Mortgage Update November 30 2016

“News that OPEC will cut oil production sent Stock prices higher today at the expense of Bond prices as yields surged.

In addition, ADP reported that private payrolls rose more than expected. Post-election events and today’s higher yields have sent mortgage rates to 2016 highs.

With key technical support just below Mortgage Bond prices, I am recommending carefully floating. If anything changes, I will get back to you.”

Mortgage Update November 29 2016

“Better-than-expected Gross Domestic Product data for the third quarter is pushing Bond prices lower this morning, but the modest losses are not enough to impact mortgage rates at this point.

In housing news, the S&P Case-Shiller 20-city Index showed home prices rose 5.2% annually, which was in line with expectations.

I will continue to recommend carefully floating, but be aware that volatility remains in the market. If anything changes, I will get right back to you.”

Mortgage Update November 28 2016

“The post-election Stock rally that pushed Mortgage Bond prices off a cliff and sent mortgage rates to 2016 highs, is taking a breather today as equity prices decline.

There were no economic reports to impact trading today, but the rest of the week’s calendar is on the heavy side culminating with the release of the November Jobs report on Friday morning.

I am recommending carefully floating as I keep a watchful eye on the financial markets. If anything changes, I will get back to you.

Have a great week!”

Mortgage Update November 25 2016

“Mortgage rates hit their highest level this week after the steep decline in Mortgage Bond prices and the rise in yields.

In this holiday shortened session, Mortgage Bond prices are near unchanged in the absence of any economic news or glaring geo-political headlines.

I am recommending carefully floating to see if rates can stabilize. If anything changes, I will get back to you.

Have a great weekend!”

Mortgage Update November 23 2016

“The Mortgage Bankers Association reported today that mortgage rates hit their highest level for 2016 as investors have shifted out of the Bond markets and into riskier assets, post-election.

This morning, a strong Durable Orders report sent Bond prices lower, which is also pressuring mortgage rates higher.

I am recommending locking, for it seems the path of least resistance is a bit higher for rates. If anything changes, I will get back to you.

Mortgage Update November 22 2016

“The Stock rally marches on this morning as the closely watched Dow Jones eclipsed the 19,000 level. The recent rally in Stocks has pushed yields higher, while mortgage rates hover near the 2016 highs.

October Existing Home Sales will be released this morning and could have some impact on trading. In addition, a large Note auction from the Treasury could also influence the Bond markets later this afternoon.

I am recommending carefully floating as I keep a watchful eye on Bond prices and mortgage rates. If anything changes, I will quickly alert you.”

Mortgage Update November 21 2016

“Stock prices have hit record highs, which is forcing Bond yields higher, while pushing Mortgage Bond prices to the lows of 2016.

Subsequently, mortgage rates are at the 2016 highs.

Mortgage Bonds are near unchanged this morning in the absence of any economic data to impact trading.

I will continue to recommend locking to begin the holiday shortened week. If anything changes, I will get back to you.”

Mortgage Update November 18 2016

“Mortgage Rates have moved to the 2016 highs as Mortgage Bond prices hit 12-month lows.

There were no economic reports to impact trading today, though Mortgage Bond prices are lower as sellers overtake the market.

I am recommending locking as the volatility continues. If anything changes, I will get back to you. Have a great weekend!”

Mortgage Update November 17 2016

“Better-than-expected economic data is weighing on the Bond markets today with housing data the stand out.

Housing Starts in October rose to their highest level in nine years with multi-dwelling units skyrocketing.

I will continue to recommend carefully floating. If anything changes, I will get back to you.”

Mortgage Update November 16 2016

“The Mortgage Bankers Association reports that mortgage application volume plunged in the latest week as rates ticked up to the 2016 highs, post-election.

In economic news, the wholesale inflation reading Producer Price Index was tepid in October, which helped to boost Mortgage Bond prices, while pushing Bond yields lower.

I will continue to recommend carefully floating, but be aware that volatility remains in the markets. If anything changes, I will get back to you.”