Mortgage Rates Unchanged to Begin Busy Week

Posted To: Mortgage Rate Watch

Mortgage rate drama has been on an unapologetic, no-holds-barred, “couldn’t-care-less” sort of vacation for the past 2-3 weeks . There have only been microscopic changes from day to day, and they’ve canceled each other out over that time frame to boot! In other words, there has been no net change in rates since the middle of November. The past 3 business days (Wed, Fri, and today), have been especially calm. Not every lender kept the same hours during that time, and not every lender held perfectly steady, but there certainly wasn’t enough movement to affect …read more

MBS RECAP: Decent Improvements, But Waiting on Bigger News

Posted To: MBS Commentary

Today was a largely uneventful return from the extended weekend with bond markets doing very little to react to news or economic reports. Chicago PMI is hit and miss when it comes to moving markets, but certainly no stranger to the spotlight. At 48.7 versus a median forecast of 54.0, today's Chicago PMI was arguably weak enough that we should have seen a more noticeable response in bond markets. Instead, the morning's gains leveled-off just as the data was released. The rest of the day was spent drifting sideways to slightly stronger, resulting in a smattering …read more

MBS MID-DAY: Bonds Inch Back Into Positive Territory After Weaker Start

Posted To: MBS Commentary

In many ways, today still has the feel of the holiday-shortened Thanksgiving week. Markets have been slow to move and generally not interested in reacting to economic data. Case in point, we saw a majority of today's movement occur before the only significant data. Fortunately, that movement was bond-friendly. The overnight session began with Treasuries trading into weaker territory during Asian hours. The start of the European trading hours brought one additional bump toward higher yields, though all of movement took place inside a very narrow range. Treasuries began recovering shortly after 3:30am, but were still …read more

Upcoming Events/Training; Recruiting Trends – How Does the CFPB Do It?

Posted To: Pipeline Press

An old man recently went on a job interview. When the interviewer asked the old man, “What’s your biggest weakness?” The old man replied, “Honesty.” Somewhat confused, the interviewer politely said, “Sir, I asked for a weakness. I don’t believe that honesty is a weakness.” The old man replied, “Son, I really don’t care WHAT you think.” Hiring can be tough during the holidays for a variety of reasons. Plenty of people don’t want to make a move, have full pipelines destined to close by year end, they may be very happy where they are, etc. …read more

MBS Day Ahead: Back to Business With Plenty of Market Movers on Tap

Posted To: MBS Commentary

While there were plenty of scheduled data and events last week, their impact was severely limited by the holiday trading dynamics (where bonds usually end up doing whatever they want to do, regardless of data). This week may well be a different story. Not only do we have 5 full business days this time around, but the data is in a completely different league . In fact, this week's data could be some of the only data that markets are going to care about given the relative certainty of a Fed rate hike on December 16th. …read more

Mortgage Rates Perfectly Steady. Next Week Could be Different

Posted To: Mortgage Rate Watch

Mortgage rates did absolutely nothing today. In fact, some lenders were not even open for business today. Those who were, generally made no discernible changes to rate sheets. This is not necessarily a surprise considering Black Friday is traditionally the slowest day of the year for the bond markets that underlie mortgage rate movement. Slowness is a reference to the overall amount of trading activity and the number of active market participants. Trading levels can still move amid such conditions, but they didn’t today–at least not enough to matter. This leaves 4.0% intact as the …read more

MBS RECAP: Living Up To Every Bit Of The Hype

Posted To: MBS Commentary

Black Friday is billed as the lightest day of the year for bonds, and today did not disappoint. Fannie 3.5s drifted sideways in a 2 tick range (narrowest of the year) and 10yr yields held a 2bp range for most of the day (not the narrowest of the year, but insignificant nonetheless. We'll talk more about next week in Monday's “day ahead,” but suffice it to say there's a LOT more going on (I'm look at you, ECB and NFP!). MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp at the bottom. Real …read more

Judicial Foreclosure Process Hurting More Than Helping

Posted To: MND NewsWire

We noted a few months ago that Freddie Mac’s monthly Insights and Outlook had changed in both format and publication schedule and credited those changes to its new chief economist Sean Becketti. Another innovation is their feature “In Closing” which learns more toward an editorial than a news piece. This month the subject is titled “the cost of delaying the unavoidable ” and it looks at the impact of state level foreclosure laws. The Great Recession brought about a lot of regulatory changes to financial services, especially in housing, in an attempt to avoid a repeat …read more

MBS Day Ahead: Open For a Half Day in Name Only

Posted To: MBS Commentary

Welcome to the slowest day of the year for bond markets. While markets are technically “open” until 2pm Eastern, that only means that the 2 or 3 people who are actually working may trade a bond or two in order to pass the time. OK, it's not quite THAT bad, but it's close. There is no significant economic data on tap and no significant scheduled events. Market participants aren't waiting for any specific news today, and even if big news were to come out, no one is around to trade it. To clarify, when we're talking …read more

MBS RECAP: Curve Trade Keeps MBS Flat Again

Posted To: MBS Commentary

Trading activity was fairly decent in bond markets today–especially considering the seasonal norms, though this is largely a factor of Thanksgiving falling on the 26th. That means that there will only be one more full trading day in November, and participants aren't expecting it to be awash in liquidity. Combined with favorable month-end trading demand , it's fair to assume that the boost in volume is due in large part to early month-end trading. Then there's the matter of next week's significant events (ECB Meeting and NFP) that are likely increasing traders' urges to be positioned …read more