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Stronger Start on Iran News, Stronger Data Taken in Stride
Bonds opened the trading session in much stronger territory, following the drop in oil prices associated with another round of de-escalation hopes in the Iran war. The root cause was the cancellation of planned air strikes as well as comments that suggested a reopening of negotiations. As has been t
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Esoteric Forex Drama Blasts Bonds, Maybe
Esoteric Forex Drama Blasts Bonds, Maybe Friday was very much NOT on the beaten path of typical bond market considerations with most of the selling arguably stemming from Japanese currency intervention. We've seen similar episodes in the past, but today's installment came with a twist. In addition
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Mortgage Rates Back Near Long-Term Highs
To be fair, mortgage rates haven't been far from their long-term highs in over a week, but today's 30yr fixed index level of 6.83% is functionally equivalent to the actual long-term high of 6.85% seen on July 23rd. Higher rates are driven by weakness in the bond market. The latter can happen for m
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Regional Divide Persists as Home Price Growth Edges Higher in May
Home price appreciation remained modest in May, according to data from both FHFA and the S&P Cotality Case-Shiller Home Price Indices . Although both reports showed annual price growth improving slightly from April, appreciation continued to trail inflation, underscoring a housing market where eleva
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