred a rally in the...
Oct 21, 2015
Bond markets are doing well today compared to the overnight session, which has had an adverse effect on mortgage rates. With limited domestic data being released, the trend for the past couple of days has been to follow the European Markets. Today the European markets have been strong, thus helping out MBS and Treasuries. Oil prices have played an increasingly important role in the bond prices. Those in the know are aware of the...
Oct 20, 2015
Mortgage rates are flat today. The overnight bond trading session started week, and is now holding ground. The reason for the lack of any significant movement is likely the anticipation of next Wednesday's FOMC announcement. This announcement is the one in which Yellen is calling a press conference to go over the likelihood of a Federal Reserve rate hike in December. Whenever there is a big event like this looming, rates tend to...
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