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Mortgage rates fell modestly today, with bond market strength both before and after the release of the Fed Minutes (a more detailed account of the Fed meeting that took place 3 weeks ago). Stronger bond markets correlate with lower rates. Bonds tend to benefit from weak economic data, low inflation expectations, and an accommodative monetary policy stance from the Fed. Today's economic data was generally weaker, but of particular importance at the moment were the inflation expectations in the consumer sentiment data, which came in near the lowest levels since the financial crisis. The Fed Minutes also mentioned some concern over intractably low inflation, though they continue to expect a rebound based on a strong labor market. Bond markets are already well aware the Fed is planning on hiking
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Mortgage Rate Watch
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Mortgage rates fell modestly today, with bond market strength both before and after the release of the Fed Minutes (a more detailed account of the Fed meeting that took place 3 weeks ago). Stronger bond markets correlate with lower rates. Bonds tend ... (read more) |
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Housing News
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As predicted, mortgage delinquencies resulting from Hurricanes Harvey and Irma continued to play out in October. Black Knight Financial Services, in its "First Look" at the month's loan performance data, said the delinquency rate spiked in both Texas... (read more) |
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Rob Chrisman
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The lending world has plenty of truly very busy people. (Or maybe that is what they tell their bosses.) How best to communicate with them? Here’s an article that might be of interest to some: "How to Send Emails to Very Busy People" . Events &a... (read more) |
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Housing News
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This month's half-hearted rally in refinancing didn't last long . During the week that ended November 10, applications for refinancing made up more than half of all mortgage applications received, the first time that had happened since late September... (read more) |
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MBS Commentary
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To be sure, market participants have one foot out the door today--either mentally, physically, or both. This has already been made quite clear in the increasingly consolidative range that we've been tracking throughout November, but especially... (read more) |
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MBS Commentary
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We've discussed the tenor of Thanksgiving week in bond markets being more to do with serendipity than traditional "cause and effect" relationships. That means the events and data on the calendar that typically push and pull on bonds throughout ... (read more) |
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