Accidental Clairvoyance (Not Really...)

Yesterday's end-of-day recap bore the title "Half-Hearted Correction Continues." It turns out that should have been the title for this morning's commentary as it's a better description of this morning's trading (yesterday, we actually had a few fundamentals to justify the weakness). In today's case,

Half-Hearted Correction Continues

Half-Hearted Correction Continues Don't call it a correction.  Yields may have rallied 30bps in just over a week and apparently bounced almost perfectly at 4% (10yr), but they haven't exactly done much over the past 2 days. It's just as fair to say things are "sideways and waiting for guidance,

Residential Construction Finds Footing in December

What goes down must come up? Definitely not always the case, but true this time for residential construction numbers. The Census Bureau’s latest report showed a rebound in December, with both housing starts and building permits moving higher after softer readings in prior months. Privately owned hou

Higher Refi Demand Buoys Mortgage Apps as Rates Hit Lows

Mortgage application activity picked up last week with the Mortgage Bankers Association (MBA) reporting an increase of 2.8% on a seasonally adjusted basis for the week ending February 13. Refi applications were in the driver's seat, and although it was hardly a "jump", the Refinance Index did increa