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Mortgage rates have peaked along with inflation

If you want a soft landing, this is the inflation data you want to see, something I talked about last year, even on recession watch.

Will Mortgage Rates Go Up in January 2023? – Bankrate.com

Will Mortgage Rates Go Up in January 2023?  Bankrate.com

QC, Down Payment Asst., AMC, LOS Products; Readers Weigh in on Wells Shutting Correspondent

Ever been to Noma in Denmark? Me neither, although I did some solo bicycling there, which is so much more reliable than flying domestically this morning with the FAA’s system shut down. Apparently I have only two years to go, as the “best restaurant in the world” surprisingly announced it is closing in the winter of 2024. Cynics would say that is a publicity stunt, proponents will tell you that it is time for a change and the numbers probably don’t make sense. (Speaking of numbers, this month’s STRATMOR blog is titled, “Productivity: More Important than Ever” and discusses how important it is to manage to the numbers, and not be surprised.) The U.S. Supreme Court rejecting investor suits over Fannie Mae and Freddie Mac didn’t surprise anyone. Wells Fargo certainly surprised everyone, including its own correspondent sales team and management, in announcing it is shutting down. (More on this below.) Wells isn’t the first to shutter things, nor will it be the last based on the numbers. According to Curinos, December 2022 funded mortgage volume decreased 67% YoY and 3% MoM. In the Retail channel, funded volume was down 71% YoY and 3% MoM. Average 30-year conforming retail rates dipped slightly from November but are 319bps higher than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures and here is a closer look at the data.) Today’s podcast is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender. Today’s has an interview with SimpleNexus’ Lori Brewer on the advances of APIs and native integrations.

Mortgage and refinance rates today, Jan. 5, 2023

Today’s mortgage and refinance rates  Average mortgage rates edged modestly lower yesterday. That was a pleasant surprise for me because I’d thought they might rise. So far this morning, it’s […]

Consolidation Takes Friendly Turn Ahead of CPI

Consolidation Takes Friendly Turn Ahead of CPI Our focus this week has been on the notion of consolidation after last week’s strong gains and ahead of this week’s CPI (the all-important Consumer Price Index due out at 8:30am ET on Thursday, Jan 11). As we discussed yesterday, consolidation patterns can have ups and downs.  Wednesday provided a perfect example of the consolidation moving back in a friendly direction without coming close to breaking the holding pattern marking the boundaries of the range (roughly 3.5 and 3.63 in terms of 10yr yields).  Econ Data / Events no significant econ data Market Movement Recap 10:25 AM Modestly stronger overnight and trading in a narrow range so far.  MBS up a quarter point and 10yr yield down 3.7bps at 3.576 01:03 PM Solid 10yr auction result after noticeably flat morning.  Still sideways overall.  10yr down 4.4bps at 3.569.  MBS up 6 ticks (.19).  02:39 PM Additional gains around 2pm as comments from Fed’s Collins made the rounds (favors 25bp hike).  10yr down 5.6 on the day to 3.559.  MBS up 10 ticks (.31).  

Mortgage rates surge, closing in on 7% – CNN

Mortgage rates surge, closing in on 7%  CNN

Inflation – Should We Be Worried?

I’ve been writing about money for almost eleven years now, and in that time the world has become an immensely richer place. Here in the US, our economy has grown by about 25% even after inflation, world economic output has grown even faster, and the number of people living in extreme poverty has been cut […]