What happens if labor or materials become too expensive here in the United States? Despite the move toward rejuvenating the manufacturing-based economy in the United States by the current Administration, people will follow the money and go elsewhere, whether it be dental work, hair transplants, or… manufactured housing. With the high cost of home construction, […]
The word of the day is “stalled.” You can’t get far reading top news stories over the weekend without seeing it in reference to the negotiations that looked at least somewhat possible on Friday afternoon. At that time, official word was that Witkoff/Kushner were heading to Pakistan on Saturday morning to meet with Iran’s FM Araghchi,
Minimal Change Despite Lack of Progress in Peace Talks Read More »
Similar Volatility But in a Friendlier Direction The bond market saw a roughly identical amount of volatility on each of the last 2 days of the week, but Friday’s version played out in a friendlier direction. Headlines suggested improved prospects of peace negotiations over the weekend. While there is no scheduled talk with the US
Bonds Finally Trade Something Other Than The War Read More »
With zero change versus Thursday’s latest levels, the 30yr fixed mortgage rate index maintained a 0.03% range for the entire week (and 0.04% going back to last Tuesday). At 6.32%, today’s mark is close enough to Friday’s 6.29% to say rates are hovering at the lowest levels in more than a month. The sideways drift
Rates End Week Close Enough to Recent Lows Read More »
Short version: The Pending Home Sales Index remains in the same low, narrow, sideways range that’s been intact for 3 years. The good news is that there’s been a reliable floor. The bad news is that the top of the range lines up with the historic lows seen in 2010 (April 2020 notwithstanding). Longer version:
Same Old Story For Pending Home Sales Read More »
Mortgage applications surged last week, posting a strong rebound as declining rates and improving market sentiment drove broad-based gains. The Mortgage Bankers Association (MBA) reported a 7.9% increase on a seasonally adjusted basis for the week ending April 17. Both refinance and purchase activity contributed to the increase, with the Refinance Index rising 6% from
Strong Purchase Demand Drives Solid Week For Mortgage Applications Read More »
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Markets were largely flat overnight but volatility picked up just after 7am ET after headlines suggested US/Iran negotiations could resume as early as today. That was good for almost a $4 drop in oil and a 3bp drop in 10yr yields. Roughly half of that improvement was erased just over an hour later when additional
War Headline Waiting Game is The Only Game in Town Read More »
Volatility Picked Up Despite Lackluster News Quality It’s not exactly a new problem, but the issue of incorrect or misconstrued headlines is growing larger as the Iran war persists. It makes sense considering the current lull in both military and diplomatic developments. People who write and profit from breaking newswires are eager to cash in
Volatility Picked Up Despite Lackluster News Quality Read More »
Thursday saw a continuation of the recent trend of very low volatility for mortgage rates. The average lender’s top-tier 30yr fixed rates were perfectly unchanged from yesterday and in the same narrow range as the past 7 business days (6.29-6.33%). Despite the uneventful outcome, there was some underlying market volatility mid-day following a series of
Mortgage Rates Hold Steady For Most Lenders Read More »