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Slightly Stronger But There's a Catch
Slightly Stronger But There's a Catch Bonds had a decent day with MBS up more than a quarter point and 10yr yields down 3bps to 4.54+. While that adds some emphasis to the rejection of a technical breakout above 4.59%, we can't really conclude that it happened for any bond-specific reasons. In fact
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Rates Recover Modestly
Mortgage rates were rapidly approaching 10-month highs as of yesterday afternoon. They managed a friendly bounce today, but it was fairly small with the average lender dropping 0.03% to 6.5% for a top-tier 30yr fixed scenario. One reason for caution is that the rate improvement looks to be dependent
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Hedging, Warehouse, Processing Tools; M&A Results; Declining Demand for Housing
This morning, we head to Los Angeles, the site of the fires in the Pacific Palisades area in January 2025. Governor Gavin Newsom recently announced that FEMA approved California’s request to extend critical disaster assistance for Los Angeles fire survivors. More than 18,000 structures were destroye
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Oil and Yields Starting Out Slightly Lower
Bonds are starting the day just a hair stronger versus yesterday's close and there are three ways to look at it. At the most basic level, the move is so small that it doesn't deserve any explanation (i.e. we're close enough to unchanged to say "nothing new is happening"). But given the recent resurg
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