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Market Comment Mortgage bond prices finished the week sharply lower which put significant upward pressure on rates. We started the week on a positive note with weaker stocks Monday morning. The data was mixed throughout the week. NAHB housing was 76.0 vs 74.0. Weekly jobless claims were 351K vs 315K. LEI rose 0.9% vs 0.6%. … Continue reading MIG Market Watch, September 27th, 2021
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. We started the week on a positive note with weaker than expected data and tame inflation readings. Industrial production rose 0.4% vs 0.6% and capacity use was 76.4% vs 76.5%. Consumer prices rose 0.3% vs 0.4%. The core rose 0.1% … Continue reading MIG Market Watch, September 20th, 2020
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates flat. There were very few economic releases early in the week. The Fed Beige Book indicated, “economic growth downshifted slightly to a moderate pace in early July through August. All Districts continued to report rising employment overall, and inflation was reported to … Continue reading MIG Market Watch, September 13th, 2020
Market Comment Mortgage bond prices finished the week slightly lower which put upward pressure on rates. Rates were worse Monday morning as stocks showed strength. Those losses were reversed Tuesday morning, but the positive movements were short-lived as selling reignited Tuesday afternoon. The housing data was mixed. Existing home sales were 5.99M vs 5.82M. New … Continue reading MIG Market Watch, August 30th, 2021
Market Comment Mortgage bond prices finished the week slightly higher which helped rates improve. We started on a positive note Monday morning as stocks were weaker. Some of the improvements were erased as MBS selling pressure emerged late Monday afternoon and continued into Tuesday. The data was mixed. Retail sales fell 1.1% vs an expected … Continue reading MIG Market Watch, August 23, 2021
Market Comment Mortgage bond prices finished the week lower which put upward pressure on rates. We started on a negative note Monday and Tuesday but recovered some of the earlier losses as the week progressed. Q2 Productivity was 2.3% vs the expected 3.6%. Consumer prices rose 0.5% as expected. The core, which excludes volatile food … Continue reading MIG Market Watch, August 16th, 2021
Market Comment Mortgage bond prices finished the week sharply lower which put upward pressure on rates. We started on a positive note Monday and Tuesday but selling pressure emerged mid-week and into the end. Fed Vice Chair Richard Clarida said he expects the Fed to raise rates in 2023 but also noted, “I believe that … Continue reading MIG Market Watch, August 9th, 2021
Market Comment Mortgage bond prices finished the week sharply higher which put downward pressure on rates. We started the week on a positive note and extended those improvements Friday morning. The data generally showed weaker than expected economic activity headlined by the poor employment report. ISM Index was 60.7% vs the expected 65%. Construction spending … Continue reading MIG Market Watch, May 10th 2021
Market Comment Mortgage bond prices finished the week higher which put downward pressure on rates. Rates were flat Monday morning despite factory orders weakness. Orders fell 0.8% vs the expected 0.7% decline. The Fed continued their massive MBS billion-dollar daily purchases. Most of the improvements came Monday afternoon and Tuesday morning amid no data. The … Continue reading MIG Market Watch, April 12th, 2021
MARKET COMMENT Mortgage bond prices finished the week sharply lower which put significant upward pressure on rates. Rates were worse Tuesday as inflation fears flared and that continued through most of the week. Many traders bet on rebounding growth which ultimately could be accompanied by inflation. Inflation, real or perceived, erodes the value of fixed … Continue reading MIG Market Watch, February 22nd, 2021
MARKET COMMENT Mortgage bond prices finished the week higher which put downward pressure on rates. The market showed slow steady improvements throughout the week. Stocks were volatile but looked to post gains for the shortened trading week. The Fed continued their billion-dollar daily MBS purchases and effectively erased the losses from the prior week. The … Continue reading MIG Market Watch, January 25th, 2021
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Rates worsened sharply Monday and Tuesday in continuation of the recent rate spikes. The selling pressure reversed course the latter portion of the week. Consumer prices rose 0.4% as expected. The core, which excludes volatile food and energy prices, rose … Continue reading MIG Market Watch, January 18th, 2021
