Category: Interest Rates

• December 30, 2022
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• realestatelife

Rosie the Riveter: The December Chicago PMI hit 44.9 vs. est. of 41.2. While this is still very much in contractionary territory, its a big move upward from Novembers reading of 37.2 Intra-Day Lock Status Video: ***The bond market will close EARLY today at 2 pm ET and will not reopen until Tuesday***In today’s video

• January 3, 2023
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• realestatelife

Speaking to reporters in September, Fed Chair Jerome Powell made it clear that going forward the U.S. housing market would get “reset” by a “difficult correction.” “Houses were going up at an unsustainable fast level. So the deceleration in housing prices that we’re seeing should help to bring prices more closely in line with rents

• January 10, 2023
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• realestatelife

MBS OVERVIEW 3:00 EST – Our benchmark FNMA MBS 6.00 January Coupon is down -11 BPS with 120 minutes left to trade. The Talking Fed: Fed Chair Powell spoke about the independent role of Central Banks today at 9 am but did not address Fed economic policy, rates, etc. Optimism? The December NFIB Small Business

• December 28, 2022
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• realestatelife

Homeowners Still Have Positive Equity Gains over the Past 12 Months If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates. Equity is the current value of your

• December 23, 2022
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• realestatelife

Inflation Nation: We have a mixed bag of inflationary data today. Headline PCE YOY was hotter than expected, 5.5% vs. est. of 5.3%, plus October was revised higher to 6.1%. MOM, PCE was much less than expected, up only 0.1% vs. est. of 0.3% however some of that miss is due to an upper revision

• December 22, 2022
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• realestatelife

Jobs, Jobs, Jobs: Initial Weekly Jobless Claims were lower (better) than expected, 216K vs. est. of 222K. The more closely watched 4 week moving average moved down to 222K. Continuing Claims were 1.672M vs. est. of 1.683M. Rainbows and Unicorns: We got the 3rd release of the 3rd QTR GDP and it continues to be

• December 21, 2022
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• realestatelife

Taking it to the House: Weekly Mortgage Applications eked out a small gain of 0.9%. Purchase Applications were down -0.1% and Refinance Applications were up a strong 6.0%. November Existing Home Sales were lighter than expected with 4.09M units at an annualized pace vs. est. of 4.20M and a steep drop from October’s pace of

• December 20, 2022
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• realestatelife

Domestic Flavor: Taking it to the House: November Housing Starts were higher than expected, 1.427M vs. est. of 1.415M on an annualized basis. Single-Family starts were down -4.1% from 863K to 828K SAAR, which is the lowest since May 2020. Multi-Family starts rose 4.8% from 557K to 584K, highest since April 2022. Building Permits fell

• December 19, 2022
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• realestatelife

Three Things: These are the three areas that have the greatest ability to impact your backend pricing this week. 1) Inflation Nation, 2) The Consumer and 3) Central Bank Palooza. 1) Inflation Nation: We get the Fed’s key measure of inflation, Personal Consumption Expenditures (PCE) on Friday. Both headline PCE and Core (ex food and

• December 16, 2022
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• realestatelife

Domestic Flavor: Rosie the Riveter: The preliminary December Markit Manufacturing PMI continued its freefall, dropping to an alarming 46.2 vs. 47.7. Services were even worse, 44.4 vs. est. of 46.8 The Talking Fed: NY Fed President John Williams said that the Fed is focused on doing “what is necessary” to lower inflation to 2% and