Author Archive

2
Jul

Mortgage Rates Edge Slightly Lower After Jobs Data

Posted To: Mortgage Rate Watch Mortgage rates made an anti-climactic move lower today after the big jobs report proved slightly disappointing to markets. Stocks and bond yields both fell after the Bureau of Labor Statistics said only 223k jobs were created in June compared to a negatively revised 254k in May. Perhaps even more of [...]

2
Jul

MBS RECAP: Abrupt Positive Adjustment After NFP, Then Silence

Posted To: MBS Commentary As far as days with big initial reactions to economic data go, today was about as boring as they come. The first part of the problem was the overnight bond market weakness. This had 10yr yields near 2.47 by the start of the domestic session. As such, the post-NFP rally had [...]

1
Jul

MBS RECAP: Bond Markets Back to Defense Ahead of NFP

Posted To: MBS Commentary The last two days were nice while they lasted , but today's trading levels are right back in line with most of last week. In other words, bonds sold off today. The weakness hit markets like a ton of bricks right at 5am. Draw your own conclusions, but this is when [...]

1
Jul

Mortgage Rates Rise Ahead of Big Jobs Report

Posted To: Mortgage Rate Watch Mortgage rates gave up recently-enjoyed gains today. This brings them to the week’s highest levels (and the 3rd highest in 2015) a day before the all-important Employment Situation Report. Also referred to as “the jobs report” or simply “nonfarm payrolls,” this is the most important piece of economic data released [...]

30
Jun

MBS RECAP: Bond Markets Hear Dueling Banjos From Europe and US; Weaker in the PM

Posted To: MBS Commentary European and US headlines did their rendition of 'dueling banjos' this afternoon. On the European side, we had potentially fake news out of a country that may only exist in the movies and history books. The Prime Minister of Malta is cited as saying Greece could cancel the referendum if they [...]

30
Jun

Mortgage Rates Modestly Lower as Risks Increase

Posted To: Mortgage Rate Watch Mortgage rates had their 2nd straight day of improvements today–something that’s been uncommon since the beginning of May. Additionally, the slight drop in rates was belied by the market movement. The bond markets that inform lenders rate sheets actually pointed to higher rates by the end of the day. That [...]

29
Jun

MBS RECAP: Bonds Back to Best Levels With Help from Stocks

Posted To: MBS Commentary Nothing like some good, old-fashioned 'stock lever' to restore one's faith in classic market paradigms. That's the one where traders " sell stocks, buy bonds ," or vice versa. There was certainly plenty of stock selling today as S&P futures fell more than 40 points from Friday's close. In fact, it [...]

29
Jun

Mortgage Rates Erase One Day of Losses. More Volatility Ahead

Posted To: Mortgage Rate Watch Mortgage rates spiked to the highest levels of the year on Friday after hovering close to them for several days. But news out of Europe over the weekend caused major movement in financial markets at the start of the day. One of the biggest beneficiaries was the US bond market [...]

26
Jun

Mortgage Rates Hit New 2015 Highs

Posted To: Mortgage Rate Watch Mortgage rates were already hovering near 2015 highs as of yesterday. Today’s spike sent them easily above the previous annual high , set on June 10th. Normally, day to day market movement isn’t big enough to cause a change in the actual contract rates being quoted. In other words, it’s [...]

26
Jun

MBS RECAP: Bond Markets Brace for Impact; US Worse Than Europe

Posted To: MBS Commentary Paradoxically, US bond markets sold off (read: rates went higher) much more sharply than European bond markets today. That will certainly make no sense to everyone who is blaming every move on Greece-related headlines. If it was all about Greece , we'd see German yields taking the biggest hit when the [...]