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Mortgage rates held their ground fairly well today, despite the fact that underlying bond markets were weaker. Bond market weakness is associated with higher interest rates, all other things being equal. To understand this, consider that a bond is essentially a loan. An investor who buys a bond is buying the right to collect interest payments on a loan. That investor is effectively "the lender." Ideally, those investors would compete with one another for the right to collect interest on loans. If bonds are "weaker," it means those investors don't see as much value in buying those loans. The price they pay to obtain the loan goes down (aka "weakness"). In turn, the loan's rate of return needs to be bumped up in order to attract investors. And "bumping up the rate of return on a loan" is tantamount
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Mortgage Rate Watch
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Mortgage rates held their ground fairly well today, despite the fact that underlying bond markets were weaker. Bond market weakness is associated with higher interest rates, all other things being equal. To understand this, consider that a bond is es... (read more) |
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Rob Chrisman
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When I grow up, I want to live…next to the airport? Usually, airports are there before people move in around them, and then the residents all complain about the noise despite the airport already being there: Not in my backyard! But in some are... (read more) |
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MBS Commentary
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I have to stretch to make a day like today interesting. As I'm fond of doing, I could easily label this one of those unofficial 3-day weekend type of Mondays. That description still works as 10yr yields were only 2bps higher and Fannie 4.... (read more) |
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MBS Commentary
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The two key fiscal issues at the moment are the trade deal with China and the expiration of temporary government funding at the end of this week. Between those two, the trade deal is by far and away the bigger deal for markets. The shut... (read more) |
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Mortgage Rate Watch
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Mortgage rates may not be quite as low as they were on January 31st, but they nonetheless managed to end at the lowest levels of this week . Unlike January 31st, we can still say we're at the lowest levels in more than a year (yesterday was the first... (read more) |
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MBS Commentary
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The bond market is exuding a sort of confidence we've not seen in a long time. I'm not saying that because outright rate levels are lower than they've been in more than a year. Rather, I'm saying it because bonds have been content to ho... (read more) |
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