Will The Market Still Care About CPI?
Tuesday, September 10, 2024
Will The Market Still Care About CPI? Ask anyone who's been following the rate market for many years what the most important economic report is and you're far more likely to hear "the jobs report" than any other answer. But at many times over the past 2-3 years, the Consumer Price Index (CP... .. read more..
Another Long-Term Low For Rates Ahead of an Inflation Report That Was Once a ...
Tuesday, September 10, 2024
Mortgage rates are based on trading in the bond market and bonds consistently take cues from economic data. Among the data, some reports are vastly more important than others--as we've seen after several recent examples of the jobs report. The Consumer Price Index (CPI) is another extremely... .. read more..
VOE, Subservicing, DPA, HFA, Warehouse Products; Polly's Capital Raise; Upcom...
Tuesday, September 10, 2024
Every once in a while, a new loan program is “invented.” Lenders have to make sure they’re doing it correctly. (Don’t try this at home.) At events around the nation, invention may not be first and foremost but adjusting business models and paying close attention to trends is. Topics like what reg... .. read more..
So Far So Good as Bonds Wait on Data and Volatility
Tuesday, September 10, 2024
The new week is off to a nice, anti-climactic start. Monday morning's yields were slightly higher at first but fell into stronger territory by mid day. Today brought a milder repeat of the same pattern with smaller losses overnight and a quicker recovery in the morning. All of the abo... .. read more..
Holding Last Week's Gains as Bonds Wait For Actionable Info
Monday, September 9, 2024
Holding Last Week's Gains as Bonds Wait For Actionable Info Monday was an anticlimactic session relative to the average day offered up last week. Friday was especially important as the market's anxiety over picking a size of the upcoming rate cut was on full display. Fed Funds Futures... .. read more..
Mortgage Rates Holding Near Long-Term Lows to Start New Week
Monday, September 9, 2024
The average lender's top tier 30yr fixed rate fell to the lowest level since April 2023 last week. That's down more than 1.25% over the past 5 months. During that time, economic data and the Fed's interpretation of the data have moved into better alignment with the idea of a rate cut cycle.... .. read more..
Internal Audit, BI, Non-QM, LOS, Refi Research, Commercial Offerings; Freddie...
Monday, September 9, 2024
Forget ATR. What about ATN? The Ability to Nap. Here in Denver, at The Mortgage Collaborative event, napping is not on the agenda… Every lender out there is trying to improve their business, and many businesses can improved with creative methods. (Don’t try this with the kids!) Housing and politi... .. read more..
Sideways Start. Auctions and Inflation in Focus
Monday, September 9, 2024
Despite heavy volume and volatility, Friday's trading session managed to conclude in roughly sideways territory. The new week is starting off on a calmer note with more directional trading since 6am ET. During that time, moderate overnight weakness yielded to steady buying, ultim... .. read more..
Wild Ride on Jobs Day as Fed Speakers Steal The Show
Friday, September 6, 2024
Wild Ride on Jobs Day as Fed Speakers Steal The Show We came into jobs report day expecting some clarity on the size of the Fed's impending rate cut and in hindsight, it's abundantly clear that traders felt the same way. The only catch is that the lion's share of the clarity was reserved fo... .. read more..
Mortgage Rates Drop to Lowest Levels Since April 2023
Friday, September 6, 2024
Mortgage rates have a long and storied history of making big moves on the day that the big monthly jobs report comes out. In that regard, today was fairly normal. Indeed, the jobs report came out and mortgage rates made their biggest move of the week, dropping to the lowest levels sin... .. read more..
Fair Lending, LOS, Warehouse Tools; The VA and NAR Commission Changes; Jobs D...
Friday, September 6, 2024
“The credit card company called me to report suspicious activity... I asked what kind of suspicious activity, and they said someone made a payment.” “Well, I’ve got a job and try to put my money away. But I’ve got debts that no honest man can pay. So, I drew what I had from the Central Trust…” (A... .. read more..
Jobs Report Does Nothing to Resolve Fed Rate Cut Debate
Friday, September 6, 2024
At first glance, this morning's jobs report suggested a modest but clearly-defined increase in the likelihood of a 50bp rate cut from the Fed in 2 weeks. Headline nonfarm payrolls came in at 142k vs 160k forecast. In addition, the past 2 months were revised down by a total of 144k.&nb... .. read more..
Jobs Data Poised to Influence Size of The Upcoming Rate Cut
Thursday, September 5, 2024
Jobs Data Poised to Influence Size of The Upcoming Rate Cut Thursday ended up being fairly uneventful for bonds, with the balance of data leaving us slightly better off. ADP employment had the biggest positive impact and the selling pressure created by ISM Services was ultimately unable to ... .. read more..
Lowest Rates in a Year and a Half. Friday Could Take Them Even Lower (Or Caus...
Thursday, September 5, 2024
Wouldn't it be nice if you could know what was going to happen with mortgage rates before it actually happened? Since the dawn of time in financial markets, there's someone who's willing to make a seemingly compelling prediction about the future for every person who's willing to believe suc... .. read more..
Mixed Bag Making For Mixed Morning
Thursday, September 5, 2024
Thursday morning had the highest concentration of economic reports so far this week with ADP, Challenger, Claims, and two flavors of Services PMI data. The early employment metrics were weak. ADP, specifically, pushed yields lower at 8:15am. Jobless Claims were neither weak nor ... .. read more..