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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
Market Comment Mortgage bond prices finished the week considerably lower which put sharp upward pressure on rates. We saw some of the highest levels last experienced over 20 years ago. Many Fed officials advocated for additional rate hikes to combat inflation. Oil prices remained in excess of $90/barrel. The data generally supported the narrative that … Continue reading MIG Market Watch, October 9th, 2023
Market Comment Mortgage bond prices finished the week considerably lower which put sharp upward pressure on rates. Rates worsened throughout most of the week but received a much-needed reprieve Thursday afternoon and Friday morning. Elevated oil prices and inflation fears weighed heavily on trading. The data was mixed. FHFA rose 0.8% vs 0.5%. Confidence was103 … Continue reading MIG Market Watch, October 2nd, 2023
Market Comment Mortgage bond prices finished the week considerably lower which put sharp upward pressure on rates. Rates worsened throughout most of the week with only a slight reprieve Friday morning. Elevated oil prices and high inflation weighed heavily on trading. The Fed kept rates unchanged but signaled there could be another rate hike before … Continue reading MIG Market Watch, September 25th, 2023
Market Comment Mortgage bond prices finished the week a little lower which put upward pressure on rates. Rates generally worsened throughout most of the week. Elevated oil prices, high inflation, and softening consumer attitudes impacted trading. Consumer prices rose 0.6% as expected. The core, which excludes volatile food and energy, rose 0.3% vs 0.2%. Producer … Continue reading MIG Market Watch, September 18th, 2023
Market Comment Mortgage bond prices finished the week a little lower which put upward pressure on rates. The up and down trading pattern continued. We started the week with significant rate increases and finished the week with some slight positive rebounds. Oil prices shot higher recently as Russia and Saudi Arabia announced production cuts. The … Continue reading MIG Market Watch, September 11th, 2023
