My short take on which way the mortgage market is leaning, written in plain English. General commentary only — call me for a personalized quote.
Market commentary is for general informational purposes only and reflects the author’s opinion. It is not a rate quote, loan offer, or commitment to lend. Rates and programs change daily and depend on individual qualifications. Contact me for a personalized quote.
Bonds Gave Some Back Monday
Last week bonds got a lift as investors ran for safety. On Monday a chunk of that reversed. Bonds weakened steadily all day, the 10-year Treasury yield climbed, and mortgage-backed securities lost ground, so plenty of lenders repriced higher by the afternoon. Bonds are opening a touch better this morning, so at least Tuesday is starting on steadier footing.
What it means for buyers:If you're under contract and haven't locked yet, don't try to time every swing. Call me and we'll pick the right moment together.
— Lee Foster NMLS #273861
Bonds Hold Most of Last Week's Gains
Bonds slipped a little Friday, but they kept most of the improvement they picked up earlier in the week, so rates finished the week in better shape than they started it. Friday's data didn't help the cause, with factory output and import costs both running stronger than forecast, and bonds took it in stride. This morning the 10-year Treasury yield is opening a touch lower, so mortgage pricing starts the week about where it left off.
What it means for buyers:Rates are sitting better than they were a week ago. If you're under contract and haven't locked, call me and we'll talk through your timing.
— Lee Foster NMLS #273861
Hot Inflation, Bonds Rally Anyway
Wholesale inflation came in well above forecast Thursday, the kind of number that usually pushes rates up. Bonds rallied anyway as nervous investors pulled money out of stocks and into Treasuries, and the 10-year yield fell. Bonds gave a little back later in the day but still closed solidly better. This morning the 10-year is drifting slightly higher.
What it means for buyers:Rates just had a good run, and good runs can reverse fast. If you're under contract and haven't locked, call me and we'll talk through your timing.
— Lee Foster NMLS #273861
Bonds Bounce Back After the Inflation Scare
Yesterday's hot inflation report knocked bonds down early, but they fought their way back by the close. That recovery carried into this morning, and the 10-year Treasury yield opened noticeably lower. Mortgage pricing is starting today in better shape than it was at yesterday's worst. The inflation number still gives the Fed a reason to stay tough, so don't expect a straight line from here.
What it means for buyers:A better morning is a good time to plan. If you're under contract and haven't locked, call me and we'll talk through your timing.
— Lee Foster NMLS #273861
Hot Inflation Report Knocks Bonds Back
This morning's consumer inflation report came in hotter than expected on the core number, the measure that strips out food and energy. Bonds sold off right after the release, and the 10-year Treasury yield jumped, wiping out its small overnight improvement. That puts mortgage rates on the higher side today.
What it means for buyers:If you're under contract and haven't locked yet, call me today so we can talk through your timing.
— Lee Foster NMLS #273861
Bonds Back; Yields Open Lower
Bond markets reopened after the Columbus Day holiday, and the 10-year Treasury yield moved lower overnight. That's a calmer start for mortgage pricing than Friday's early soft spot. No big jobs or inflation numbers came out this morning.
What it means for buyers:If you're shopping or under contract, this morning is a good time to check in on where rates sit before the week gets busy.
— Lee Foster NMLS #273861
Friday Sold Off, Then Came Back
Bonds started soft Friday heading into the long weekend, then flipped and closed near the week's better levels. Mortgage bonds finished a little ahead, and the 10-year Treasury ended a touch higher. There were no big jobs or inflation numbers, just positioning before Columbus Day.
What it means for buyers:The bond market is closed today for the holiday. This week's data will tell us whether Friday's bounce holds, so stay pre-approved and ready either way.
— Lee Foster NMLS #273861
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