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MARKET COMMENT Mortgage bond prices finished the week higher which put downward pressure on rates. Rates were flat Monday morning but pushed lower that afternoon and generally all the way through Thursday. Some selling pressure emerged the last part of the week but not enough to erase the earlier improvements. The Fed remained the driver … Continue reading MIG Market Watch, July 13th, 2020
MARKET COMMENT Mortgage bond prices finished the week near unchanged to slightly lower. Rates were relatively flat with a slight positive bias through most of the early part of the week. Some selling pressure emerged Thursday afternoon. Consumer confidence was 98.1 vs the expected 92. ADP employment rose 2.369M vs the expected 3M. ISM Index … Continue reading MIG Market Watch, July 6th, 2020
MARKET COMMENT Mortgage bond prices finished the week higher which put a little downward pressure on rates. The Fed kept their MBS buying relatively constant. The data was mixed. Existing home sales were 3.91M vs the expected 3.98M. New home sales were 676K vs 640K. The NAHB Housing Price Index rose 0.2% vs the expected … Continue reading MIG Market Watch, June 29th, 2020
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. The Fed kept their MBS buying relatively constant, but we still saw selling pressure most of the trading days. The data was mixed but some releases surprised with signals of economic strength. Retail sales surged higher by 17.7%. Analysts expected … Continue reading MIG Market Watch, June 22nd, 2020
MARKET COMMENT Mortgage bond prices finished the week significantly higher which put downward pressure on rates. The Fed’s announced tentative MBS buying amounts remained near unchanged which started the week on a positive note. There was some upward pressure on rates in the middle of the week tied to the data. Consumer prices fell 0.1% … Continue reading MIG Market Watch, June 15th, 2020
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. The Fed’s tentative buying amounts reduced again but only slightly. Rates were steady the first part of the week. Stronger data mid-week and Friday sent rates higher. ADP employment fell 2.76M vs the expected 11M decrease. Factory orders fell 13% … Continue reading MIG Market Watch, June 8th, 2020
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates relatively flat. The Fed’s tentative buying amounts reduced again but this time very slightly and they generally kept rates steady throughout most of the week. The prior week we looked at $4.545B purchased daily and last week it appeared to be around … Continue reading MIG Market Watch, June 1st, 2020
MARKET COMMENT Mortgage bond prices finished the week lower which put a little upward pressure on rates. We started on a negative note Monday morning as the Fed continued to reduce their MBS purchases. The daily amount was $4.545B compared to $5.08B the prior week and $25B over a month ago. Stocks continued to generally … Continue reading MIG Market Watch, May 25th, 2020
MARKET COMMENT Mortgage bond prices finished the week mixed with government prices near unchanged and conventional prices lower. Rates started the week higher Monday morning as the Fed announced continued reductions in MBS purchases. The tentative daily purchases were $5.08B. A month ago, the Fed bought $25B worth of MBSs daily. CPI fell 0.8% as … Continue reading MIG Market Watch, May 18th, 2020
MARKET COMMENT Mortgage bond prices finished the lower which put upward pressure on rates. Rates started the week higher Monday morning and that trend continued through Thursday. The changes were within a narrow range daily but cumulatively over the course of four days caused higher mortgage interest rates. This happened despite the fact the Fed … Continue reading MIG Market Watch, May 11th, 2020
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates relatively flat. Rates started the week higher Monday morning as the Fed announced additional reductions in their billion-dollar MBS tentative purchase schedule. The negative trend did not last long as positive movements Tuesday erased the earlier losses. Consumer confidence was 86.9 vs … Continue reading MIG Market Watch, May 4th, 2020
MARKET COMMENT Mortgage bond prices finished the week mixed with conventional prices near unchanged and government prices lower. This kept rates neutral to slightly higher. Rates started the week higher Monday morning as the Fed announced reductions in their billion-dollar MBS tentative purchase schedule. The negative trend continued Tuesday morning. Oil prices remained extremely low. … Continue reading MIG Market Watch, April 27th, 2020
