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Mortgage rates held steady again today, keeping them in line with the lowest levels in more than 3 weeks. They've also been uncommonly calm so far this week, which certainly isn't a bad thing when we're at 3-week lows. The calm trend began showing cracks at the end of the day in terms of underlying bond markets (movement in bonds ultimately dictates movement in mortgage rates). Bonds began to weaken in the afternoon. "Weakness" in bonds corresponds to higher rates. To put the move in context, bonds are still in better territory than they were on any day last week. In other words, the weakness is quite modest for now. The risk is that it signifies some sort of shift because of bond trading behavior over the past 2 days. To oversimplify a complex phenomenon, bonds (the ones we watch to get a
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Mortgage Rate Watch
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Mortgage rates held steady again today, keeping them in line with the lowest levels in more than 3 weeks. They've also been uncommonly calm so far this week, which certainly isn't a bad thing when we're at 3-week lows. The calm trend began showing cr... (read more) |
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Housing News
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Fannie Mae blamed diminished confidence in both buying and selling a home for a 3.1 percentage point drop in its Home Purchase Sentiment Index (HPSI) last month. The Index fell, after tying the all-time high of 88.3 in September, to 85.2 in October. ... (read more) |
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MBS Commentary
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After 5 days of gains for longer-term bonds (we'll lump 10yr Treasuries and the MBS coupons that matter to rate sheets into that category), today finally turned red. How much to read into that weakness is a matter of debate.
On one h... (read more) |
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Housing News
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According to CoreLogic, it doesn't matter whether you rent or recently bought a home, your housing costs probably went up over the last year. Two separate posts in the CoreLogic Insights blog look at the rising costs, and find that homeowners are bei... (read more) |
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Rob Chrisman
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“These businesses are in a structurally disadvantaged position, given the challenging rate environment and marketplace,” Sanjiv Yajnik, president of financial services at Capital One, said in a memo to employees. “These factors do n... (read more) |
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Housing News
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Mortgage application activity was generally muted last week accoording to the Mortgage Bankers Association (MBA). Where there were changes in the MBA's Market Composite Index, they were small and without much direction. The Index, a measure of mortga... (read more) |
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consumerfinancemonitor.com
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