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Rate Hike Expectations Ramp Up Post Powell
Rate Hike Expectations Ramp Up Post Powell Even though Fed Chair Powell didn’t say anything remarkably new or different, markets read enough into his delivery to change the course of Fed Funds Rate expectations in a meaningful way. December’s forecast (per Fed Funds Futures) was closer to 5.3% this morning, but rose to 5.5% by 2pm. There was even a reaction for the meeting in 2 weeks. Markets don’t see a 50bp hike yet, but the reaction suggests that could change if NFP and CPI data come in hot between now and then. Short-term yields got whacked. 30yr yields moved lower on the day. MBS split the difference and sold off moderately. Today’s video explains all of the above in greater detail. Econ Data / Events Wholesale Inventories -0.4 vs -0.4 f’cast/prev Market Movement Recap 09:04 AM modestly stronger overnight with lower volume exaggerating an EU-led rally. 10yr down 2.6bps at 3.94. MBS up 2 ticks (.06). 10:38 AM Initially weaker on Powell’s prepared comments. Brief bounce back, but settling at unchanged to slightly weaker levels. 10yr up half a bp to 3.97%. MBS down just under a quarter point. 12:49 PM Moving back into positive territory now, mostly due to curve trading (yield curve -102.6bs!). 10yr down 2.8bps at 3.938 and MBS up 1 tick (0.03). 02:08 PM Weaker since 1pm with MBS down a quarter point from most recent highs and just over a quarter point on the day. 10yr up almost 1bp at 3.974.
What to expect for Houston’s housing market, mortgage rates in 2023 – Houston Chronicle
What to expect for Houston’s housing market, mortgage rates in 2023 Houston Chronicle
Mortgage market recovery – The role of mortgage tech
Paul: Hello, everyone, and welcome to the latest edition of MPA TV One, in which we’re going to shine the spotlight on mortgage technology. Chances are, the term mortgage tech might make you conjure up talk of AI bots or machine learning. Some think it’s fair to say, would fly over the head of most. … [Read more…]
Guide to Using an ATM
An automated teller machine (ATM) makes it possible for bank customers to access select banking services while they are out and about. That means thereâs no need to worry about finding a brick-and-mortar bank location during business hours. With an ATM, itâs possible to access cash and make certain deposits. However, you may wonder just […]
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Mortgage Application Volume Up Slightly, Despite Higher Rates
The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.4 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the Index was up 9 percent. The Refinance Index rose 9 percent from the previous week and was 76 percent lower than the same week in 2022. The refinance share of mortgage activity increased to 28.9 percent of total applications from 28.7 percent. [refiappschart] The Purchase Index was 7 percent higher than the prior week on a seasonally adjusted basis and up 9 percent before adjustment. Purchase volume has declined 42 percent on an annual basis. [purchaseappschart] âMortgage rates continued to increase last week. The 30-year fixed rate rose to 6.79 percent â the highest level since November 2022 and 270 basis points higher than a year ago,â said Joel Kan, MBAâs Vice President and Deputy Chief Economist. âEven with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week. Comparing the application indices from a year ago, purchase applications were still down 42 percent, and refinance activity was down 76 percent . Many borrowers are waiting on the sidelines for rates to come back down.â Other Highlights from MBAâs Weekly Mortgage Applications Survey