Refinance Jump, And Mortgage Delinquencies Reach A Record Low
Rates are a little higher this morning for the 10 yr note; 1.63% +2 bps. Late yesterday, similar to Monday, there was some selling in Treasury’s after 4:00 pm ET, at 4:00 pm ET the 10 1.59%, at 5:00 pm ET 1.61%. MBS prices in early trade this morning -3 bps from yesterday. At 7:00 am […]
Job Numbers Show Big Increase In The Construction Trades
The latest jobs report indicates that nonfarm payroll employment rose by 225,000 in January, shattering market expectations of 165,000. The real surprise, however, was the growth of construction-related jobs, which rose by 44,000 alone. BUILDER Magazine says most of the gain occurred in specialty trade contractors, with increases in both the residential (+18,000) and nonresidential (+17,000) components. […]
Three Things That Can Move Rates This Week
THIS WEEK’S MORTGAGE RATE SUMMARY HOW RATES MOVE: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety […]
US Job Growth Blows Past Expectations in January
January employment data didn’t surprise, as always, it was a surprise. The unemployment rate increased to 3.6% from 3.5% in December, and it was expected to remain at 3.5%. Non-farm jobs were much better than the 160K expected, increasing 225K, private jobs increased 206K on estimates of 150K. Manufacturing jobs continue to decline, expected -6K, but […]
Market Focus: China Tariff Cuts, Jobs, And Coronavirus
TODAY’S MORTGAGE RATE SUMMARY HOW RATES MOVE: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of […]
ADP Jobs Numbers Rocket Higher, Mortgage Applications Jump, And Services Match Expectations
Interest rates jumped yesterday, and this morning more increases in early trading. The 10 yr yesterday increased 7 bps, and at 8:00 am ET this morning up its 5 bps to 1.65%. The safety move over the coronavirus appears to be over. Chinese television reported possible progress in the hunt for a treatment of the coronavirus, but […]
This Week Rate Markets Will Focus On China And US Jobs Numbers
THIS WEEK’S MORTGAGE RATE SUMMARY HOW RATES MOVE: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety […]
Weak Inflation, Manufacturing Miss And Coronavirus Keeping A Lid On Rates
Pre-open stock indexes were down 150 on the DJIA at 8:00 am ET; 10 yr note -3 bps. The coronavirus is continuing to expand; confirmed cases in China rise to 9,809 from 7,700 a day earlier, and close to 100 cases are confirmed in other countries, from Japan to the United States. At least two-thirds of […]
Market Movers: GDP, Central Banks And Coronavirus
TODAY’S MORTGAGE RATE SUMMARY HOW RATES MOVE: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of […]
Mortgage Rates Have Fared Better Than Anyone Expected
Reflecting back on 2019, we discover that the mortgage market in 2019 had its best year since the height of the pre-crisis boom, even though it was anyone’s ball game judging by what was going on early last year. “Lenders extended $2.4 trillion in home loans last year, the most since 2006, according to industry […]
