Mortgage News Daily:
Time to Hurry Up and Wait Again
4/12/2024 4:04 PM
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 positio...Read More
Mortgage Rates Move Lower After 2-Day Rout, But Underwhelmingly So
4/12/2024 3:54 PM
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 easier to be a lot...Read More
Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates
4/12/2024 10:24 AM
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 mean you"re wealthy; some homeowners live in poverty. A LendingTree analysis shows th...Read More
Much Stronger Start With Bonds Following Gains in Europe
4/12/2024 9:22 AM
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, ...Read More
About as Uneventful as it Could Have Been
4/11/2024 3:39 PM
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....Read More
Mortgage Rates Are Actually The Highest Since Mid November
4/11/2024 3:14 PM
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...Read More
Mixed Start, Modest Weakness, But No Major Follow-Through
4/11/2024 11:10 AM
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 has been a 2 way street with the ...Read More
Hedging, Fee Collection, VOIE, Valuation, Analytics Tools; Webinars and Training Through Next Week
4/11/2024 10:35 AM
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 fodder (in the form of March consumer ...Read More
Basically The Worst Day For Mortgage Rates Since October 2022
4/10/2024 3:23 PM
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 implication is th...Read More
A Really Bad Day For The Bond Market
4/10/2024 3:16 PM
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 bea...Read More