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MARKET COMMENT Mortgage bond prices finished the week higher which pushed rates lower. Rate movements were primarily tied to Brexit sentiment. Rates were higher the beginning of the week as uncertainty loomed. Britain voted to exit the European Union which ignited world economic volatility Friday. Fortunately the flight to safety buying of U.S. debt instruments … Continue reading MIG Market Watch June 27th, 2016
MARKET COMMENT Mortgage bond prices finished the week higher which pushed rates lower. Rate movements were limited most of the week but the Fed meeting Wednesday afternoon and data Thursday resulted in a drop. Retail sales increased 0.5% and were relatively in line with estimates. Industrial production fell greater than expected. Producer prices rose 0.4% … Continue reading MIG Market Watch June 20th, 2016
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates in check. Rate movements were limited for a change. Boston Fed President Rosengren said the recent employment report was “disappointing” but noted that it wasn’t a sign of a deteriorating economy. Productivity in Q1 fell 0.6% and labor costs rose 4.5%. That … Continue reading MIG Market Watch June 13th, 2016
MARKET COMMENT Mortgage bond prices finished the week higher which pushed rates lower. Rates started slightly worse Tuesday tied to comments from a Fed official regarding future Fed rate hikes. St Louis Fed President Bullard said, “My sense is that markets are well-prepared for a possible rate increase globally, and that this is not too … Continue reading MIG Market Watch June 3rd, 2016
Market Comment Mortgage bond prices finished the week near unchanged which kept rates in check. Rates started slightly better Monday morning amid no data. Comments from Fed officials about rate hikes and the economy tempered those earlier improvements. St Louis Fed President Bullard indicated, “By nearly any metric, US labor markets are at or beyond … Continue reading MIG Market Watch May 30th, 2016
Market Comment Mortgage bond prices finished the week slightly lower which pushed rates higher. Rates seesawed back and forth throughout the week within a very narrow range. The Treasury auctions gained more attention early in the week amid no data. The auctions were generally solid except for some mixed demand for the 30 year offering. … Continue reading MIG Market Watch May 16th, 2016
Market Comment Mortgage bond prices finished the week higher which pushed rates lower. Most of the economic data was weaker than expected. New home sales were 511K. Analysts looked for sales of 520K. Q1 GDP rose 0.5% versus the expected 0.7% increase. Personal income rose 0.4% versus the expected 0.3% increase. Outlays rose 0.1%, expected … Continue reading MIG Market Watch May 2nd, 2016
Market Comment Mortgage bond prices finished the week sharply lower which put upward pressure on rates. Trading was muted the first portion of the week. The NAHB housing market index was near expectations and rates held steady Monday. Housing starts data was weaker than expected Tuesday and Existing home sales Wednesday were an expected 5.33M … Continue reading MIG Market Watch April 25th, 2016
Market Comment Mortgage bond prices finished the week near unchanged which kept rates in check. This was another week of choppy trading but within a very narrow range. Rates improved slightly Tuesday morning in response to sentiment that the Fed will not raise rates again until December. However, Fed official Kaplan said the earlier rate … Continue reading MIG Market Watch April 18th, 2016
Market Comment Mortgage bond prices finished the week near unchanged which kept rates in check. Factory orders fell 1.7%. That data was near expectations and caused very little market movement. The U.S. ran a trade deficit of $47B as expected. Weekly jobless claims printed at 267K and continuing claims, a summation of all receiving benefits, … Continue reading MIG Market Watch April 11th, 2016
Market Comment Mortgage bond prices finished the week higher which pushed rates lower. Global economic weakness dominated trading. Concerns in Europe resulted in additional flight to quality buying of U.S. debt instruments such as mortgage-backed securities. Sweden’s central bank dropped their key rate to negative 0.50 percent from negative 0.35 percent. The data was mixed … Continue reading MIG Market Watch February 15th, 2016
Market Comment Mortgage bond prices finished the week higher which pushed mortgage rates lower. Trading was volatile amid mixed data. Consumer confidence and ADP payrolls data were better than expected which pressured rates. Consumer confidence printed at 101.4 versus the expected 97.5. ADP payrolls rose 237K versus the expected 220K. Bond prices rose Thursday morning … Continue reading MIG Market Watch July 6, 2015
