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Market Comment Mortgage bond prices finished the week near unchanged which held rates relatively steady. Most of the daily movements were within a narrow range which is typical surrounding holidays and shortened trading sessions. Rates improved slightly Tuesday morning amid no data. Trading was flat mid-week. We ended the week and the year on a … Continue reading MIG Market Watch, January 1st, 2024
Market Comment Mortgage bond prices finished the week near unchanged which held rates relatively steady. Most of the daily movements were within a narrow range which was a change from the past few weeks and months of large up and down swings. The data was very mixed but the lower-than-expected inflation reading helped keep things … Continue reading MIG Market Watch, December 25th, 2023
Market Comment Mortgage bond prices finished the week higher which put downward pressure on rates. The front and back end of the week were negative with significant improvements mid-week. Rates were worse Monday morning in response to reports that BRICS countries dumped over $120B in U.S. Treasuries in 2023. MBS prices rebounded around tame inflation … Continue reading MIG Market Watch, December 18th, 2023
Market Comment Mortgage bond prices finished the week near unchanged which left rates flat. Trading was volatile but stayed within a narrow range. We started on a positive note Monday with weaker than expected data. Factory orders fell 3.6% vs the expected 2.8% decline. Data like this supports the argument the Fed can pivot sooner … Continue reading MIG Market Watch, December 11th, 2023
Market Comment Mortgage bond prices finished the week sharply higher which put downward pressure on rates. Sentiment changed to slightly favor a Fed pivot on high rates sooner rather than later. A Fed official noted that they are confident in their ability to slow the economy and get inflation back near 2%. The data showed … Continue reading MIG Market Watch, December 4th, 2023
Market Comment Mortgage bond prices finished the week slightly lower which put upward pressure on rates. We started positively Monday and Tuesday in response to generally tame data. Leading economic indicators fell 0.8% vs 0.7%. Lower than expected weekly jobless claims reversed that trend and left us near neutral heading into Thanksgiving. Weekly jobless claims … Continue reading MIG Market Watch, November 27th, 2023
Market Comment Mortgage bond prices finished the week higher which put downward pressure on rates. There were large swings both ways throughout the week. We started on a negative note Monday and then turned positive Tuesday in response to tame inflation readings. The back-and-forth trading continued the remainder of the week. Consumer prices were unchanged … Continue reading MIG Market Watch, November 20th, 2023
Market Comment Mortgage bond prices finished the week lower which put upward pressure on rates. We started on a negative note Monday and Tuesday, rebounded slightly mid-week, and ended the week negatively. Fed Chair Powell indicated, “We know that ongoing progress toward our 2% goal is not assured. Inflation has given us a few head … Continue reading MIG Market Watch, November 13th, 2023
Market Comment Mortgage bond prices finished the week significantly higher which pushed rates lower. We started a little weaker Monday and remained relatively flat Tuesday as the data was solid. FHFA housing rose 0.6% vs 0.5%. Consumer confidence was 102.6 vs 100. Q3 ECI rose 1.1% vs 1.0%. ADP employment came in at 113K vs … Continue reading MIG Market Watch, November 6th, 2023
Market Comment Mortgage bond prices finished the week near unchanged which left rates relatively flat. We started significantly worse but recovered the losses as stocks struggled the latter part of the week. The Treasury auctions were mixed with weak demand for 2 and 5-year notes but decent demand for the 7-year auction. The data was … Continue reading MIG Market Watch, October 30th, 2023
Market Comment Mortgage bond prices finished the week sharply lower which caused mortgage interest rates to surge higher. Elevated inflation, uncertainty in the Middle East, and the Fed’s continued quantitative tightening factored heavily into trading. The data was mixed but still showed pockets of economic strength. Retail sales rose 0.7% vs 0.3%. Industrial production rose … Continue reading MIG Market Watch, October 23rd, 2023
Market Comment Mortgage bond prices finished the week considerably higher which put some downward pressure on rates. Most of the improvements occurred the beginning of the week as geopolitical tensions in the Middle East escalated. There was flight to safety buying of US debt instruments as a result. Inflation fears remained which resulted in some … Continue reading MIG Market Watch, October 16th, 2023
