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MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates in check. We started on a positive note Monday morning with rates improving slightly. The NAHB Housing Market Index was 60 versus an expected reading of 68. The improvements were erased Tuesday and Wednesday despite mixed data and volatile stocks. Housing starts … Continue reading MIG Market Watch, November 26th, 2018
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Stocks showed positive movements prior to and after the Tuesday elections and MBS prices were lower. The Treasury auctions early in the week were generally lackluster. The Fed left rates unchanged but said the labor market was strong, inflation remained … Continue reading MIG Market Watch, November 12th, 2018
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. The Case Shiller 20 Home Index was 5.5%. Market participants expected an increase of 5.9%. Consumer confidence printed at 137.9, better than the expected 135.8 reading. Stocks saw some large swings again this week but mostly in an upward direction. … Continue reading MIG Market Watch, November 5th, 2018
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Rates were relatively steady the first portion of the week. Selling pressure emerged Wednesday afternoon as stocks recovered some of their recent losses. Retail sales, an indication of the strength of the consumer, rose 0.1%. Excluding automobiles sales fell 0.1%. … Continue reading MIG Market Watch, October 22nd, 2018
MARKET COMMENT Mortgage bond prices finished the week near unchanged which held rates in check. Rates were higher Tuesday after the extended holiday weekend. Selling pressure tied to strength in the recent employment report set the tone for trading early in the week. Producer prices rose 0.2% as expected. The core, which excludes volatile food … Continue reading MIG Market Watch, October 15th, 2018
MARKET COMMENT Mortgage bond prices finished the week sharply lower which put upward pressure on rates. Rates were relatively flat Monday and Tuesday but shot up toward the end of the week amid strong data. The ADP payrolls report showed the economy added 230,000 jobs in September. Traders expected the addition of 184,000 jobs. Small … Continue reading MIG Market Watch, October 8th, 2018
MARKET COMMENT Mortgage bond prices finished the week slightly higher which put a little downward pressure on rates. The week started on a negative note as the Treasury auctions had lower than average demand. The FHFA House Price Index rose 0.2% as expected. Consumer confidence was a strong 138.4 versus an expected 131 reading. New … Continue reading MIG Market Watch, October 1st, 2018
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates steady. The Institute for Supply Management (ISM) report printed at 61.3, much stronger than the expected 57.6. The trade deficit stood at $50.1B. That data was near estimates. ADP payrolls printed “cool or lower than expected” at 163K versus the expected 186K. … Continue reading MIG Market Watch, September 10th, 2018
MARKET COMMENT Mortgage bond prices finished the week mixed with conventional prices a little lower and government prices near neutral. Existing home sales were 5.34M versus the expected 5.4M. Weekly jobless claims were 210K and continuing claims were 1727K. Analysts expected readings of 215K and 1729K. New home sales and the FHFA house price index … Continue reading MIG Market Watch, August 27th, 2018
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates steady. Trading exhibited the typical summer doldrums with very little movement up or down. Most changes were within narrow ranges of less than 1/8 of a discount point. The data was mixed. Retail sales rose 0.5% versus the expected 0.2% increase. Productivity … Continue reading MIG Market Watch, August 20th, 2018
MARKET COMMENT Mortgage bond prices finished the week higher which helped rates improve. We started the week on a positive note Monday only to see the market reverse course Tuesday morning. Producer prices remained unchanged and the core value, which excludes the volatile food and energy costs, rose 0.1%. Economists expected PPI to rise 0.3% … Continue reading MIG Market Watch, August 13th, 2018
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates flat. We started the week on a bad note as rates shot higher Monday morning. The ADP employment report showed an increase of 219K versus the expected 175K increase. A tightening labor market supports additional Fed rate hikes sooner rather than later. … Continue reading MIG Market Watch, August 6th, 2018
