Mon, May 9 2022, 11:31 AM
Depending on when you looked this morning, MBS prices may have been red or green, and the gap between any two quotes was rather large (a quarter of a ...
Mon, May 9 2022, 9:59 AM
Recently in Reno I overheard someone predict, “Forget Wikipedia. How about someone create ‘Liquorpedia’ with an encyclopedia of alcohol and drink reci...
Fri, May 6 2022, 4:58 PM
It was yet another tough week for the mortgage market with rates rising to their highest levels since 2009, but how high have they actually risen? Th...
Fri, May 6 2022, 4:54 PM
Rates Give Up After Briefly Trying to Hold Yesterday's Ceiling
There really weren't any new reasons for the ...
Fri, May 6 2022, 12:29 PM
The jobs report is traditionally the most important piece of economic data on any given month. It's even had the power to move the bond market as rec...
Fri, May 6 2022, 9:47 AM
Here’s a stream of consciousness paragraph for you. “Rob, what are you hearing about companies laying off, furloughing, right-sizing, whatever, employ...
Thu, May 5 2022, 6:49 PM
Good news continues to be in short supply for mortgage rates. In fact, even the good news has ended up being bad on many recent occasions. Today i...
Thu, May 5 2022, 4:40 PM
Big Sell Off After a Nice Rally. Blame The Fed Either Way?
Today was one of the rare breed where both stock...
Thu, May 5 2022, 1:04 PM
Solid Fed day and solid rally in response yesterday... Now today, it's not just a complete 180°, but a 180° plus more insult to injury as yields surg...
Thu, May 5 2022, 10:09 AM
Life is complicated. Take the Black Knight purchase by ICE. Some vendors are out there licking their chops at their company’s valuation while others a...
Wed, May 4 2022, 4:47 PM
Today brought the much-anticipated policy announcement from the Federal Reserve. Many people mistakenly believe that the Fed's present day decisions ...
Wed, May 4 2022, 4:30 PM
Fed Finally Sticks to Script. Bonds Like It
Fed days have seen a series of increasingly hawkish adjustments ...
Wed, May 4 2022, 2:01 PM
Indicators Although of overall economic activity edged down in the first quarter, household spending and employment business have fixed ...
Wed, May 4 2022, 10:11 AM
May the 4th be with you! Without the lisp, there are many forces tugging at lenders and vendors. Forget 2020 and 2021. Recruiters are asking LOs what ...
Wed, May 4 2022, 10:09 AM
At the risk of repeating too many words from yesterday's recap, we'll leave it at this: the Fed will hike by 50bps today. It won't be a surprise to t...
Wed, May 4 2022, 9:52 AM
The volume of mortgage application submitted during the week ended April 29 ended a seven-week slide. The Mortgage Bankers Association (MBA) said purc...
Tue, May 3 2022, 4:23 PM
Mortgage rates hit their highest levels since 2009 yesterday amid the fastest spike since the early 1980s. Today's rates were very similar on avera...
Tue, May 3 2022, 4:03 PM
Fed Day Preview: What Are They Doing and How Much Will Bonds Care?
Given all the bond market volatility seen...
Tue, May 3 2022, 2:08 PM
Total construction spending continues to roar ahead of its 2021 pace, led again in March by another double digit increase in the residential compone...
Tue, May 3 2022, 11:23 AM
10yr yields came into the day looking comfortable in the rejection of the 3% ceiling that was briefly tested yesterday and overnight. That occurred a...
Tue, May 3 2022, 10:19 AM
With the yield on the risk-free 10-year Treasury note hitting 3 percent for the first time since 2018, you deserve some cutting-edge humor. Two hats w...
Mon, May 2 2022, 4:06 PM
Rocky Start to Fed's Normalization Revelation Week
The Fed has been in full-fledged policy tightening mode i...
Mon, May 2 2022, 3:44 PM
The hits keep coming for mortgage rates in 2022. Not since the early 80s have rates risen as quickly as they have in the past 2 months (or the past 4...
Mon, May 2 2022, 11:29 AM
Besides a reminder that it is Teacher Appreciation Week, how about some loan officer humor to lead off Monday? “We’re closing on our house next week. ...
Mon, May 2 2022, 10:05 AM
In addition to bringing the typical big market movers scheduled for the first week of any given month, we'll also get a fairly important Fed announcem...
Fri, Apr 29 2022, 4:52 PM
The first few months of 2022 have seen rates rise at the fastest pace since the 1980s as a confluence of known issues collided with unexpected volatil...
Fri, Apr 29 2022, 4:46 PM
Insult to Injury But Still Waiting on Next Week's Fed
Mixed messages in the morning's PCE inflation data sen...
Fri, Apr 29 2022, 11:59 AM
This morning's much-anticipated core PCE inflation headline came out at 5.2% year-over-year versus a median forecast and previous reading of 5.3%. Gr...
Fri, Apr 29 2022, 11:01 AM
On Sunday, here in Hawai’i, and everywhere else I guess, is Lei Day. I was all set to go down the 5th grade joke path, until I saw this story about na...
Thu, Apr 28 2022, 4:22 PM
Nice Intraday Bounce, But No Implication For Bigger Picture
Bonds began the day losing ground following hott...
Thu, Apr 28 2022, 4:14 PM
Last Friday, mortgage rates hit their highest levels since 2009 with the average lender quoting conventional 30yr fixed rates of 5.5%. Things weren't...
Thu, Apr 28 2022, 11:40 AM
Yesterday, we surmised that the absence of new rally momentum meant rates weren't yet ready to confirm a major ceiling without digesting a bit more da...
Thu, Apr 28 2022, 11:23 AM
While the industry digests Freddie Mac’s first quarter earnings (47 percent purchase, 53 percent refi), if you try to correct my grammar, I will think...
Wed, Apr 27 2022, 3:58 PM
MBS Outperform as Treasuries Hit Several Snags
In the bigger picture, the absence of any new rally momentum ...
Wed, Apr 27 2022, 3:21 PM
Mortgage rates are most directly affected by trading levels in the bond market--specifically those of mortgage-backed securities or MBS. It was a som...
Wed, Apr 27 2022, 2:43 PM
Today brought 2 new scheduled data releases for the housing market. Both were fairly logical given the variables in play. So far in 2022, one of the...
Wed, Apr 27 2022, 11:06 AM
If only the bond rally of the past 2 days had begun next Monday... Due to its "one week early" timing, the result has been a technical correction tha...
Wed, Apr 27 2022, 11:03 AM
Change is mandatory. Progress is optional. Are signing bonuses a sign of progress? Perhaps not, and more a continued sign of the competitive times. “A...
Tue, Apr 26 2022, 3:54 PM
More Gains, But Harder to Hold After Europe Stopped Trading
Bonds made decent gains overnight as overseas ma...
Tue, Apr 26 2022, 3:21 PM
New, single family home sales declined by 8.6 percent in March according to data released today by the Census Bureau. That seems like a fairly substa...
Tue, Apr 26 2022, 12:14 PM
Interest in sustainable homes, those with green or energy-saving features, appears to be growing. The National Association of Realtors® (NAR) recently...
Tue, Apr 26 2022, 11:07 AM
Running feels great unless you compare it to not running. While here in Northern California for a board meeting, I received, “I read your capital mark...
Tue, Apr 26 2022, 10:44 AM
Here at the end of April, bonds are seeing a similar rally to the one seen at the end of March. At least that's true in terms of the number of days o...
Mon, Apr 25 2022, 4:11 PM
New Bounce, But Same Question
Rates rallied briskly today as investors focused on China's covid lockdowns, o...
Mon, Apr 25 2022, 3:50 PM
Thursday and Friday weren't great days for the mortgage market last week. Rates jumped sharply on Thursday and then drifted just a bit higher on Frid...
Mon, Apr 25 2022, 3:32 PM
Mortgage delinquencies hit a record low in March according to the "first look" report on mortgage performance released today by Black Knight. Hitting ...
Mon, Apr 25 2022, 11:42 AM
“I’d listen to their forecasts about as much as I’d listen to Aerosmith’s Steven Tyler dispense advice on monogamy.” Regardless of who this LO was tal...
Mon, Apr 25 2022, 9:42 AM
Global equities indices fell sharply at various opening bells (and the closing bell too, as far as Asia was concerned). This was less of a concern fo...
Fri, Apr 22 2022, 6:26 PM
It's hard to avoid bad news about rising mortgage rates in 2022, but you can't believe everything you read. It is true that mortgage rates have been ...
Fri, Apr 22 2022, 3:26 PM
Abnormally Uneventful Friday For Bonds
Whether we're talking about actual Fridays or Thursdays that fall bef...
