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Respectable Recovery. Is It a Trap?
Respectable Recovery. Is It a Trap? First thing's first: the parabolic flourish of bond selling of the past 2 weeks is arguably unprecedented in recent memory. Specifically, we've seen similar levels of overall weakness over similar time frames, but we haven't seen the same sort of concentrated acce
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New Home Sales Back in The Range After Uncommonly Big Bounce
The new home market returned to the longer-term range last month, with sales seeing their 4th biggest rebound in 4 years. Sales of new single-family homes rose to a seasonally adjusted annual rate of 684,000 in August, up 6.4% from July's revised 643,000 but 2.0% below the same month last year. The
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Refi Demand Logically Lower While Purchases Grind Sideways
Mortgage demand remained subdued last week as the 30-year fixed rate climbed above 7%. The Mortgage Bankers Association (MBA) reported a 1.5% decline in total mortgage application volume for the week ending September 18, following a 4.1% drop the week before. Purchase activity was the only saving g
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Mortgage Rates Had a Better Day, Ultimately Dropping Just Slightly
(NOTE: This article was updated at 5:30pm from the version originally published at 2:36pm ET to reflect late day rate improvements). Mortgage rates have risen more than half a point in 2 weeks. While that's certainly not the fastest jump we've seen, it is an extraordinarily uncommon pace--happening
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