Mortgage News Daily

Bonds Rattled By Surprisingly Big Beat in Spending Data

4/25/2024 3:01 PM

Bonds Rattled By Surprisingly Big Beat in Spending Data Today"s big surprise was the PCE price index component of Q1 GDP. GDP itself was weaker than expected, but even that was explained away by components not related to private domestic consumption. Focusing on the latter makes Q1 look just as ...Read More

Mortgage Rates Jump Up And Over 7.5% After Inflation Surprise

4/25/2024 2:50 PM

Interest rates care about quite a few different things, but inflation and Fed policy are two of the biggest considerations. One of the Fed"s favorite ways to track progress on inflation is the PCE price index which comes out every month, but also every quarter. Oddly enough, the quarterly comes out a day before the monthly data on the 4 days...Read More

Electronic Bidding, MORA, Processing, Marketing Tools; CFPB and Servicing Fees, Mortgage Fraud Case

4/25/2024 10:40 AM

I travel a little bit, so it was with great interest that I read, “The Department of Transportation… will soon require airlines to quickly refund passengers if they cancel, delay, or make significant changes to flights.” “A book hit my head, and I have only my shelf to blame.” Odd things happen all the time. Someone puts their cup on the ground, le...Read More

Quarterly PCE Data Causing Concern Over Tomorrow"s Monthly Numbers

4/25/2024 10:37 AM

It"s a bit of a tricky morning in the bond market when it comes to reconciling the data with the market movement. At face value the headlines make a better case for lower rates with GDP at 1.6 vs 2.5, wholesale inventories missing big and Jobless Claims not too far from forecast. But the devil is in the details--specifically, the detail...Read More

Uneventfully Weaker Regardless of Durable Goods Data

4/24/2024 3:43 PM

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, b...Read More

Mortgage Rates Pleasantly Stable Despite Some Bond Market Weakness

4/24/2024 3:10 PM

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 weakness. In today"s...Read More

Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

4/24/2024 10:23 AM

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 York Stock Exchange, owned by Intercontinenta...Read More

The Other Side of Sideways

4/24/2024 9:31 AM

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 starting near...Read More

Mortgage App Volume Declines Across the Board

4/24/2024 7:36 AM

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 percent lower befo...Read More

Straightforward Gains After PMI Data

4/23/2024 3:35 PM

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 c...Read More

Today's Rates

Mtg Loan	Rate	APR
30-yr Fixed	6.79%	6.85%
15-yr Fixed	6.11%	6.27%
1-yr Adj	0%	0%

* national averages