Tue, Mar 22 2022, 12:36 PM
More than a half-million loans remained in forbearance at the end of February according to the Mortgage Bankers Association (MBA). Its monthly Loan ...
Tue, Mar 22 2022, 12:16 PM
At times in the QE era, the markets have rushed to adjust to a rapidly evolving understanding of the Fed's policy intentions. At other times, the Fed...
Tue, Mar 22 2022, 10:37 AM
As packages of mortgage servicing rights continue to hit the market, and some wonder at the high multiples, know that the percentage of borrowers curr...
Mon, Mar 21 2022, 6:27 PM
From Bad to Worse as Powell Doubles Down on Policy Shift
Things were already fairly ugly this morning as the bond market opted to pay no attenti...
Mon, Mar 21 2022, 5:22 PM
By the end of last week, the bond market was sending hopeful signs about the recent rate spike potentially leveling off. It had done the same thing...
Mon, Mar 21 2022, 11:43 AM
Today, for yield curve fans, the 3, 5, and 7-year Treasury yields are all above the 10-year yield. But yesterday was the Spring Equinox, aka Vernal Eq...
Mon, Mar 21 2022, 9:05 AM
For two Fridays in a row, bonds have leveled off in a way that offered some hope for consolidation and stability. And for two Mondays in a row, the w...
Fri, Mar 18 2022, 4:50 PM
Mortgage rates are based on movement in the bond market, and as of the middle of this week, bonds had lost a good amount of ground every day for 8 st...
Fri, Mar 18 2022, 4:20 PM
Another Shot at Consolidation. Is This Time Different?
Last Friday had a fairly classic "leveling-off" vibe ...
Fri, Mar 18 2022, 1:13 PM
Existing home sales slowed in February and the National Association of Realtors® (NAR) said the recent rise in interest rates may have already knocke...
Fri, Mar 18 2022, 12:23 PM
With this week's Fed announcement in the rearview and no other earth-shattering developments in data or geopolitics, bonds are left to the sort of con...
Fri, Mar 18 2022, 10:50 AM
When did pineapples in shopping carts become a thing (more below)? But I digress… This morning I head to Miami, because isn’t there where most rap vid...
Thu, Mar 17 2022, 4:51 PM
It was potentially a very boring or interesting day for mortgage rates, depending on where you get your news and how tuned in you were to yesterda...
Thu, Mar 17 2022, 4:17 PM
Mixed Day For Bonds; MBS Outperform
Today's trading session had a bit an anticlimactic "day after" vibe foll...
Thu, Mar 17 2022, 11:09 AM
Last week was ugly for the bond market even though much of the ugliness was due to the immense rally of the previous week. By Friday, rates were able...
Thu, Mar 17 2022, 10:10 AM
Walking around Memphis yesterday got me to thinking, “I wonder what the part of my brain that used to store people’s phone numbers is doing now.” Mayb...
Wed, Mar 16 2022, 4:48 PM
Mortgage rates are based on movement in the bond market, and bonds have lost ground every day for 8 straight days. Today was merely the latest in t...
Wed, Mar 16 2022, 4:20 PM
Big Swoon After Fed Announcement, Big Recovery Later
Today delivered on the typical Fed day promise of big m...
Wed, Mar 16 2022, 2:01 PM
Indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in rec...
Wed, Mar 16 2022, 1:55 PM
Residential construction and its logical impact on builder confidence has been one of the biggest pleasant surprises of an otherwise very unpleasant c...
Wed, Mar 16 2022, 1:00 PM
The Mortgage Bankers Association (MBA) released its latest mortgage application numbers this morning and the modest movement belies the drama unfoldin...
Wed, Mar 16 2022, 11:10 AM
We already know that tapering has wrapped up as of last week and that the Fed will continue to reinvest proceeds from the existing bond portfolio unti...
Wed, Mar 16 2022, 9:59 AM
Let’s face it, women spend more time worrying about what men are actually thinking than men actually spend thinking. While capital markets staffs are ...
Tue, Mar 15 2022, 4:44 PM
Annoying Little Head-Fake, But Don't Abandon All Hope
Just when the bond market looks like it will throw you...
Tue, Mar 15 2022, 4:18 PM
Imagine paying $1500/month for rent in 2021 and getting a renewal letter for $2079. That's the reality for those living in the metropolitan area wher...
Tue, Mar 15 2022, 1:11 PM
Coming off of yesterday's gigantic selling spree, bonds caught a break in the overnight session after briefly hitting even higher highs (10yr topped o...
Tue, Mar 15 2022, 11:33 AM
At the Ides of March, inflation is pervasive. Today rumors are swirling that Tom Brady ended his retirement because of not being able to afford to ret...
Mon, Mar 14 2022, 4:28 PM
If you received a mortgage rate quote any time in the past few days or weeks, unless it was at the end of the business day on Monday, March 14th, you'...
Mon, Mar 14 2022, 4:10 PM
What's Up With Today's Massive Sell-Off In Bonds?
Bonds tanked hard today. Losses were in place right from ...
Mon, Mar 14 2022, 11:51 AM
Today’s commentary: 100 percent the truth except for the stuff I make up randomly. I am not making up the Federal Reserve’s meeting this week with tra...
Mon, Mar 14 2022, 10:38 AM
If anything, fighting intensified over the weekend in Ukraine. This is something that would typically drive more safe-haven buying in the bond market...
Fri, Mar 11 2022, 5:58 PM
The Fed will hike its key policy rate for the first time since 2018 next week, but mortgage rates aren't waiting to move higher. By the end of this w...
Fri, Mar 11 2022, 3:49 PM
Uncharacteristically Quiet, But Still Slightly Weaker
Bonds started the overnight session stronger, but lost...
Fri, Mar 11 2022, 11:48 AM
Today marks the conclusion of the Fed's post-covid balance sheet expansion. In other words. Tapering is complete. Before covid, the Fed enacted qua...
Fri, Mar 11 2022, 10:08 AM
Daylight Saving Time for much of the nation springs up Sunday morning, leading to plenty of grousing on Monday. What else is going on? “Please listen ...
Thu, Mar 10 2022, 4:00 PM
Bonds Not Catching a Break From Strong Auction or Lower Oil Prices
Oil prices fell today today and the bond ...
Thu, Mar 10 2022, 3:36 PM
It's Thursday and thus time once again for Freddie Mac's weekly mortgage rate survey. An industry standard report dating back to the 70s, Freddie's s...
Thu, Mar 10 2022, 2:30 PM
Mortgage lenders are pragmatic about their business prospects over the next quarter, expecting mortgage rates to continue to increase and refinance ac...
Thu, Mar 10 2022, 10:20 AM
“I don’t always go the extra mile, but when I do, it’s because I missed my exit.” And that extra mile costs more every week. Higher gasoline prices ce...
Thu, Mar 10 2022, 9:39 AM
The bond market is looking past Ukraine and economic data this morning to focus on the European Central Bank (ECB) announcement. The reaction in EU b...
Wed, Mar 9 2022, 4:41 PM
Mortgage rates officially hit new multi-year highs in February. At the time, you'd have to go back to the first half of 2019 to see anything higher...
Wed, Mar 9 2022, 4:31 PM
Hopeful Markets and Big Corporate Deal Pushes Yields Higher
Stocks and bond yields moved higher in unison to...
Wed, Mar 9 2022, 12:49 PM
As we've discussed over the past 2 days, the bond market remains stuck between a rock and a hard place. If things get worse in Ukraine, commodity pri...
Wed, Mar 9 2022, 9:43 AM
I’m visiting with lenders in Tennessee much of this week, and a fair amount of the talk revolves around conversations with borrowers “unlocking the eq...
Wed, Mar 9 2022, 9:34 AM
The news release for weekly mortgage applications may have come out today, but as with any economic report, it refers to things that happened in the p...
Tue, Mar 8 2022, 4:36 PM
Mortgage rates are based on bonds and bonds are having a tough time in the past few days. Bonds such as US Treasuries often benefit from terrible t...
Tue, Mar 8 2022, 4:22 PM
Struggling to Find a Rate-Friendly Narrative
Bonds sold off early in the overnight session and then more sha...
Tue, Mar 8 2022, 11:39 AM
Things aren't always as simple as they seem. Let's hope that's the case for bonds, because things seem tragically simple when we try to reconcile the...
Tue, Mar 8 2022, 10:40 AM
This morning I am heading to Knoxville to visit with the local chapter of the Tennessee Mortgage Bankers Association. On my way I received an email as...
Mon, Mar 7 2022, 4:15 PM
Bonds Struggling With Inflation Implications
Although the bond market is still a net beneficiary from the wa...
