Mortgage News Daily
- Markets Trading Shutdown Risks? We'll Find Out Soon March 14, 2025It's been an on-again, off-again week for bonds and several of their trading motivations. Economic data has played its part at times, but not in any excessive way. The same goes for the recently relevant "stock lever" (the tendency for higher stock prices to push bond yields higher and vice versa). It was the latter […]
- Stocks Save Bonds From Modest Losses March 13, 2025Stocks Save Bonds From Modest Losses You won't always be able to count on the market dynamics we've seen over the past few weeks, but during that time, they've been pretty reliable. Specifically, steep losses in stocks have been helping the bond market more often than not, and today was another example. Bonds started out […]
- Mortgage Rates Recover After Starting Slightly Higher March 13, 2025Mortgage rates hit their highest levels in just over 2 weeks yesterday and they were on track to remain unchanged today. In fact, the average lender offered the exact same 30yr fixed rate when this morning's initial barrage of rate sheets came out. Lenders typically publish their first rates of the day around 10am ET, […]
- Correspondent and Wholesale News; Equity Monitoring, AVM, Accounting Tools; Tech in Capital Markets; Non-Agency News March 13, 2025Teddy Roosevelt thought that lawyers are trained to serve clients and not justice. An interesting discussion topic. Residential lending certainly has its share of legal proceedings and suits, but commercial lending does as well. For example, Wells Fargo is suing JPMorgan over a troubled $481 million commercial real estate loan made in 2019 to “recover […]
- Paradoxical Inflation Report Reaction, PPI Edition March 13, 2025Seemingly overnight (i.e. over the past 30 days when it comes to markets reacting to economic data), the CPI and PPI inflation numbers that normally impact bonds have been overlooked in favor of a handful of line items buried within each report. The line items in question are those that impact the PCE price index (released […]
- Another Paradoxical Reaction to an Inflation Report March 12, 2025Why Aren't Bonds Happier About CPI? For the 2nd month in a row, the market's reaction to a CPI/PPI report ended up being less about the report itself and more about its implications for the more highly regarded PCE inflation data. While we have to wait 2 weeks for official word on PCE, the CPI/PPI […]
- Highest Mortgage Rates in Just Over 2 Weeks March 12, 2025Mortgage rates have moved up over the past 2 days, ultimately hitting the highest levels since February 24th today. While that sounds somewhat unpleasant or unfortunate, context paints a softer picture. Specifically, since February 25th, the average top tier 30yr fixed rate has been in a fairly narrow 0.12% range centered on 6.75%. That makes the […]
- Why Aren't Bonds Happier About CPI? March 12, 2025Today's CPI came in lower than expected. That would normally help bonds rally, but they didn't seem too eager to do that. One explanation is that the components of CPI that have a bearing on PCE suggest PCE will be higher than previously expected. While we don't usually see PCE move markets as much as […]
- Consolidation Continues Ahead of CPI March 11, 2025Consolidation Continues Ahead of CPI February 19th through March 3rd marked an exceptionally directional rally for bonds. The following day brought the big blow-up in German debt, and the start of the consolidation in US rates. Granted, if domestic economic data been weaker, the rally may have tried to soldier on, but after the jobs […]
- Mortgage Rates Slightly Higher Ahead of Important Inflation Data March 11, 2025With fiscal and geopolitical developments dominating the news cycle, it would be easy to forget that interest rates prefer to take their primary cues from economic data. This is an important reminder considering tomorrow morning brings one of the most closely watched economic reports: the Consumer Price Index (CPI). CPI is one of only a […]