Mortgage News Daily
- Mortgage Applications Don't Have Much to Lose January 10, 20252024 has been one of those "it is what it is" sort of years for activity in the mortgage market. There were signs of hope over the summer months as rates fell enough to make for a noticeable spike in refinance activity. But with the rapid reversal starting in October, refi demand is right back […]
- Mortgage Rates Jump Sharply Higher After Jobs Report January 10, 2025Mortgage rates were already at 6 month highs earlier this week so it didn't take much of a push to send them up to new 7 month highs today. The push in question came from today's hotly-anticipated jobs report. No other economic report has as much consistent potential to cause volatility for interest rates. As […]
- Sizeable, Straightforward Selling Spree January 10, 2025Sizeable, Straightforward Selling Spree Today's jobs report was much stronger than expected and there were no compelling counterpoints to give traders any second thoughts. As such, traders proceeded logically by dumping bonds. Trading levels hit the 3pm close very close to the levels seen immediately after the jobs report and there wasn't much fanfare in […]
- Wholesale and Correspondent News; STRATMOR's Tech Survey; M&A Alive and Well; CA Fires Impact January 10, 2025In Los Angeles County, with 4,058 square miles of land (more than Delaware and Rhode Island combined) at least ten people have died, and more than 10,000 structures have burned and hundreds of thousands of residents are under evacuation orders in what will be the costliest wildfire disaster in American history. Lenders and mortgage servicers […]
- Highest Yields in Over a Year After Super Strong Jobs Report January 10, 2025The morning trading is as straightforward as it is unpleasant. Nonfarm payrolls crushed expectations (256k vs 160k f'cast) and the unemployment rate also improved (4.1 vs 4.2). While the Fed may have downplayed the role of the labor market in guiding the rate outlook at the last meeting, the jobs report will ALWAYS matter to […]
- No Data, No Volatility January 9, 2025No Data, No Volatility Bonds were only open for half the day due to the national day of mourning for Jimmy Carter. Overnight markets made for a slightly stronger start and those gains slowly eroded throughout the day. MBS closed at perfectly unchanged levels and 10yr yields were a hair lower as Treasuries continue "healing" […]
- Mortgage Rates Just a Hair Lower. Friday Could be Much More Volatile January 9, 2025Mortgage rates are driven by movement in the bond market and bonds were on a shortened schedule today due to the federal day of mourning for Jimmy Carter. As such, volume and volatility were in short supply. Still, overnight market movement allowed the average lender to offer a microscopic improvement versus yesterday. Tomorrow (Friday, Jan […]
- MCT and FICO 10 T, Non-QM, AOT Tools; Conferences in February and Beyond January 9, 2025“My buddy’s wife complains about constantly being sexually harassed at work. He told her she can stop working from home and go back to the office if she doesn’t like it.” “Home” means a lot, especially when it is lost. The nation is watching the loss of life and homes in LA county. Prior to […]
- Bonds on Light Duty Ahead of Friday's Jobs Report January 9, 2025Unless something incredibly interesting happens in the next 3 hours, this morning's commentary will likely be the end-of-day commentary as well. Due to the national day of mourning, bonds will close early at 2pm ET, and there are no scheduled economic reports from government sources. Traders are taking the half-day mentality seriously with 8am-9am volume […]
- Some Volatility But Broadly Sideways January 8, 2025Some Volatility But Broadly Sideways Markets seemingly had a lot to get through today between economic data, the Treasury auction, and Fed Minutes. In addition, there were several headlines from Fed speakers and other policy makers that could have inspired some movement. Despite all that, and notwithstanding some back-and-forth volatility, bonds traded fairly flat. Moreover, […]