Micheal Jones on a chief financial officer’s biggest challenges in 2023
Nominations for HousingWireâs 2023 HW Finance Leaders are open now through Friday, January 27, 2023. Nominate someone today!
Nominations for HousingWireâs 2023 HW Finance Leaders are open now through Friday, January 27, 2023. Nominate someone today!
Mortgage interest rates expected to drop in 2023âhere’s by how much CNBC
Available home inventory has remained low since the previous Federal Reserve Beige Book report, as many sellers have decided not to list.
Hesperia and San Bernardino County Sheriff’s Department will pay $1 million to settle a suit alleging discrimination against Black, Latino tenants.
Mortgage rates dip back below 7% CNN
Youâre probably pretty stoked about the record low mortgage rates currently available with most banks and lenders nationwide. Whatâs not to like about an interest rate at or below 3% that is fixed for the next 30 years? While thatâs certainly hard to argue, it doesnât change the fact that mortgage rates could and should… Read More »Mortgage Rates Should Be Lower, Hereâs Why They Arenât
The post Mortgage Rates Should Be Lower, Hereâs Why They Arenât appeared first on The Truth About Mortgage.
There was a fair amount of anticipation over the most recent policy announcement from the Bank of Japan (BOJ) which came out early in the overnight session. Markets expected another hawkish adjustment, but the BOJ held steady. 10yr yields rallied an instant 9 bps. The domestic session added to gains in early trading after the 830am data (Retail Sales declined more than expected and producer prices were revised slightly lower). Momentum and additional data at 9:15 (industrial production) added to the gains, but a bounce is underway as the PM hours approach. The bounce is far more prominent in stocks, and it happens to coincide with newswires regarding a covid diagnosis for Fed Chair Powell. The volume profile in the stock move (not pictured) suggests there was not one big reaction to one big piece of news. In other words, correlation may not imply causality in this case. We could also consider some hawkish comments from Fed speakers and layoff announcements from Microsoft that came out in the same general time frame. Combine that all with an initial rally reaction that ran out of steam in the 930am-10am time frame, and we probably don’t need to read too much into the stock losses. Incidentally, we’d care more if bonds weren’t still holding so much of the AM gains.
What’s Driving Mortgage Rates The Week Of Jan. 9-13, 2023 Bankrate.com
Big Rally Challenges Range Floor. What Next? Bonds started strong in the overnight session thanks to an unchanged policy stance from the Bank of Japan. Weaker domestic data, led by Retail Sales, gave the rally a second wind in the morning hours. While some Fed speakers pushed back, others acknowledged the new “25bp hike” reality. 10yr yields were ultimately able to break and hold below the prevailing range boundary at 3.40-3.42. Today’s video discusses the implications of that range breakout. Econ Data / Events Retail Sales -1.1 vs -0.8 f’cast, -1.0 prev (last month revised down from -0.6) Core PPI 5.5 vs 5.7 f’cast, 6.2 prev Market Movement Recap 08:38 AM Stronger overnight on BOJ announcement. Adding to gains after data. 10yr down 11.6 bps and MBS up 3/8ths. 11:34 AM Additional gains after Industrial Production data, but the rally ran its course as of 9:30am. 10yr still 13bps lower at 3.419 but up 4bps from lows. MBS still up more than a quarter point, but down nearly as much from the highs. 01:02 PM Bonds had already stopped losing ground shortly into the PM hours, but the stronger 20yr bond auction is helping reinforce the friendly bounce. 10yr down 15bps at 3.40. MBS up roughly half a point. 02:48 PM At the best levels in 10s, down 17bps at 3.379. MBS up roughly half a point depending on liquidity. 04:10 PM Choppy, illiquid mess of a day for MBS, but if we look through that noise, they’re at or above the day’s best levels (even if it doesn’t always look like it). 5.0 coupons up more than half a point. 10yr yield down 18bps at 3.37.