Thu, Feb 12 2015, 5:03 PM
Bond markets were at their best levels since Monday heading into today's 1pm 30yr Bond auction (MBS prices don't reflect that only because of the roll...
Thu, Feb 12 2015, 5:02 PM
Mortgage rates were feeling left out of the cheesy, obligatory, early February references to certain love-themed holidays. Markets hadn't show...
Wed, Feb 11 2015, 12:34 PM
Today has turned out to be a total dud so far in terms of actionable information for traders. Although there's still technically time, we've seen abs...
Wed, Feb 11 2015, 7:32 AM
Europe is a tangled mess of politics and bureaucracy that puts anything else to shame. Why do I say this? First, because it's true. Second, and mor...
Wed, Feb 11 2015, 5:33 PM
Mortgage rates are in the midst of a substantial losing streak . Today's outright losses weren't that bad in and of themselves, but they have...
Wed, Feb 11 2015, 5:29 PM
The last few highlighted comments at the bottom of this page tell the story of the late-day headlines. The first one caught markets' attention:
RT...
Tue, Feb 10 2015, 12:22 PM
If I didn't know any better (and I might not), I'd guess that someone from Greece is calling up news organizations and pretending to be an EU official...
Tue, Feb 10 2015, 7:37 AM
Remember 2008 though the middle of 2011, or the 2nd half of 2013? Me neither, but I went back and read a few of my old posts and think I have a prett...
Tue, Feb 10 2015, 5:30 PM
Bond markets got the 3yr Treasury auction out of the way today. While it was noticeably positive for Treasuries, it was the least potent of the 3 in ...
Tue, Feb 10 2015, 4:28 PM
Mortgage rates remain under significant pressure , having now moved higher almost every day in February. So far, this is the worst month for rate...
Mon, Feb 9 2015, 12:56 PM
The most interesting news overnight was the reaffirmation from Greek leaders that the country is done with austerity, no matter the cost. At this poi...
Mon, Feb 9 2015, 7:34 AM
In many ways, the current tussle between Greece and its creditors is reminiscent of past iterations. There's some bluffing, posturing, lying, feigned...
Mon, Feb 9 2015, 7:16 PM
After Friday's aggressive sell-off, bond markets managed only a modest bounce back before acquiescing to even weaker levels by the close. There wer...
Mon, Feb 9 2015, 5:16 PM
Mortgage rates , fresh off a rather ugly Friday last week, continued to struggle today. The morning hours were mostly OK. Some lenders were in...
Fri, Feb 6 2015, 7:05 AM
Oh man... I'm about to say some crazy stuff . If I could go back in time one year and tell myself "hey, past self, in a year you're going to write a...
Fri, Feb 6 2015, 6:13 PM
In a real sense, today's bond market weakness was nothing more than a continuation of February's existing trend on steroids. Multiple asset classes h...
Fri, Feb 6 2015, 4:56 PM
Mortgage rates shot higher at their fastest pace in nearly a year today following this morning's employment data. This also leaves rates at thei...
Fri, Feb 6 2015, 2:07 PM
This morning's MUCH -stronger than expected NFP hit bond markets while they were already on the back foot in terms of the February trend. It followe...
Thu, Feb 5 2015, 7:32 AM
If you're just getting caught up, here's the long and the short of yesterday's news from the ECB in relation to Greece-inspired Euro-drama.
The re...
Thu, Feb 5 2015, 5:57 PM
Last night, Treasuries attempted to play it safe ahead of the European session by rallying sharply on news they figured would have a big positive effe...
Thu, Feb 5 2015, 4:57 PM
Mortgage rates held their ground today even as trading levels in bond markets suggested a move higher. This has to do with the heads-up I offere...
Wed, Feb 4 2015, 7:37 AM
For the first time in the history of the Day Ahead, I'm referencing an oil inventory report as a solid potential market mover. This is significant,...
Wed, Feb 4 2015, 4:58 PM
Mortgage rates were steady to slightly higher today, depending where you looked and at what time of day. The morning hours brought additional pa...
Wed, Feb 4 2015, 4:39 PM
Unlike yesterday, which had a decent start and crappy conclusion, today's trading session began with bond markets at their weakest levels in more than...
Wed, Feb 4 2015, 1:38 PM
To make a long story short, bond markets have been correcting from their recent rally ever since Greece began correcting from their recent rout . ...
Tue, Feb 3 2015, 12:51 PM
10yr yields are up just more than 7bps to 1.75%. That's bad in the sense that 1.70 is an inflection point that would have been nice to hold, but s...
Tue, Feb 3 2015, 7:33 AM
First thing's first. Let's make a quick distinction between bond market components. When we talk about "incredible momentum," it has nothing to do...
Tue, Feb 3 2015, 5:11 PM
Bond markets began the day by putting in a repeat performance of yesterday's overnight and early morning hours. Both days say a 3-4 bp drift higher ...
Tue, Feb 3 2015, 4:33 PM
Mortgage rates picked up the pace of weakness today, moving higher at their quickest pace of the year. That's the bad news. The good news is th...
Mon, Feb 2 2015, 12:33 PM
Overnight and early domestic trading were unkind to bond markets. Global PMI data was generally in line with expectations or slightly stronger. Tr...
Mon, Feb 2 2015, 7:23 AM
Another week, another chance for markets to express their feelings about European QE, Greek theater, and 'global growth concerns.' So far, these thin...
Mon, Feb 2 2015, 5:08 PM
At one point, today looked like it could be nearly as anticlimactic for bond markets as 2nd goal for the--well... never mind. Nothing is that antic...
Mon, Feb 2 2015, 4:26 PM
Mortgage rates were just slightly higher today, but generally did a good job of holding on to recent gains. For perspective, last Friday was the...
Fri, Jan 30 2015, 7:32 AM
The last trading day of the month for bond markets is more interesting than average in its own right. Money managers are busy making sure their hol...
Fri, Jan 30 2015, 5:29 PM
Nothing has materially changed from the Mid-Day recap, so for the nuts and bolts of today's rally, that would be the best place to get caught up:
...
Fri, Jan 30 2015, 3:51 PM
Mortgage rates moved lower today at their fastest pace since January 14th. Rates sheets moved well past recent lows and back to levels not seen ...
Fri, Jan 30 2015, 1:13 PM
The overnight session was orderly and positive for Treasuries. Yields continued mechanically grinding lower from yesterday's bounce at 1.785 (10yr Tr...
Thu, Jan 29 2015, 12:46 PM
While there have been several economic events in the overnight and domestic sessions that seemingly imparted some momentum, bond markets are better de...
Thu, Jan 29 2015, 7:32 AM
So much of 2014 was spent building up to the notion of ECB QE and so much of the first 2 weeks of 2015 was dedicated to fully pricing it in that bon...
Thu, Jan 29 2015, 4:46 PM
"Inside day" is a good little piece of market jargon. It refers to a day of trading where prices, yields, or whatever you want to chart fall INSIDE ...
Thu, Jan 29 2015, 3:53 PM
Mortgage rates were steady to slightly higher today on average. Some lenders were actually slightly lower, but they were the exception. In cont...
Wed, Jan 28 2015, 12:34 PM
I'm not sure why anyone is writing article headlines that reference the approaching Fed announcement. Does the Fed even matter right now? Or perha...
Wed, Jan 28 2015, 7:25 AM
With all the recent focus on Europe, and with no major surprises hanging in the balance for domestic monetary policy, it's easy to forget about the ...
Wed, Jan 28 2015, 5:03 PM
Mortgage rates fell again today , and while the move wasn't big, it was enough to bring most lenders back in line with the best rates from two wee...
Wed, Jan 28 2015, 4:52 PM
Today's FOMC Announcement resulted in one of the strangest market reactions in recent memory. Explanations for the various movements abound, and mo...
Tue, Jan 27 2015, 7:33 AM
Today brings a relative deluge of economic data compared to yesterday. Reports include Durable Goods, Case-Shiller Home Prices, New Home Sales, and...
Tue, Jan 27 2015, 4:46 PM
Mortgage rates continued a recent pattern of small day-to-day changes today. This time, however, lenders were more unified in a move to slightly...
Tue, Jan 27 2015, 4:46 PM
After briefly breaking above the 1.84% inflection point amid last week's ECB-related volatility, 10yr Treasury yields have been religiously leaning on...
Tue, Jan 27 2015, 1:16 PM
The overnight session was generally flat to slightly stronger for Treasuries. Early domestic trading was limited due to the snow storm in New York (t...
Mon, Jan 26 2015, 7:25 AM
It's more or less impossible that we'll see any chance in policy stance with this Wednesday's FOMC Announcement, but it's still on the radar as a rele...
