Mortgage demand remained subdued last week as the 30-year fixed rate climbed above 7%. The Mortgage Bankers Association (MBA) reported a 1.5% decline in total mortgage application volume for the week ending September 18, following a 4.1% drop the week before.  Purchase activity was the only […]

Mortgage rates have risen more than half a point in 2 weeks. While that's certainly not the fastest jump we've seen, it is an extraordinarily uncommon pace--happening less than once per year on average (i.e. it only happened 3 times between 2010 and 2019). Today's increase was modest in the bigger […]

“Hey, it’s either network or no work.” For lenders, networking is an important part of their business. In addition, generally speaking, renters are prime “feeding grounds” for loan originators searching for clients. But there’s some disturbing signs out there: what if renters can’t […]

10yr yields began the morning in slightly stronger territory, generally following a modest decline in oil prices overnight. That trend actually ran its course by 5am ET and yields began rising gradually at that time. Sellers picked up the pace after 10am (partly oil-related, but certainly also […]

Brutal Day And For The Scariest Reasons Despite a slightly stronger start and initial promise of resilience in the face of higher oil prices, bonds bounced nauseatingly higher starting around 10am. Oil prices do a fairly terrible job of explaining the bond […]

More than a few media outlets will tell you that 30yr fixed mortgage rates are just now moving over 7% based on the fact that Freddie Mac's weekly rate survey hit 7.03%, up from 6.95% last week.  Before continuing, let's be clear that Freddie's weekly rates are a valuable resource for long-term, […]

When in doubt, hold a conference. It is an aging group of attendees… exhibitors’ displays and giveaways tell the tale. Frisbees have been replaced with reading glasses. Golf balls by nail files and hangover remedy pouches. MBA cut its 2027 forecast to $2.101 trillion; $634 billion is what the […]

Let's not get too excited. After all, today's yields are the second highest in 19 years, but still... this morning's price action is better than a sharp stick in the eye. Bonds held almost perfectly flat in the overnight session and Fed rate expectations tempered yesterday's exuberance a bit […]

Why Bonds Sold Off So Severely Today The only number higher than the amount of bonds sold today is the number of people rushing to judgment about "WHY." It wasn't a diesel export ban (or lack thereof), higher oil prices, or the 5yr Treasury auction (see […]

The day began like many others over the past several weeks. Bonds hadn't moved much overnight, but were paying some attention to slightly higher oil prices. 10yr Treasury yields were still in the familiar September range between 4.93% and 5.01%, and there was limited economic data on tap that […]