Mortgage News Daily

• Uneventfully Weaker Regardless of Durable Goods Data April 24, 2024
  Uneventfully Weaker Regardless of Durable Goods Data Bonds were weaker in the overnight session on a combination of anxiety over potential sales of US Treasuries in Japan and European economic data.  The domestic session brought actual selling of US Treasuries in the form of the 5yr Treasury auction, but the market already knew about that […]
• Mortgage Rates Pleasantly Stable Despite Some Bond Market Weakness April 24, 2024
  The average mortgage lender was able to offer conventional 30yr fixed rates that were very close to yesterday's levels despite bond market movement that suggested a bigger spike.  In a vast majority of cases, if the bond market is in weaker territory compared to the previous day, rates will be higher in proportion to that […]
• Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week April 24, 2024
  Sometimes you just have to “risk it for the biscuit.” Capital markets are, for the most part, a little more complicated than, say, a recipe for next level dark chocolate brownies with salted caramel. Occasionally the topic of LOs or brokers being able to lock a loan, any time, any day, comes up. The New […]
• The Other Side of Sideways April 24, 2024
  The bond market has been decidedly more sideways after hitting longer-term yield highs last Tuesday.  10yr Treasuries have been a relatively narrow range since then, mostly respecting a ceiling of 4.65 and a floor of 4.57.  The first two days of the week saw yields start near the ceiling and improve by the close.  We're […]
• Mortgage App Volume Declines Across the Board April 24, 2024
  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, fell back for the first time in three weeks during the week ended Aril 19 as interest rates continued to rise.  The Index declined 2.7 percent on a seasonally adjusted basis from one week earlier and was 2.0 […]
• Straightforward Gains After PMI Data April 23, 2024
  Straightforward Gains After PMI Data Tuesday's session was infinitely more interesting than Monday's with the caveat being Monday was a total snooze-fest.  Bond market volumes were much closer to recent averages and there was even some logical, data-driven volatility.  As always, volatility can go both ways and today's went the right way after S&P PMIs came […]
• Mortgage Rates Lowest in a Week April 23, 2024
  Mortgage rates are driven by day to day changes in the bond market.  Bonds are focused on the Fed and the economic data that shapes Fed decisions.  Today's data isn't necessarily big on the Fed's radar, but the market reacted due to its implications on other data. Specifically, the S&P Purchasing Managers Indices (PMIs) came […]
• Spring New Home Sales Prove Resilient to Higher Rates April 23, 2024
  Existing home sales posted strong gains in February while sales of new homes slipped slightly. In March each category switched directions. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at a seasonally adjusted annual rate of 693,000 compared to 668,000 in February while the National Association […]
• Bonds Showing Strong Desire For Econ Data April 23, 2024
  Is it any surprise to see a strong reaction to economic data when the phrase "data dependent" has come to unequivocally rule all other approaches to understanding the interest rate outlook?  Yes, actually, it can sometimes still be a surprise because data dependency depends on the data being depended upon. In today's case, we have […]
• Data Analytics, Servicing Products; STRATMOR's CD Workshop; Training and Webinars April 23, 2024
  “The next time you dislike your life, remember it’s all about perspective. I know someone who reads 2-3 books a week, works out twice a day, has no financial worries, and has people who want to have sex with him all the time. Yet he constantly complains how much he hates prison.” Being “locked up” […]