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Mortgage rates moved sharply higher today, bringing the average top tier 30yr fixed quote back to 4.25% from 4.125% previously. That doesn't exactly mean that rates are .125%, depending on your perspective. While the actual rate applied to loan balances is .125% higher on average, the amount of interest paid in conjunction with a mortgage is also depends on upfront costs. In cases where borrowers are being quoted .125% higher in rate today, those upfront costs are generally lower. If we express those costs in terms of rate, the actual day-over-day change is 0.07%. That may not seem like much, but it's the biggest increase in well over a month. So what's the deal? With Trump's congressional speech yesterday and surging stock prices today, it's tempting to view the rate move against that backdrop
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Rob Chrisman
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Here’s a public service announcement for folks in Detroit: check to see if you should boil your water before you drink it . Apparently drinking water problems are not confined to other areas of Michigan. In merger & acquisition news, Calibe... (read more) |
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Mortgage Rate Watch
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Mortgage rates moved sharply higher today, bringing the average top tier 30yr fixed quote back to 4.25% from 4.125% previously. That doesn't exactly mean that rates are .125%, depending on your perspective. While the actual rate applied to loan balan... (read more) |
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MBS Commentary
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In addition to ISM Non-Manufacturing, tomorrow brings multiple Fed speeches, including Yellen and Vice Chair Fischer in the early afternoon. It's exceedingly possible that markets may use the tone of these speeches to cast their final vote on... (read more) |
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Housing News
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Construction spending had been expected to recover from the 0.2 percent loss it suffered in December. Analysts polled by Econoday were looking for an increase of 0.2 to 0.8 percent, with a consensus of a half-point gain. Instead total January constru... (read more) |
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MBS Commentary
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The past 2 days have been almost exclusively about a rapid adjustment in Fed rate hike expectations (see the chart in the Day Ahead for a visual). That's a point worth emphasizing considering how much anticipation markets were carrying headin... (read more) |
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Housing News
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Freddie Mac's Insight forecast for February looks at reports that consumer price inflation is rising, and the ensuing debate over "whether or not we are shifting from a world of low consumer price inflation to one of moderate inflation." The company'... (read more) |
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