Thu, Jul 25 2019, 3:26 PM
Mortgage rates were moderately higher today marking the first detectable shift of the week. Many of the market participants who trade the bonds respon...
Thu, Jul 25 2019, 8:29 AM
In the day just passed, bonds managed to rally in the overnight session with help from weaker European economic data, which fueled expectations for an...
Wed, Jul 24 2019, 3:53 PM
A storm of potential inspiration is brewing for the bond market. Over the next 5 trading days we'll get announcements from the 2 biggest central bank...
Wed, Jul 24 2019, 3:13 PM
Mortgage rates barely budged today, with the average lender offering almost the exact same terms as yesterday. That took some doing in the form of str...
Wed, Jul 24 2019, 9:17 AM
In the day just passed, bonds weakened slightly as corporate debt issuance weighed on Treasuries. Afternoon headlines regarding US/China trade negoti...
Tue, Jul 23 2019, 6:10 PM
MBS did a great job of fending off an onslaught of Treasury weakness today. MBS outperformance is a relatively foreign concept of late, but we do t...
Tue, Jul 23 2019, 4:09 PM
Mortgage rates side-stepped today, bringing an end to a gentle but consistent move lower over the past 5 business days. During that time the average c...
Tue, Jul 23 2019, 8:56 AM
In the day just passed, bonds made modest gains at the open only to give most of them up by the close. Activity was concentrated at the specific open...
Mon, Jul 22 2019, 3:30 PM
Mortgage rates were lower again today. The improvement was fairly decent given the amount of movement seen in the bond market. The reason for that has...
Mon, Jul 22 2019, 8:54 AM
In the week just passed, bonds set to the task of confirming a ceiling in yields that had been forming at the end of the previous week. The friendly ...
Fri, Jul 19 2019, 8:31 PM
If yesterday was marked by rather aggressive comments by Fed's Williams (aggressive enough to convince a few market participants that the Fed might cu...
Fri, Jul 19 2019, 8:04 PM
Mortgage rates Moved just slightly lower today, despite some push back from underlying bond markets. Typically, weakness in the bond market (like the ...
Fri, Jul 19 2019, 9:25 AM
In the day just passed, bonds did an admirable job shaking off the ill effects of a significantly stronger Philadelphia Fed Manufacturing Business Out...
Thu, Jul 18 2019, 6:13 PM
It was a tale of two market movers today as afternoon Fed comments completely reversed an earlier reaction to super strong economic data. The Philly ...
Thu, Jul 18 2019, 5:37 PM
Economic data and mortgage rate movement go hand in hand. A stronger economy puts upward pressure on rates. A contracting economy helps rates move low...
Thu, Jul 18 2019, 8:48 AM
In the day just passed, bonds enjoyed one of their best rally days in recent weeks as the stock market endured its 2nd weakest day since May. Stocks ...
Wed, Jul 17 2019, 5:27 PM
Mortgage rates improved today, depending on the lender and the time of day! Underlying bond markets were only modestly stronger in the morning. As suc...
Wed, Jul 17 2019, 5:26 PM
What began as a rather unassuming summertime Wednesday quickly turned in to one of the biggest rally days in weeks for bonds. 10yr yields moved more ...
Wed, Jul 17 2019, 9:23 AM
In the day just passed, a strong Retail Sales report kept the pressure on bond markets to remain in the negative trend that prevailed last week. Yiel...
Tue, Jul 16 2019, 6:27 PM
Bonds began the day in roughly unchanged territory. On the one hand, that was impressive considering the lack of substance underlying yesterday's ral...
Tue, Jul 16 2019, 4:34 PM
Mortgage rates were flat to slightly higher today, following a stronger-than-expected Retail Sales report. The bond market (which dictates mortgage ra...
Tue, Jul 16 2019, 8:35 AM
In the day just passed, bonds traversed a sleepy summertime Monday trading session without much volume or liquidity. That dynamic was somewhat exacer...
Mon, Jul 15 2019, 4:42 PM
Today was one of those unofficial 3-day weekend type of Mondays with light volume, light trader participation, and "drifty" trading momentum. A marke...
Mon, Jul 15 2019, 4:18 PM
Mortgage rates were mostly flat to begin the new week, even though underlying bond markets were in stronger territory. Bonds, more than anything else,...
Mon, Jul 15 2019, 9:12 AM
In the week just passed, the first 4 days (and especially Tue/Thu) served as the scene for a breakout from the previous trend (seen in the yellow line...
Fri, Jul 12 2019, 6:28 PM
Last Friday's jobs report meant business (bad business for low rates). Even though Powell ultimately told us that one jobs report wouldn't fundamen...
Fri, Jul 12 2019, 5:56 PM
Mortgage rates moved decisively higher this week as the underlying bond market finally began shifting gears. After the Fed meeting in June, rates move...
Fri, Jul 12 2019, 9:12 AM
In the day just passed, bonds slipped into a bit of a capitulation sell-off following slightly stronger CPI data and a much weaker 30yr bond auction. ...
Thu, Jul 11 2019, 9:08 AM
In the day just passed, bonds weakened abruptly in the overnight session--mostly due to strong European economic data. Traders were also cautious ahe...
Wed, Jul 10 2019, 3:10 PM
There was a lot that could have gone wrong for the bond market today, given the confluence of big-ticket events (Powell testimony, 10yr auction, Fed m...
Wed, Jul 10 2019, 2:31 PM
Mortgage rates were mixed today following the much-anticipated congressional testimony by Fed Chair Jerome Powell. Although these testimonies are regu...
Wed, Jul 10 2019, 9:16 AM
In the day just passed, bonds weakened slightly but remained inside the recent range. The weakness is in line with a linear trend leading to the uppe...
Tue, Jul 9 2019, 3:59 PM
Bonds weakened today, even if only slightly. It was enough to bring 10yr yields right up to the closest and arguably most significant overhead tech...
Tue, Jul 9 2019, 3:07 PM
Mortgage rates rose today, largely in response to weakness in the bond market seen yesterday afternoon (and confirmed this morning). Mortgage rates fo...
Tue, Jul 9 2019, 9:21 AM
In the day just past, bonds began the week slowly and without much conviction. Friday's post-NFP weakness was essentially confirmed by the fact that ...
Mon, Jul 8 2019, 6:01 PM
Today was the story of a bond market that is considering a potential shift in momentum in response to a confluence of events. These include last Frid...
Mon, Jul 8 2019, 5:28 PM
Mortgage rates began the day in slightly lower territory compared to last Friday afternoon, but they'd risen noticeably from Wednesday to Friday. The ...
Mon, Jul 8 2019, 9:13 AM
In the week just past, bonds rallied hard into the Independence Day holiday. 10yr yields hit fresh multi-year lows before getting slammed by a jobs r...
Fri, Jul 5 2019, 6:04 PM
If we went back to Monday morning and learned that today's NFP number would come in at 224k, any sane person would have guessed yields would be much h...
Fri, Jul 5 2019, 5:11 PM
Mortgage rates moved higher today following higher-than-expected job creation in a report from the Labor Department. The Employment Situation (aka "th...
Fri, Jul 5 2019, 8:31 AM
On Wednesday, bond markets digested two of the week's most important economic reports in the from of ADP employment and ISM non-manufacturing. Appoin...
Wed, Jul 3 2019, 2:19 PM
Mortgage rates fell at a moderate pace today. As expected, the lenders who hadn't gotten around to improving during yesterday's bond market rally (str...
Wed, Jul 3 2019, 8:15 AM
In the day just past, the bond market finally made its first move outside of the recent consolidation range--a series of lower highs and higher lows t...
Tue, Jul 2 2019, 4:55 PM
In the amusement park that is financial markets, each asset class has a few favorite rides. When the place is packed, it's tough for any given asset ...
Tue, Jul 2 2019, 3:33 PM
Mortgage rates moved down today by varying amounts depending on the lender. In some cases, lenders weren't offering much of an improvement over yester...
Tue, Jul 2 2019, 9:41 AM
In the day just past, bonds did an admirable job of fending off the implications of the weekend's G20 news (US/China reopening trade talks, etc). Whi...
Mon, Jul 1 2019, 6:07 PM
There was certainly some risk of volatility associated with the G20 summit over the weekend, even if no one expected it to produce any fundamental cha...
Mon, Jul 1 2019, 5:30 PM
Mortgage rates were slightly higher to start the new week, which is a pretty good outcome considering the underlying events. On Friday, we anticipated...
Mon, Jul 1 2019, 9:37 AM
In the week just past, bonds avoided a negative correction following the previous week's Fed-induced rally. There was plenty of back and forth, but i...
Fri, Jun 28 2019, 3:01 PM
Bonds were perfectly unchanged to start the day after the smallest amount of overnight movement we've seen all week. This is a palpable reminder th...
