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Mortgage Rates Rise Gently From 7-Month Lows
Financial markets are still reeling from political headlines that first began circulating on Tuesday afternoon. While stock markets made a reasonable attempt to retrace yesterday's big move lower, bond markets weren't as interested. Fortunately, that means mortgage rates moved modestly higher, leaving t
RIP Forever Homes: Millennials More Inclined to Move
Say goodbye to the idea of a “forever home.” No, I’m not talking about taking home a rescue pup. Instead, I’m referring to the antiquated idea of buying that dream house and living there forever. A recent community survey from Taylor Morrison shows that over half (56 pe
MMG Weekly: Retail Sales and Housing Starts Disappoint
Last Week in Review: The cha-ching didn’t register at retailers in May. Housing Starts disappointed. Inflation remained tame. “Don’t bring me down.” Electric Light Orchestra. Despite gains in April, consumers slowed down their purchases in May. Remember: Weak economic news normally ca
Freddie Singing a Different Tune on Housing/Mortgage Outlook
On November 30, 2016 Freddie Mac's economists issued their monthly Outlook which, in light of the sudden surge in interest rates earlier that month, was decidedly gloomy. MND's coverage of the forecast elicited a lot of concern from readers, especially when we quoted Freddie Mac that, un
Bonds Look to Data and Month-End For Breakout Potential
Whereas the previous week was generally devoid of significant economic data or market moving events, the current week is more of a contender. On the data front, there are relatively important reports throughout the week including a key inflation report on Friday (PCE). Given the extent to which Fed sp
MBS RECAP: Bonds Build Case for Support After Yellen
"Support" and "resistance" are two terms often thrown around in market analysis. They loosely refer to ceilings and floors respectively (as far as rates are concerned), but it's slightly more complicated than that (as covered in our primer on MBS Live). The gist is that ceilings and floors can st
Job Growth Soars in June
"Let's work, be proud. Stand tall, touch the clouds." Mick Jagger. More Americans were headed to work, but take-home pay stayed about the same. Employers added 222,000 new jobs in June, well above expectations, the Labor Department reported. April was revised up from 174,000 to 207,000, and May was revised u
Retail Sales Weak. Inflation Tame.
Last Week in Review: "Just shopping. Not buying anything." The Dramatics. Consumers are spending more than last year, but sales from month to month don't register consistently. June Retail Sales fell 0.2 percent from May, the second monthly decrease in a row, though they were 2.8 percent above June 2016 per
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Housing Highs, Spending Lows May Existing Home Sales rose from April to an annual rate of 5.62 million units, above the 5.52 million expected, and up 2.7 percent from May 2016. While New Homes Sales fared even better (see What to Watch below), the National Association of REALTORS® chief economist, Lawrence Yu
Loan Limits for Conventional Mortgages
The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae, including general loan limits and the high-cost area loan limits. High-cost area loan limits vary by geographic location. General Loan Limits for 2017 The general loa
For Bonds, Worst Day Since Late June ECB Scare
Bonds sold off aggressively today, for a combination of reasons that are tremendously unsatisfying in a traditional market-watching sense. For example, it would be nice if we could point to something tidy and logical like all-time high stock prices, or the stronger Consumer Confidence data, but at
Refi Applications Strengthened on Last Week’s Lower Rates
A decline in purchase mortgage applications cancelled out most of a moderate increase in refinancing during the week ended July 21. Nonetheless, the Mortgage Bankers Association said its Market Composite Index eked out a slight gain. The Index was up 0.4 percent on a seasonally adjusted basis and 1.0 pe