Fri, Sep 29 2017, 2:37 PM
Mortgage rates moved lower today, even though underlying bond markets (which ultimately drive rates) suggested a move higher. This happens from time t...
Fri, Sep 29 2017, 8:31 AM
This morning brings one of the more important inflation metrics for the US economy via the "Incomes and Outlays" report. As the name suggests, the re...
Thu, Sep 28 2017, 4:39 PM
Treasuries hit their highest yields since the beginning of July today, although they'd already begun to calm down by the start of the domestic sessi...
Thu, Sep 28 2017, 3:43 PM
Mortgage rates were decidedly higher this morning, with most lenders back above last week's highs. At the time, those were the highest rates in more t...
Thu, Sep 28 2017, 8:32 AM
First off, let me say that the extent to which bond market weakness over the past 2 days is being wholly attributed to the tax plan borders on ridicul...
Wed, Sep 27 2017, 5:40 PM
While MBS definitely did sell-off today, and while mortgage rates did indeed move higher, it was Treasuries that took the brunt of the damage. Specif...
Wed, Sep 27 2017, 4:49 PM
First thing's first: mortgage rates didn't have nearly as bad a day as US Treasuries. The latter serve as a general benchmark for the former, but can ...
Wed, Sep 27 2017, 9:24 AM
Before it even began, today was set to be a challenge for bond markets. As discussed in an earlier update on MBS Live , Treasury yields rose sharpl...
Tue, Sep 26 2017, 4:33 PM
Today was another good day for bond markets despite the fact that Treasury yields moved somewhat higher during the course of trading hours. At leas...
Tue, Sep 26 2017, 3:09 PM
Mortgage rates improved moderately today, making this the 4th straight business day without any new weakness (aka "higher rates"). It's necessary to i...
Tue, Sep 26 2017, 9:05 AM
For some of you, this may seem very basic. For others, hopefully it will serve as an eye-opener or even just a useful refresher. I got the inspirati...
Mon, Sep 25 2017, 5:16 PM
It's tempting to say that bond markets are definitively pushing back against the sharp correction that brought rates higher over the past 2 weeks. In...
Mon, Sep 25 2017, 4:37 PM
Mortgage rates held their ground yet again , and are finally starting to look resilient after a relatively sharp move higher over the past 2 weeks. Th...
Mon, Sep 25 2017, 9:03 AM
The current week begins with bonds holding ground for a 3rd day after a fairly sharp selling spree in the preceding 2 weeks. The big question is whet...
Fri, Sep 22 2017, 4:52 PM
Who knows how today's trading would have unfolded absent the overnight headlines that North Korea was planning to test an ICBM with a Hydrogen warhead...
Fri, Sep 22 2017, 4:27 PM
Mortgage rates held their ground yesterday. That was a refreshing development given the abrupt move higher over the past 2 weeks and a relatively thre...
Fri, Sep 22 2017, 8:59 AM
With a dearth of economic data on the calendar, bond traders were set to take cues from other traders, technical levels, and perhaps a big-ticket head...
Thu, Sep 21 2017, 4:40 PM
In a sick way, it would have been easier to see additional weakness in bond markets today. At least that would have jived with past precedent of "c...
Thu, Sep 21 2017, 3:44 PM
Mortgage rates have been higher almost exclusively for the past 2 weeks. Yesterday was no exception as the Federal Reserve released a rate hike foreca...
Thu, Sep 21 2017, 9:43 AM
Remember when the Grinch's heart grew 3 sizes? No, I mean, do you really remember watching that movie for the first time and the feeling you had wh...
Wed, Sep 20 2017, 5:28 PM
Today's Fed announcement wasn't appreciably different than most economists, traders, and armchair analysts expected. They confirmed the inception o...
Wed, Sep 20 2017, 5:12 PM
Mortgage rates rose today following the announcement and--more importantly--the Fed's updated economic projections . The Fed holds 8 meetings a year. ...
Wed, Sep 20 2017, 2:04 PM
(Additions underlined, deletions struck through)
Information received since the Federal Open Market Committee met in June July indicates that the...
Wed, Sep 20 2017, 8:33 AM
Much like an actor can get lost in a role and take things a bit too far, bond markets played the part of "a market undergoing a correction" a little ...
Tue, Sep 19 2017, 5:33 PM
While MBS managed to remain 1 tick in positive territory today, Treasury yields were higher on the day and the overall mood in bond markets managed ...
Tue, Sep 19 2017, 4:36 PM
Mortgage rates remained unchanged today, on average. This keeps them in line with their highest levels in more than a month, though admittedly, there ...
Tue, Sep 19 2017, 8:54 AM
Ahoy ye salty dogs sailing the high seas of the mortgage world. Another year has come and gone without any grand preparations for Talk Like a Pirate ...
Mon, Sep 18 2017, 4:49 PM
Bonds got off to a weaker start on this Fed week, and there weren't any convenient scapegoats in sight. That said, there were a few caveats. Most ...
Mon, Sep 18 2017, 3:55 PM
Mortgage rates resumed their recent uptrend today, after taking a quick break to end the week last Friday. The result is another push up to the highes...
Mon, Sep 18 2017, 9:04 AM
Wednesday's Fed Announcement is one of the best-telegraphed in Fed history. Multiple speakers--including Yellen herself--have all but promised that t...
Fri, Sep 15 2017, 5:09 PM
Between the overnight session and domestic trading hours, the following voices tried to get inside the head of bond markets:
A North Korean miss...
Fri, Sep 15 2017, 4:41 PM
Mortgage rates were steady to slightly lower on average today, confirming the end of a somewhat abrupt correction from last week's 2017 lows. In other...
Fri, Sep 15 2017, 9:13 AM
Granted, the headline of today's commentary will be lost on those who aren't reasonably well-versed in Monty Python, but it was worth the risk to ente...
Thu, Sep 14 2017, 5:10 PM
We've been steadfast in characterizing this week's sell-off as a "correction" to the strong rally that preceded it. One might have argued that the ri...
Thu, Sep 14 2017, 2:51 PM
Mortgage rates moved higher today, despite resilience in underlying bond markets. If you were to ask bonds, they'd vote for rates remaining flat--well...
Thu, Sep 14 2017, 8:28 AM
Yesterday morning's chart is just as germane for today, perhaps more so. It shows how bonds have reacted to CPI data over the past few months. Altho...
Wed, Sep 13 2017, 4:15 PM
Treasury yields hit their highest levels in exactly 3 weeks today with little apparent motivation. Indeed, volumes remained lower than recent average...
Wed, Sep 13 2017, 3:13 PM
Mortgage rates held steady today, and were slightly lower in some cases. That's not entirely logical at first glance because the bonds that dictate mo...
Wed, Sep 13 2017, 8:53 AM
Today's only relevant economic data is the Producer Price Index (PPI)--an inflation metric at the wholesale level. Although inflation is back in the...
Tue, Sep 12 2017, 4:42 PM
Today could be viewed at least 2 ways if you're a fan of low rates. On one hand, you might despair to see that rates are continuing higher after bo...
Tue, Sep 12 2017, 4:10 PM
Mortgage rates continued higher at a reasonably abrupt pace today as last week's themes have been completely reversed. What themes are those? Generall...
Tue, Sep 12 2017, 8:53 AM
Yesterday was the warning shot and today could see confirmation that bonds are indeed bouncing. Actually, it's probably more appropriate to view ...
Mon, Sep 11 2017, 5:22 PM
Mortgage rates finally had a bad day , but everything's relative. This sort of bad day leaves the average lender quoting rates that would have been th...
Mon, Sep 11 2017, 5:22 PM
We'd been in the throes of a risk-related rally for several weeks that crescendoed last week on a combination of North Korea and natural disasters. ...
Mon, Sep 11 2017, 8:50 AM
Bond markets are beginning the week in a defensive stance after insurance analysts report expected Irma-related losses to be lower than originally f...
Fri, Sep 8 2017, 5:26 PM
With an absence of significant economic events and the storm of the century bearing down on the Southeast, trading activity was understandably a bit...
Fri, Sep 8 2017, 4:58 PM
Mortgage rates were slightly lower today, despite moderate weakness in underlying bond markets. This would typically coincide with higher rates, but m...
Fri, Sep 8 2017, 9:22 AM
Bonds have been on a tear recently , easily breaking to the lowest yields of the year this week after some exploratory attempts last week. Geopoliti...
Thu, Sep 7 2017, 4:31 PM
2 months ago, today's European Central Bank announcement looked like it would be a big deal insofar as it would be the venue for the ECB's first off...
Thu, Sep 7 2017, 3:06 PM
Mortgage rates didn't move much today, despite plenty of strength in underlying bond markets. This would normally coincide with lower rates, so what's...
