RSS Mortgage News Daily

  • Without Any Domestic Data on Tap, Bonds Taking Cues From Europe February 23, 2024
    It was destined to be a mostly boring, sideways week (to whatever extent "destiny" actually has any predictive value).  Perhaps it's more fair to say that "boring and sideways" is the least surprising outcome in light of the incredibly sparse event calendar.  European data and policy speeches have been in far greater supply, generally hurting […]
  • Hedging, Guideline Search, VOI and VOE Tools; Rocket Earnings; Events and Training February 23, 2024
    “Alexa, where’s my damn package?” (Page down 3-4 times to the video.) Life is full of surprises, good and bad. Rates aren’t a surprise… The U.S. Federal Reserve can only do so much about inflation. Geo-politics are a big deal, of course, and there is nothing our Fed, tasked with maintaining economic stability in this […]
  • The Drift Continues February 22, 2024
    The Drift Continues Bonds only had a small reaction to the stronger Jobless Claims data, despite the reference period being the same as the next NFP number.  Traders were more interested in the lower price pressures reported in the S&P PMI data.  This suggests a certain level of receptiveness to some of the other 2nd […]
  • Mortgage Rates Just Slightly Higher February 22, 2024
    Mortgage rates continue making nearly microscopic movements in day-over-day terms, but they continue adding up.  Today's increase over yesterday was negligible, but yesterday matched the highest levels in more than 2 months.  That leaves today with the dubious distinction of being the new multi-month high, even though many borrowers may not see meaningful changes in […]
  • Green Shoots For Existing Homes Ahead of Spring Market February 22, 2024
    Prospects for the spring market look a bit brighter as January numbers show an increase in both the pace of existing home sales and the size of the unsold inventory. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhomes, condominiums, and cooperative apartments were at a seasonally adjusted annual rate of […]
  • Some Help From Data, But Nothing Heroic February 22, 2024
    Rates are "data dependent" and the two biggest pieces of economic data are CPI and the big jobs report.  Neither are on today's calendar, but there was an anecdotal indicator for the jobs report in the form of weekly jobless claims.  This usually forgettable, but if there was one week of the month to pay […]
  • LOS, Warehouse, Servicing Products; Freddie Mac and Trended Credit Data; STRATMOR on Younger Borrowers February 22, 2024
    Did someone say, “National Margarita Day”? (Splendid timing, especially as vendors and lenders contemplate a rate and volume environment that may not change much for months, and compensation & personnel adjustments continue.) In 2023, the United States was the leading recipient of Mexico’s tequila exports, importing 84.8 million gallons of tequila from South of the […]
  • Rates Testing Ceilings After Bond Auction and European Weakness February 21, 2024
    Rates Testing Ceilings After Bond Auction and European Weakness Bonds managed to start the day in modestly stronger territory, but it's just as fair to say "sideways."  Things didn't start moving until after 10am when European bond market weakness spilled over to Treasuries.  Yields drifted several bps higher into the 20yr bond auction and popped […]
  • Mortgage Rates Match Highest Levels Since Late November February 21, 2024
    In the short term, mortgage rates haven't experienced any extreme movement since earlier in the month, but a slow trickle of weakness is starting to add up.  As of last Friday, the average 30yr fixed rate was as high as it's been since late November.  There was a modest recovery yesterday, and it has now […]
  • Non-QM, VOI/VOE, Marketing, Ledger Tools; Housing Market Outlook; Non-Agency News February 21, 2024
    There’s an old LO joke, telling their client, “When you’re buying a house, be sure to do it with a significant other, and make sure that one of you has good credit. That’s why it’s called ‘significant’ other: sign-if-i-can’t.” Everyone in our biz knows that owning property is a great way to build wealth, although […]