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Mortgage rates moved higher today , following stronger economic data at home and abroad. In general, stronger economic data implies better growth, higher stock prices and higher rates. Although the traditional levels of correlation between data and rates have been thrown off for various reasons over the past year, we still see examples of that correlation from time to time. Today was one of those days. Economic data was stronger in Europe and Asia during the overnight session. This resulted in bond markets moving toward higher rates even before the domestic economic data came out. Today's most significant domestic data was the ADP Employment report, which showed payroll creation of 250k per month compared to forecasts calling for 190k. This speaks to the potential for Friday's official numbers
Mortgage Rate Watch
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Mortgage rates moved higher today , following stronger economic data at home and abroad. In general, stronger economic data implies better growth, higher stock prices and higher rates. Although the traditional levels of correlation between data and r... (read more)
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Rob Chrisman
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A shift in housing? Returns for landlords softened last year as about 400,000 units entered the US multifamily-housing market, outstripping demand, according to RealPage . Rent increased an average 2.5% in 2017, down from a peak of 5.2% in 2015, whil... (read more)
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MBS Commentary
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If you happen to read and retain most of what I write, you'll have noticed that toward the end of December, I increasingly mentioned that it wouldn't be until the first full week in January (which is NEXT week) that we'd be more likely to see the fir... (read more)
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Mortgage Rate Watch
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Mortgage rates were unchanged to slightly lower today, depending on the lender. Merely holding steady is a victory today. Reason being: bond markets (which dictate rates) weakened yesterday. That implied higher rates ahead. Lenders had the choice to ... (read more)
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MBS Commentary
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Bond markets improved overnight, but were under pressure in the morning after stronger ISM Manufacturing data and then again following the release of the Minutes from the December Fed meeting. By the end of the day, a chart of 10yr Treasury y... (read more)
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MBS Commentary
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The overnight session and early morning hours saw a good, old-fashioned economic-data-driven sell-off in bond markets. Asian and European data were both stronger. That resulted in about half of the day's total damage for longer-te... (read more)
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