Mortgage News Daily
- What Matters in Wednesday's Fed Announcement? September 17, 2024What Matters in Wednesday's Fed Announcement? The ongoing disagreement in the market regarding the size of Wednesday's Fed rate cut makes it a very interesting Fed meeting. That said, the size of the cut at this meeting probably has less to do with the market reaction than the dot plot landscape (i.e. the changes in […]
- What Might a Fed Rate Cut do For Mortgage Rates? September 17, 2024Mortgage rates have fallen nearly 2% from last year's peak. Much of that decrease can be viewed as the normal phenomenon of longer term rates getting in position for changes in short term rates. The point we're about to make is that mortgage rates have already adjusted for what the Fed is likely to do--not […]
- DPA, Shared Appreciation, Loss Mit, Insurance, Subservicer Oversight Products; Conforming Loan Limit Changes September 17, 2024Does it give you a sense of permanency if you think about how you’re looking at the same moon as pirates did 300-400 years ago? There’s a lunar eclipse across North American tonight, and Talk Like a Pirate Day is Thursday, both in the same week! But, of course, little is permanent. The world morns […]
- Some Selling After Data, But Does it Matter? (Spoiler Alert: No) September 17, 2024This morning's Retail Sales headline was stronger than expected, but the sub-components (analogous to something like core CPI as opposed to headline CPI) painted a flatter picture. As such, bonds didn't have much selling to do. The resulting levels would make for the 2nd lowest closing yields of the year if they can be maintained or improved […]
- Just Another Day of Waiting September 16, 2024Just Another Day of Waiting Bonds started stronger, retraced back to 'unchanged' following the manufacturing data, and proceeded to grind out moderate gains by the end of the day. It was a reasonably strong result given the absence of bullish impetus for bonds, but not one that falls outside the range of yields established during […]
- Mortgage Rates Inch Lower to Begin Potentially Wild Week September 16, 2024The new week began on a relatively quiet note in terms of mortgage rate movement and the underlying bond market. There was modest volatility earlier this morning with a Manufacturing survey causing some headwinds for bonds. This would normally lead to slightly higher mortgage rates, but bonds recovered shortly thereafter and spent the rest of […]
- Starting Out Fairly Flat, But Give it a Few Days... September 16, 2024So far in the new week, bonds have rallied a bit in the overnight session and sold off a bit after this morning's stronger NY Fed Manufacturing data. The result is a fairly flat morning with MBS and Treasuries both still just barely stronger. If there was ever a week to expect "flat" to have […]
- Secondary, Construction, Workflow, HELOC Products; Curbio's Settlement; Webinars and Training This Week September 16, 2024The Pirate goes to the dermatologist and says, “Arrg, I got moles.” The dermatologist says, “Don’t worry, they’re benign.” The Pirate replies, “Arrg, count again, I think there be ten!” Health care, astronomy, and mortgage banking are filled with numbers. Losing daylight is the name of the game these days in the Northern Hemisphere. Chicago, […]
- Fed Week Uncertainty Makes For Logical Consolidation September 13, 2024Fed Week Uncertainty Makes For Logical Consolidation Bonds rallied sharply just over a month ago following a downbeat jobs report and other data. They then consolidated ahead of the early September data before rallying just a bit more. The present week didn't add much to the broader context and thus presented a good opportunity for […]
- Low Volatility in Mortgage Rates, But Next Week Could be Very Different September 13, 2024We've talked a lot about why the Fed rate cut will have no additional positive impact on mortgage rates next week. Everything the market can already reasonably foresee about what the Fed might do is already reflected in today's mortgage rates. In other words, much of the sharp mortgage rate decline seen in recent months […]