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MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates steady. Back and forth trading was within a narrow range. Changes were limited to 1/8 of a discount point up and down most days. Many of the January economic reports were released due to the extended government shutdown. Retail sales showed strength … Continue reading MIG Market Watch, March 18th, 2019
MARKET COMMENT Mortgage bond prices finished the week higher which helped rates improve a little. Rates were pressured higher early in the week tied to stronger data. New home sales printed at 621K versus the expected 572K. Trading reversed Wednesday as stock weakness emerged, and the DOW closed down 133 points. That continued into Thursday … Continue reading MIG Market Watch, March 11th, 2019
MARKET COMMENT Mortgage bond prices finished the week lower which put upward pressure on rates. Rates were neutral Monday amid no data. Trading got choppy later in the week as mixed data came our way. Housing starts were weaker than expected Tuesday while consumer confidence was stronger than expected. Q4 Gross Domestic Product rose 2.6% … Continue reading MIG Market Watch, March 4th, 2019
MARKET COMMENT Mortgage bond prices finished the week near unchanged to slightly lower which kept rates relatively flat. Rates started the week on a positive note following the Monday holiday. Rates fell Tuesday and Wednesday amid mixed data. The NAHB housing market index was stronger than expected. The Fed minutes from the last meeting provided … Continue reading MIG Market Watch, February 25th, 2019
MARKET COMMENT Mortgage bond prices finished the week near unchanged which kept rates in check. Rates started the weak higher despite tame data. Factory orders were lower than expected. Productivity rose 1.3% versus and expected 1.7% increase. Unit labor costs rose 0.9% versus the expected 1.7%. The 3Y Treasury auction had weak foreign demand. The … Continue reading MIG Market Watch, February 11th, 2019
MARKET COMMENT Mortgage bond prices were positive for the week which put some downward pressure on rates. Most of the improvements came early in the week. Consumer confidence was 120.2 versus an expected reading of 126. ADP employment rose 213K versus estimates of 170K. The Fed left rates unchanged and noted they “will be patient … Continue reading MIG Market Watch, February 4th, 2019
MARKET COMMENT Mortgage bond prices were negative for the week which put some upward pressure on rates. Existing home sales printed at 4.99M units. That data was weaker than the expected 5.25M. The FHFA Housing Price Index showed prices rose 5.8% in the last 12 months. The Housing Price Index (HPI) is a broad measure … Continue reading MIG Market Watch, January 28th, 2019
MARKET COMMENT Mortgage bond prices were negative for the week which put some upward pressure on rates. Most of the trading played off stocks. Rates were neutral Monday morning amid stock weakness. This reversed Tuesday despite tame inflation readings. Producer prices fell 0.2% versus the expected 0.1% decline. Core prices, which exclude volatile food and … Continue reading MIG Market Watch, January 21st, 2019
MARKET COMMENT Mortgage bond prices were neutral for the week which kept rates steady. We started on a positive note Monday morning amid stock weakness at the open. This reversed during the day and we had had upward pressure on rates heading into Tuesday. Weekly jobless claims printed at 216K and continuing claims, a summation … Continue reading MIG Market Watch, January 14th, 2019
MARKET COMMENT Mortgage bond prices were positive for the week despite some significant volatility. We started on a neutral note Monday amid thin trading conditions and a shortened trading day. Stock weakness resulted in a lot of flight to safety of US debt. The DOW was down 660 points Thursday alone. The data was mixed. … Continue reading MIG Market Watch, January 7th, 2019
MARKET COMMENTMortgage bond prices finished the week near unchanged which kept rates in check. We started on a positive note Monday as stocks showed continued weakness. Stronger than expected producer inflation data Tuesday erased the good start, core PPI rose 0.3% versus an expected 0.1% increase. Tame consumer inflation readings Wednesday tempered some of the … Continue reading MIG Market Watch, December 17th, 2018
MARKET COMMENT Mortgage bond prices finished the week higher which helped rates improve. We started on a neutral note Monday. Stock weakness mid-week resulted in some flight to safety buying of US debt instruments. The data was mixed. The trade deficit was higher than expected. Revised Q3 Productivity was 2.3% versus the expected 2.2%. ADP … Continue reading MIG Market Watch, December 10th, 2018
