Wed, Aug 27 2014, 4:57 PM
Both MBS and Treasuries started the day in good shape as a bout of universally downbeat data washed over the Eurozone. Speculation for some measure...
Wed, Aug 27 2014, 4:35 PM
Mortgage rates fell by an almost imperceptible amount today. Some lenders were actually unchanged or slightly higher. The actual NOTE rates ...
Tue, Aug 26 2014, 12:29 PM
Bond markets started the day little-changed from the previous session and having seen little volatility overnight. Although it wasn't destined to b...
Tue, Aug 26 2014, 7:31 AM
A cute little phenomenon got a fair amount of buzz on an otherwise slow news day yesterday. It has to do with today's Durable Goods data and the fact...
Tue, Aug 26 2014, 4:31 PM
The last week of Summer continues to be the last week of Summer as far as markets are concerned. Email auto-responders are working overtime, parents ...
Tue, Aug 26 2014, 3:16 PM
So many questions have been raised by the surprising state of affairs in the world of mortgage rates this year. Why did rates move in the opp...
Mon, Aug 25 2014, 12:23 PM
In more ways than one, today has been ' modest ' for bond markets. The overnight session was slower than normal, even for a Monday due to a bank holi...
Mon, Aug 25 2014, 7:40 AM
Few pieces of domestic economic data have caught the attention of bond markets recently. That's not to say there haven't been short term reactions to...
Mon, Aug 25 2014, 4:57 PM
The biggest story and smallest surprise of the day was the fact that trading conditions in bond markets were extra light. Between the market closur...
Mon, Aug 25 2014, 3:25 PM
Mortgage rates were steady for some lenders today, and slightly lower for others. The movement wasn't nearly enough to affect rates themselves, meani...
Fri, Aug 22 2014, 12:36 PM
J-Hole Knee-Jerk: A brief, but volatile market reaction to Fed Chair Yellen's speech at the Jackson Hole symposium.
That's been the day's primary ...
Fri, Aug 22 2014, 7:31 AM
Yellen delivers the keynote speech at Jackson Hole today. What does that even mean? I remember being somewhat perplexed by the unclear significance ...
Fri, Aug 22 2014, 5:05 PM
With limited interruptions, bond markets have been sleepwalking since most of the summer. While that has afforded them some measure of forward prog...
Fri, Aug 22 2014, 3:22 PM
Mortgage rates moved lower for a second straight day following a much-anticipated speech from Federal Reserve Chair Yellen in Jackson Hole. Whil...
Thu, Aug 21 2014, 11:18 AM
It's been a pleasantly resilient day for MBS and Treasuries so far. After a completely uneventful overnight session, both opened just slightly weak...
Thu, Aug 21 2014, 7:42 AM
Today's calendar of scheduled events is the busiest of the week with Jobless Claims at 8:30am followed by Philly Fed and Existing Home Sales at 10am. ...
Thu, Aug 21 2014, 4:29 PM
One week ago tomorrow, Treasuries fell to their lowest yields in over a year after Ukraine said it blew up part of a Russian convoy. Until yesterday ...
Thu, Aug 21 2014, 3:46 PM
Mortgage rates ended a 3-day losing streak , moving modestly lower today. This wasn't the case in the morning, but several lenders released positiv...
Wed, Aug 20 2014, 12:25 PM
MBS are outperforming Treasuries today and have been flirting with positive territory heading into the noon hour. Treasuries are still about 1bp hi...
Wed, Aug 20 2014, 7:28 AM
Bond markets have endured 2 days of losses so far this week. Both days have also been prime examples of illiquid summertime trading. This simply mea...
Wed, Aug 20 2014, 5:19 PM
Bond markets have a secret. Or rather, we have to pretend like it's a secret in order to turn something very boring into something remotely interesti...
Wed, Aug 20 2014, 4:36 PM
Mortgage rates were higher for a third straight day as financial markets continue a measured correction from last Friday's volatility. At that tim...
Tue, Aug 19 2014, 12:33 PM
Relative to yesterday's exceptionally linear trading, prices have been much more volatile today. The overnight session was constructive for global ...
Tue, Aug 19 2014, 7:43 AM
It remains to be seen whether today's economic data will even matter given the incredibly light participation so far this week. In other words, today...
Tue, Aug 19 2014, 4:15 PM
Everything that happened in bond markets today, happened before noon. Whether this was a factor of European markets contributing to the volatility or...
Tue, Aug 19 2014, 2:08 PM
Mortgage rates continued moving higher today after headlines suggested a chance for deescalation in Ukraine. It was the geopolitical risk in Ukrai...
Mon, Aug 18 2014, 12:11 PM
As is frequently the case for Monday's during the summer, bond markets have not been very active. Trading levels have remained in a narrow range as...
Mon, Aug 18 2014, 7:34 AM
Drama is fueling a surprisingly strong 2014 rally in US bond markets. Most of that drama has to do with the European economy and geopolitical risks o...
Mon, Aug 18 2014, 5:23 PM
After hitting the lowest levels in over 2 months on Friday, mortgage rates bounced almost all the way back to Thursday's levels. That's somewha...
Mon, Aug 18 2014, 5:23 PM
The day started out inoffensively enough with MBS and Treasuries only down slightly from Friday's latest levels. Those were also incidentally the be...
Fri, Aug 15 2014, 12:22 PM
The trading day began mostly uneventfully, with bond markets working their way into positive territory by the domestic open. Economic data didn't sta...
Fri, Aug 15 2014, 7:41 AM
There are plenty of frustrating times in financial markets where a trend is only as good as it's most recent trading day. This is the old: "the tren...
Fri, Aug 15 2014, 5:13 PM
MBS got very close to their best levels of the year today, as did mortgage rates. Treasuries, on the other hand, crashed through their previous flo...
Fri, Aug 15 2014, 4:39 PM
There were numerous headlines swirling mid-morning concerning military violence between Ukraine and Russia. Financial markets responded in a big wa...
Thu, Aug 14 2014, 12:14 PM
Today has brought a decent dose of volatility to bond markets. Overnight trading saw Treasury yields rise somewhat abruptly during Asian hours. The ...
Thu, Aug 14 2014, 7:40 AM
It's fun anthropomorphize bond markets. After all, by the time we admit that even "black box" trading still results from human programming, markets a...
Thu, Aug 14 2014, 5:18 PM
It's getting a bit eerie at this point. MBS have had extra calm afternoons every day this week, and haven't lost meaningful ground on any of them. O...
Thu, Aug 14 2014, 4:49 PM
Mortgage rates made yet another small move lower , and this time it was enough to lay claim to the title of "lowest in over a month." This is mor...
Wed, Aug 13 2014, 11:56 AM
Relative to the first two days of the week, today's biggest loser (in terms of bond yields) is Europe. German Bund yields rose less than Treasuries...
Wed, Aug 13 2014, 7:31 AM
There has been some economic data that bond markets have clearly cared about recently. GDP comes to mind as the most recent example. But it was bare...
Wed, Aug 13 2014, 4:40 PM
After a fairly slow start to the week, bond markets threatened to move higher yesterday afternoon and into the overnight session. With bonds trading ...
Wed, Aug 13 2014, 3:08 PM
Mortgage rates improved just slightly today, but that's a welcome result considering the way things had been shaping up. If not for the weaker-tha...
Tue, Aug 12 2014, 11:57 AM
Both MBS and Treasuries have gone no higher or lower than they did yesterday, though they've made relatively quick work of exploring most of those ran...
Tue, Aug 12 2014, 7:33 AM
As we recently discussed, summertime Mondays might as well be part of a 3-day weekend. Volume and participation on Mondays in July and August especia...
Tue, Aug 12 2014, 4:58 PM
MBS were generally flat today while Treasuries were slightly skewed toward higher yields. There's really not much more to observe about today's mov...
Tue, Aug 12 2014, 3:14 PM
Mortgage rates were unchanged for
the most part today. Of the lenders who had measurable changes from
yesterday's latest offerings, slight...
Mon, Aug 11 2014, 11:34 AM
As we've discussed in the past, bond rallies that are fueled by geopolitical risk require constant feeding if they're to survive and thrive. In oth...
Mon, Aug 11 2014, 7:33 AM
Even during the strongest moves lower for rates, we'll still see periodic weakness within the trend. In other words, if rates are falling and general...
Mon, Aug 11 2014, 4:33 PM
Treasuries and MBS are heading out the door in very similar territory to Friday's latest levels. This is something of a relief considering they looke...
Mon, Aug 11 2014, 3:51 PM
While mortgage rates didn't enjoy as strong of a move lower as US Treasuries last week, they were nonetheless right in line with their best l...
