Today’s mortgage refinance rates see minor spike | February 22, 2021 – Fox Business
Today’s mortgage refinance rates see minor spike | February 22, 2021 Fox Business
Today’s mortgage refinance rates see minor spike | February 22, 2021 Fox Business
Posted To: MBS Commentary
No Easy Answers Today; Still Anyone's Game Bonds were weaker earlier in the trading session but rallied back mid-morning before coasting mostly sideways into the close. Bond bulls were frustrated by the inability to break the floor at 1.27-1.28% in 10yr yields. Bond bears were frustrated by the clear unwillingness to explore new highs compared to yesterday. In other words, it was an "inside day" with lower highs and higher lows, and part of a 2-day consolidation following the highest yields in 11+ months. Such consolidations can be preludes to big bounces OR renewed selling pressure. There weren't any major clues in today's session about which side is going to win. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 861 vs 765 f'cast, 848k prev Import…(read more)
Today’s mortgage and refinance rates Average mortgage rates nudged higher on Friday. It was a bad week for these rates. And they’re now hovering around the 3% mark even for […]
Posted To: MBS Commentary
We talked about momentum indicators being 'oversold' yesterday–a possible prelude to a friendly bounce in bonds. If that narrative is going to play out, it's running out of time very quickly. There was some potential for a positive outcome early in the overnight session, but as the trading day progresses, bonds are moving steadily back toward their weakest levels. Those with the strongest stomachs can still hold out hope that 10yr yields have temporarily topped out somewhere under 1.33%, but all bets are off if that ceiling breaks today (and we're only 2bps away at 9am). If the pace of bond market weakness has caught you off guard in 2021, you're not alone. Many analysts and traders are struggling to justify current levels. In their defense, it's very easy to get caught…(read more)
Mortgage And Refinance Rates Today, Feb. 17 | Rates rising or steady The Mortgage Reports
Posted To: MBS Commentary
Looking For Silver Linings Despite Falling Sky After a huge day of snowball selling yesterday, bonds started out in weaker territory today. Hugely strong Retail Sales data and sharply higher inflation told rates to keep on rising, but they quickly refused. Several hours later, a decidedly weak 20yr bond auction made the same suggestion (i.e. higher rates), but yields continued holding modest gains. As far as days with intraday yields hitting their highest levels in almost a year are concerned, that's about as much resilience as we could hope for. Tomorrow will be critical in confirming or rejecting today's defiant show of support. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Retail Sales 5.3 vs 1.1 f'cast, -1.0 prev Producer Prices (Inflation, y/y) 2.0 vs 1.1 f'cast,…(read more)
Mortgage Rates Today, Feb. 13 & Rate Forecast For Next Week The Mortgage Reports
Today’s mortgage and refinance rates Finally, average mortgage rates edged lower yesterday. It had been more than a week since the previous fall. And it made up only about one-tenth […]
Posted To: MBS Commentary
Given recent temperature trends, we're well within our right to expect actual bears to be in hibernation. How about bond market bears? They've eaten their fill so far this winter–enough that we might expect them to go quietly into the night simply due to oversold technicals. Surely, a visit to the pre-covid all-time lows in 10yr yields would be enough to satisfy bearish appetites, right? Or perhaps that's entirely too obvious and the market will continue to punish traders who try to catch the falling knife (of bond prices) too soon. With apologies for mixing metaphors, today's early price action suggests the knife is still in the air and that the bears are refusing to hibernate just yet. When will this change or what will it take for things to change? Rates have been consolidating…(read more)
There’s no precedent for the winning streak enjoyed by mortgage rates in the 2nd half of 2020. We’ve never seen so many new record lows in the same year, and we never spent as much time at those lows (not even close). All of the above makes it easy to get lulled into a false sense of low-rate security, but it’s time to wake up. Actually, the alarm has been going off for a while now. Previous posts pointed out the disconnect between the bond market and mortgage rates on multiple occasions in 2020. Near the end of the year, we warned against complacency in no unspecific terms . Following the Georgia senate election, we’ve been tracking a surge in bond market volatility based on the expectation that it would increasingly spill over to the mortgage rate world. ( Read More: 1/8/21: Have We Seen