RSS Mortgage News Daily

  • Time to Hurry Up and Wait Again April 12, 2024
    Time to Hurry Up and Wait Again Friday ended up being reasonably pleasant, but mostly uneventful.  Gains were in place from the overnight session on a combination of European economic data and central banker comments.  Geopolitical headlines may have played a role at times, and end-of-week position squaring probably had some impact as well.  None […]
  • Mortgage Rates Move Lower After 2-Day Rout, But Underwhelmingly So April 12, 2024
    Wednesday was one of the worst days in decades in terms of single-day upward movement in mortgage rates.  Thursday added a bit more insult to the injury.  The resulting levels were the highest since November 2023.  We should be thankful, then, that Friday managed to push back in the other direction, but it would be […]
  • Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates April 12, 2024
    When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a home, doesn't […]
  • Much Stronger Start With Bonds Following Gains in Europe April 12, 2024
    Bonds began the overnight session in modestly stronger territory but the gains started adding up in earnest after European markets opened for the day.  A slew of respectable inflation readings and another survey on inflation trajectory helped juice European bonds and US Treasuries came along for the ride.  Then in early domestic trading, there was […]
  • About as Uneventful as it Could Have Been April 11, 2024
    About as Uneventful as it Could Have Been Any time we have a huge day of movement, regardless of the reason, the odds of bigger movement increase for the following days.  Today was especially tense because there was another inflation report that stood the chance to add insult to yesterday's CPI injury.  But today's PPI […]
  • Mortgage Rates Are Actually The Highest Since Mid November April 11, 2024
    Wednesday's Consumer Price Index caused a brutally fast spike in mortgage rates.  It wasn't notable for taking us to exceptionally high levels (October 2023 was much higher), but it was one of the biggest single-day jumps.  Either way, it easily took the average lender back to highest levels since November 2023.  Today was very tame […]
  • Mixed Start, Modest Weakness, But No Major Follow-Through April 11, 2024
    After a day like Wednesday (one of the top 20 weakest bond market days of the past few decades), one of the top concerns is that the following day will see follow-through selling.  Indeed, there are many examples of such days catalyzing a new trend for several weeks.  Heavy selling in response to CPI data […]
  • Hedging, Fee Collection, VOIE, Valuation, Analytics Tools; Webinars and Training Through Next Week April 11, 2024
    The next time you complain about your job, just be thankful you’re not working at Cinnabon. (Excuse the language.) Did you know that tomorrow is “Take your underwriter to work day”? Okay, I just made that up. If life could be so simple and everything would go smoothly. Instead, we were once again provided with […]
  • Basically The Worst Day For Mortgage Rates Since October 2022 April 10, 2024
    Mortgage rates surged at a pace seen only one other time since October 2022.  The average lender moved up by 0.28%, which is functionally equivalent to the 0.29% seen after the February 2nd jobs report.  In fact, today was arguably worse because the Feb 2nd example happened a day after rates hit long-term lows.  The […]
  • A Really Bad Day For The Bond Market April 10, 2024
    A Really Bad Day For The Bond Market To reiterate the point made in today's morning commentary, there was a mismatch between the size of the beat in the core inflation data (0.4 vs 0.3) and the size of the move in the bond market.  This wasn't a glaringly huge problem considering the February's CPI […]