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    • No Fireworks Expected From Fed Minutes
      No Fireworks Expected From Fed Minutes Day 4 of the 11 day weekend is in the books and the bond market did exactly what you'd expect if you were expecting the least interesting outcoming.  Specifically, yields had drifted as high as 4.45+ in the overnight session.  That's a bit too close to the 4.50 range […]
    • Mortgage Rates Stabilize After 3 Day Losing Streak
      Referring to the past 3 business days as a "losing streak" for mortgage rates may be a bit harsh.  During that time, the average top tier 30yr fixed rate rose less than an eighth of a percent--the smallest increment typically separating one rate from the next.  This also meant they remained well below the recent […]
    • Bonds Unfazed By Fed Tone Shift
      Ever since the inflation data in Q1 proved to be less rate-friendly than we might have hoped, the Fed has been exactly as unfriendly as we might have expected.  In other words, things have been logical.  The Fed didn't have enough confidence to talk about rate cuts before and they have even less confidence now.  […]
    • Mostly Flat After Initial Weakness
      Mostly Flat After Initial Weakness There's a risk that a theme will emerge in the coming days, but a theme that only matters to people who write daily commentary on the bond market.  It involves an absence of new, interesting things to say as well as plenty of repetition. If today was any indication, the […]
    • Mortgage Rates Close Enough to Unchanged Over The Weekend
      Mortgage rates moved modestly higher on the two days at the end of last week.  This put an end to a decent winning streak that had been in place since the beginning of the month, but it stopped well short of undoing much of the progress.  Technically, today's average mortgage rates are higher for a […]
    • Portfolio ARM; Market Intelligence, VOE Tools; Bank of England & RESPA; CFPB Ruling Interview
      Greetings from the Arch MI meeting room space! Heard in the hallways here at the MBA’s Secondary conference in Manhattan: “Our loan officers are telling their clients, ‘Yeah, the best time to buy a house was five years ago. The second-best time is… now.’” People’s memories are short, no one writes about how our industry […]
    • Slightly Weaker to Start Super Slow Week
      It's not too common to refer to a week with Fed meeting minutes as "super slow," but at the risk of complacency, how could the Fed possibly share any new ideas three weeks ago (the minutes are from the May 1st meeting) amid what has been a vast sea of Fed comments since then?  Moreover, how […]
    • Moderate, Inconsequential Weakness
      Moderate, Inconsequential Weakness Bonds lost ground at a modest to moderate clip on Friday, but not for any interesting or obvious reasons.  The selling has been very linear over the past 2 trading days with Treasury yields fitting neatly inside a simple trend channel.  There is perhaps some small case to be made for excess […]
    • Mortgage Rates Continue Higher For 2nd Straight Day
      Mortgage rates have had a great month of May so far with almost every day being a winner up until yesterday and today.  Even then, the 2 day losing streak began from the lowest levels in just over 5 weeks.  Perhaps more importantly, apart from the past 2 days, today's rates would still be the […]
    • Broker Products; Credit, AI Chatbot, Hedging Tools; CFPB Verdict: LO Jobs
      We’re only a few days away from the MBA’s Capital Markets Conference. Attendees, don’t forget to pick up your badges, or else! (Speaking of interesting clips, watch U.S. Secretary of State Antony J. Blinken launch the Global Music Diplomacy Initiative; there is a rumor he’ll be on the stage at the next MBA conference.) One […]

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