fed

10 Smart Habits of Frugal People

Frugal people know how to get their needs met without overspending. Their money-saving habits are easy to implement and can greatly boost your budget.

Bank crisis puts money market funds back in the spotlight

The Federal Reserve’s overnight repo facility has been utilized by money market funds to a large extent, and may be contributing to dramatic outflows of deposits from banks since the failure of Silicon Valley Bank and Signature Bank last month.Bloomberg News Deposit flows after a pair of high-profile bank failures last month have renewed a … [Read more…]

Good news for homebuyers. Mortgage rates just dropped again – CNN

Good news for homebuyers. Mortgage rates just dropped again  CNN

ISM and ADP Join The Chorus

Apart from Friday’s jobs report, this morning’s ISM Services (or “non-manufacturing”) data was the week’s most relevant market mover in terms of scheduled data.  Like the ISM Manufacturing  PMI and yesterday’s JOLTS, the services PMI conveyed a slower growth message–one that increasingly argues in favor of the Fed’s March rate hike being the last of this cycle.  But bonds have been a bit more reluctant to celebrate today compared to the past two days.   And the same chart with annotations for the market movers: It could be that longer-term bonds increasingly feel like they’re in a good position to digest Friday’s jobs report and next week’s CPI.  After all, these are the lowest yields in 6 months and if those reports come in weaker, yields will need to go lower still.   In addition to the rally potentially feeling like it’s “done enough for now,” we can also consider that the short end of the yield curve is the first place that bonds will show a reaction to data with the power to influence the Fed.  That’s why 2yr yields are down twice as much as 10s today.  2s are much more closely related to the Fed Funds Rate and the Fed Funds Rate is now seen holding steady at the next meeting (and dropping 75bps by the end of the year). Bottom line: we were waiting for economic data to resolve some uncertainty in the wake of the banking drama.  So far, that data has been unified in pointing toward recession. 

Today’s Mortgage Rates for March 31, 2023: Rates Increase – CNET

Today’s Mortgage Rates for March 31, 2023: Rates Increase  CNET

Downbeat Data Primes The Pump For Shift

Downbeat Data Primes The Pump For Shift Tuesday’s Job Openings report combined with Monday’s ISM Manufacturing slump to prime the pump for a “downbeat data” confirmation in the week’s remaining data.  These include Wednesday’s ISM Non-Manufacturing and, more importantly, Friday’s jobs report.  If the remaining data sings a similar tune, it would be hard to make a case for another rate hike from the Fed although next Tuesday’s CPI could cast doubt on such conclusions if it happened to surprise to the upside.  Either way, it’s no surprise to see yields towing the line of lower range boundaries while the relevant econ data suggests the most resilient economic momentum is in the rearview. Econ Data / Events JOLTS 9.931m vs 10.4m f’cast, 10.824m prev Factory Orders -0.7 vs -0.5 f’cast, -2.1 prev Market Movement Recap 09:12 AM steadily weaker in Europe on sovereign debt supply and higher-than-expected PPI.  10yr up 7bps at 3.48 and MBS down just over a quarter point. 12:22 PM Nice rally intact after JOLTS data.  10yr down 7bps at 3.342.  MBS up just over an eighth of a point. 03:02 PM Best levels of the day at the 3pm CME close.  10yr down 7.4bps at 3.339.  MBS up 6 ticks (.19).

Mortgage Rates Today, Mar. 4, & Rate Forecast For Next Week – The Mortgage Reports

Mortgage Rates Today, Mar. 4, & Rate Forecast For Next Week  The Mortgage Reports

Buydown, Corresp., POS, eClosing, Outsource, Insurance Products; FHFA/Freddie/Fannie Changes

I was having dinner in Manhattan last night, with the topics including Virgin Orbit filing for bankruptcy and the continuing Homepoint rumors (any questions should be directed to your wholesale AE or the publicly-held company itself!), when the waiter came up and asked how everything was before I’d taken a bite. Does that constitute a “dishruption?” Want a visual of something as disruptive as an FHFA pricing change with no notice or lead time? Here you go. For more acronyms that begin with “F,” the Federal Deposit Insurance Corporation (FDIC) announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. Dig your loose change out of the couch and buy some of the portfolio “comprised primarily of commercial real estate (CRE) loans, mostly multifamily in NYC, commercial loans, and a smaller pool of single-family residential loans.” (Today’s podcast can be found here and this week it’s sponsored by Milestones. Giving homeowners an all-inclusive homeownership experience including home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home, and much more. Hear an interview with Personetics’ Jody Bhagat on automating consumers spending habits and pitching vendor technology to banks.) Lender and Broker Services and Software

Spiked mortgage rates push housing market affordability to levels not seen since the housing bubble—where 9 experts see rates going next – Fortune

Spiked mortgage rates push housing market affordability to levels not seen since the housing bubble—where 9 experts see rates going next  Fortune