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MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Rates started the week higher Monday morning amid reports that OPEC cut a deal to reduce production to attempt to increase oil prices. The negative trend continued Tuesday morning. Stocks saw solid gains Tuesday despite earnings losses across many sectors. … Continue reading MIG Market Watch, April 20th, 2020
MARKET COMMENT Mortgage bond prices finished the week higher which put downward pressure on rates. The Fed dominated trading and overshadowed all the data releases with a steadier approach to pushing rates lower. There was no data the early part of the week. Producer prices fell 0.2% vs the expected 0.4% decrease. Core prices, which … Continue reading MIG Market Watch, April 13th, 2020
MARKET COMMENT Mortgage bond prices finished the week slightly higher which put a little downward pressure on rates. The Fed dominated trading and overshadowed all the data releases. The Fed backed off the massive buying but continued billions of dollars of purchases daily. ADP employment fell 27K. Analysts expected a 175K decrease. Most news reports … Continue reading MIG Market Watch, April 6th, 2020
MARKET COMMENT Mortgage bond prices finished the week sharply higher which put downward pressure on rates. The Fed dominated trading and really overshadowed all the data releases. Rates improved Monday morning as the Fed ramped up their MBS buying. This continued through most of the week with the only bumps occurring Wednesday afternoon and into … Continue reading MIG Market Watch, March 30th, 2020
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Rates improved Monday morning in response to the surprise Sunday additional rate cut and MBS purchase announcement. Unfortunately, that was short-lived as rates spiked significantly higher the remainder of the week. The coronavirus impact started appearing in the data. Retail … Continue reading MIG Market Watch, March 23rd, 2020
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 Monday morning but that quickly reversed later that day and rates increased every day for the remainder of the week. The coronavirus pandemic dominated headlines and resulted in some of … Continue reading MIG Market Watch, March 16th, 2020
MARKET COMMENT Mortgage bond prices finished the week higher which put downward pressure on rates. Most of the improvements came Monday as stocks remained very volatile. Stocks rebounded a bit in response to the Super Tuesday election results but then resumed the selloff Thursday and Friday. Treasuries outperformed MBSs but both saw price increases and … Continue reading MIG Market Watch, March 9th, 2020
MARKET COMMENT Mortgage bond prices finished the week higher which put downward pressure on rates. Most of the improvements came as stocks got crushed. Stocks experienced some of the worst losses ever with a decrease of 1191 points in the DOW Thursday alone. This was one of the rare times when the data was completely … Continue reading MIG Market Watch, March 2nd, 2020
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates flat. Most of the daily movement was within a very narrow range. The NAHB house price index was 74 vs the expected 75. Stocks struggled as coronavirus fears expanded. Apple announced “world-wide iPhone supply will be temporarily constrained” due to production delays … Continue reading MIG Market Watch, February 24th, 2020
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Rates were higher the first portion of the week amid no data and stronger stocks. Trading was choppy the end of the week as coronavirus fears increased but the US and China started the first phase of tariff reductions as … Continue reading MIG Market Watch, February 17th, 2020
MARKET COMMENT Mortgage bond prices finished the week mixed with government prices lower and conventional prices near unchanged. Most of the economic data was solid and rates were higher the first portion of the week as stocks rallied. The ISM Index was 50.9 vs the forecast of 48.5. Factory orders were stronger than expected. ADP … Continue reading MIG Market Watch, February 10th, 2020
MARKET COMMENT Mortgage bond prices finished the week near unchanged to slightly higher which put a little downward pressure on rates. The viral outbreak in China continued to dominate headlines. The World Health Organization issued a global health emergency as cases spread internationally despite some restricted travel. The Fed left rates unchanged and reiterated future … Continue reading MIG Market Watch, February 3rd, 2020
