Posted To: MBS CommentaryBonds slightly weaker for no overt reasons Yellen speech hotly anticipated and quickly overlooked Taken together with Friday's gains, today meant nothing The best way to think about today is that it left bond markets where they probably would have been on Friday afternoon if … [Read more...] about MBS RECAP: Limited Movement; Absent Conviction
Posted To: Mortgage Rate WatchMortgage rates plummeted today, relatively speaking, fully erasing the damage done 2 weeks ago after the Fed Minutes sent rates higher at the fastest pace in months. Let's continue with that same logic. If rates moved quickly higher 2 weeks ago because the Fed Minutes … [Read more...] about Mortgage Rates Drop Sharply After Employment Data
Posted To: MND NewsWireFriday's disappointing jobs report is likely an anomaly, but it was bad enough to wipe out any chance that the Federal Reserve will raise interest rates this month, Goldman Sachs Chief Economist Jan Hatzius said Friday. Expectations for a June hike had risen after minutes from … [Read more...] about May jobs number is an outlier, but still puts the Fed on hold: Goldman’s Hatzius
Posted To: MBS CommentaryJobs reports generally don't move markets any more But they do when they're this far from the forecast NFP came in at 38k vs 164k This adds to confirmation that Fed cannot hike in June Rates adjust accordingly Let's recap the last several weeks/months/(years?) in bond … [Read more...] about MBS RECAP: Jobs Report Matters After All!
Posted To: MND NewsWireWhat do buyers worry about as they shop for a home? It turns out one growing concern is other buyers like them. A Redfin survey of nearly 1,000 buyers found that, while 26 percent cited affordability as their major worry, virtually unchanged from the last two quarterly … [Read more...] about Buyers Increasingly Worried by Competition
Posted To: Mortgage Rate WatchMortgage rates rose modestly today, despite improvements in underlying bond markets. This was in line with our discussion about "the catch" associated yesterday's improvements. Specifically, bond markets had weakened enough in the afternoon to suggest higher rates, yet … [Read more...] about Mortgage Rates Slightly Higher Ahead of Jobs Data
Posted To: MBS CommentaryBonds rallied on rate-friendly press conference from European Central Bank Gains subsided as Europe closed Bounce in oil and stocks may have contributed Bonds pushing stronger side of recent mini-range There's the big-picture range of 2016 (the consolidative "triangle" of … [Read more...] about MBS RECAP: Strong Morning and Flat Afternoon; Thanks Europe?
Posted To: MND NewsWireConstruction spending continued to disappoint in April, but unlike in the preceding three months, residential construction also declined. The Census Bureau said that construction was put in place during the month at a seasonally adjusted annual rate of $1.13 trillion, down 1.8 … [Read more...] about Construction Spending Falls at Fastest Pace in 5 Years
Posted To: Mortgage Rate WatchMortgage rates fell to their lowest levels in roughly two weeks this morning. That's a seemingly positive statement, but while it's true, there are also several catches. The first is that the recent range of rates has been exceptionally narrow, so it didn't take much of … [Read more...] about Mortgage Rates at 2-Week Lows, But There’s a Catch
Posted To: MBS CommentaryBond markets stronger overnight New 2-week lows in 10yr yields, but weaker bounce after ISM Biggest issue with ISM was Prices Paid (63.5 vs 59.8), but headline didn't help either (51.3 vs 50.4) 10yr yields were as low as 1.804 this morning as traders took "risk-off" … [Read more...] about MBS RECAP: Strong Start, Weak Finish