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23rd January, 26
Uneventful Conclusion to a Volatile Week
Uneventful Conclusion to a Volatile Week Bonds put in a decent day on Friday, ultimately getting back into positive territory and the best closing levels of the week. Yields were almost perfectly in line with last Friday's. Overall, most of the past 3 days have been uneventful, but Tuesday's range breakout meant it was a volatile week overall. MBS and mortgage rates enjoyed ample insulation against that breakout thanks to recent outperformance driven by GSE MBS purchases (both actual and anticipated). The Fed is on deck next week, but with a zero percent chance of a rate cut. True big
Uneventful Conclusion to a Volatile Week
Uneventful Conclusion to a Volatile Week Bonds put in a decent day on Friday, ultimately getting back into positive territory and the best closing levels of the week. Yields were almost perfectly in line with last Friday's. Overall, most of the past 3 days have been uneventful, but Tuesday's range breakout meant it was a volatile week overall. MBS and mortgage rates enjoyed ample insulation against that breakout thanks to recent outperformance driven by GSE MBS purchases (both actual and anticipated). The Fed is on deck next week, but with a zero percent chance of a rate cut. True big
23rd January, 26
Mortgage Rates Close Out Extremely Flat Week
This week's only real mortgage rate movement was seen at the outset on Tuesday morning (Monday was closed for the holiday) in response to geopolitical issues and tariff escalation potential. Rates recovered only modestly when those threats abated--a fact that had everything to do with the bond market refusing to return to last week's levels and nothing to do with any mortgage-specific issue. If anything, the mortgage market is in the midst of stunning outperformance relative to the Treasury benchmarks. Take the ubiquitous 10yr Treasury yield, for example, which is still closer to its highest
Mortgage Rates Close Out Extremely Flat Week
This week's only real mortgage rate movement was seen at the outset on Tuesday morning (Monday was closed for the holiday) in response to geopolitical issues and tariff escalation potential. Rates recovered only modestly when those threats abated--a fact that had everything to do with the bond market refusing to return to last week's levels and nothing to do with any mortgage-specific issue. If anything, the mortgage market is in the midst of stunning outperformance relative to the Treasury benchmarks. Take the ubiquitous 10yr Treasury yield, for example, which is still closer to its highest
23rd January, 26
Unsurprising Surge in Refi Demand Pushes Mortgage Apps Past 3 Year High
Mortgage applications continued to ride the waves from last week's dip in rates, extending the surge that followed early-January rate volatility. The Mortgage Bankers Association (MBA) reported that applications rose 14.1% for the week ending January 16, adding to the prior week’s sharp increase. Refinance demand again led the way. The Refinance Index climbed 20% from the previous week and was 183% higher than the same week one year ago, marking the strongest weekly pace since September. The magnitude of the increase underscores the widely publicized (but oh so temporary) news that intraday
Unsurprising Surge in Refi Demand Pushes Mortgage Apps Past 3 Year High
Mortgage applications continued to ride the waves from last week's dip in rates, extending the surge that followed early-January rate volatility. The Mortgage Bankers Association (MBA) reported that applications rose 14.1% for the week ending January 16, adding to the prior week’s sharp increase. Refinance demand again led the way. The Refinance Index climbed 20% from the previous week and was 183% higher than the same week one year ago, marking the strongest weekly pace since September. The magnitude of the increase underscores the widely publicized (but oh so temporary) news that intraday
23rd January, 26
Settlement Agent Vetting, Servicer Efficiency Tools; STRATMOR on Tech; Investors, Crypto, and DSCR
Products, Services, and Software for Brokers and Lenders LEVEL UP YOUR SERVICING PLAYBOOK WITH SAGENT AT MBA SERVICING ‘26. Join Sagent in Dallas at MBA Servicing ‘26 to discover how Dara by Sagent is transforming mortgage servicing with unified data, streamlined workflows, real-time decisioning, and built-in compliance – the winning playbook for servicers looking to drive efficiency and elevate homeowner experiences. Simplifying complexity and automating repetitive tasks to reduce operational costs across the full servicing lifecycle, Dara delivers a modern, cloud-native platform built
Settlement Agent Vetting, Servicer Efficiency Tools; STRATMOR on Tech; Investors, Crypto, and DSCR
Products, Services, and Software for Brokers and Lenders LEVEL UP YOUR SERVICING PLAYBOOK WITH SAGENT AT MBA SERVICING ‘26. Join Sagent in Dallas at MBA Servicing ‘26 to discover how Dara by Sagent is transforming mortgage servicing with unified data, streamlined workflows, real-time decisioning, and built-in compliance – the winning playbook for servicers looking to drive efficiency and elevate homeowner experiences. Simplifying complexity and automating repetitive tasks to reduce operational costs across the full servicing lifecycle, Dara delivers a modern, cloud-native platform built
23rd January, 26
Mostly Sideways to Start. Light Econ Calendar
Bonds rallied modestly in the overnight session. There were no notable spikes in volume or volatility--just a gradual grind that took 10yr yields roughly 2bps lower by 8am ET. Volume picked up at the 8:20am CME open (as it usually does) and this time it brought more sellers. The net effect is a return to unchanged levels, for the most part. There's some data on deck with S&P PMIs, Consumer Sentiment, and Leading Indicators, but not of these are top tier market movers. The rest of the day's momentum is more likely to be dictated by pre-weekend position squaring unless there's an
Mostly Sideways to Start. Light Econ Calendar
Bonds rallied modestly in the overnight session. There were no notable spikes in volume or volatility--just a gradual grind that took 10yr yields roughly 2bps lower by 8am ET. Volume picked up at the 8:20am CME open (as it usually does) and this time it brought more sellers. The net effect is a return to unchanged levels, for the most part. There's some data on deck with S&P PMIs, Consumer Sentiment, and Leading Indicators, but not of these are top tier market movers. The rest of the day's momentum is more likely to be dictated by pre-weekend position squaring unless there's an
22nd January, 26
Bonds Erase Most of The Overnight Weakness
Bonds Erase Most of The Overnight Weakness Thursday could be viewed two ways. On one hand, bonds lost ground early and were unable to recover it by the 3pm close. On the other hand, there was a decent rally on Wednesday that set a high bar for additional gains. In other words, it's a victory to merely hold close to yesterday's closing levels. Data passed without a trace, either because it was stale, near consensus, or both. There was better buying in the afternoon--a fact that's consistent with our observation that the EU session had an impact today. The afternoon bond market
Bonds Erase Most of The Overnight Weakness
Bonds Erase Most of The Overnight Weakness Thursday could be viewed two ways. On one hand, bonds lost ground early and were unable to recover it by the 3pm close. On the other hand, there was a decent rally on Wednesday that set a high bar for additional gains. In other words, it's a victory to merely hold close to yesterday's closing levels. Data passed without a trace, either because it was stale, near consensus, or both. There was better buying in the afternoon--a fact that's consistent with our observation that the EU session had an impact today. The afternoon bond market
22nd January, 26
Another Micro-Victory For Mortgage Rates
Mortgage rates may not be as low as they were before the weekend's geopolitical headlines, but they've moved just a hair lower on each of the past two days. Specifically, our daily rate index is down to 6.19% after starting the week at 6.21% on Tuesday (up from 6.07% last Friday). While there was a large glut of seemingly important economic data today, it didn't have a noticeable impact on the bond market. Part of the reason is that the data in question is very stale at this point. The most recent monthly data covered November and the GDP release was for Q3 (July-Sep). Timeliness aside,
Another Micro-Victory For Mortgage Rates
Mortgage rates may not be as low as they were before the weekend's geopolitical headlines, but they've moved just a hair lower on each of the past two days. Specifically, our daily rate index is down to 6.19% after starting the week at 6.21% on Tuesday (up from 6.07% last Friday). While there was a large glut of seemingly important economic data today, it didn't have a noticeable impact on the bond market. Part of the reason is that the data in question is very stale at this point. The most recent monthly data covered November and the GDP release was for Q3 (July-Sep). Timeliness aside,
22nd January, 26
Property Data, Construction Products; Webinars and Training; STRATMOR on Operational Readiness
Products, Services, and Software for Brokers and Lenders Curious when a shift from best efforts to mandatory delivery makes sense or how to sharpen an existing hedging strategy? Optimal Blue’s Hedging 101: The Benefits of Mandatory Delivery offers a clear look at the fundamentals that shape effective secondary marketing execution. In this Jan. 27 session, industry leaders Jim Glennon, SVP of hedging and trading operations, and Brad Eskridge, capital markets solutions specialist, will cover the core principles of hedging, available tools, and key operational and economic considerations when
Property Data, Construction Products; Webinars and Training; STRATMOR on Operational Readiness
Products, Services, and Software for Brokers and Lenders Curious when a shift from best efforts to mandatory delivery makes sense or how to sharpen an existing hedging strategy? Optimal Blue’s Hedging 101: The Benefits of Mandatory Delivery offers a clear look at the fundamentals that shape effective secondary marketing execution. In this Jan. 27 session, industry leaders Jim Glennon, SVP of hedging and trading operations, and Brad Eskridge, capital markets solutions specialist, will cover the core principles of hedging, available tools, and key operational and economic considerations when
22nd January, 26
No Reaction to Early Data, But Slightly Weaker Overnight
Bonds found a bid along with stocks yesterday afternoon after Trump announced a "framework of a deal" on Greenland. Markets were much less interested in U.S. access and more concerned with pausing the more immediate market-related implications (new tariffs and changes in foreign demand for Treasuries). This notion was reinforced this morning as there was no reaction at all to new comments saying the U.S. would have "total access" to Greenland with "no time limit." The early round of econ data also failed to inspire, although that's no surprise given the stale nature of GDP and
No Reaction to Early Data, But Slightly Weaker Overnight
Bonds found a bid along with stocks yesterday afternoon after Trump announced a "framework of a deal" on Greenland. Markets were much less interested in U.S. access and more concerned with pausing the more immediate market-related implications (new tariffs and changes in foreign demand for Treasuries). This notion was reinforced this morning as there was no reaction at all to new comments saying the U.S. would have "total access" to Greenland with "no time limit." The early round of econ data also failed to inspire, although that's no surprise given the stale nature of GDP and
21st January, 26
Bonds Recovering a Bit After "Framework of a Deal" on Greenland
Bonds Recovering a Bit After "Framework of a Deal" on Greenland Geopolitics have been front and center for financial markets over the past 2 days with both stocks and bonds taking clear cues from newswires pertaining to tariff brinksmanship, trade deal negotiations, foreign wealth fund participation, and ultimately, the late-day announcement of a "framework of a deal" regarding Greenland. Details are in short supply, but the most important development being a pause on the plan to implement new tariffs on February 1st. Markets are cautiously trading this as a win for now with stocks and bonds
Bonds Recovering a Bit After "Framework of a Deal" on Greenland
Bonds Recovering a Bit After "Framework of a Deal" on Greenland Geopolitics have been front and center for financial markets over the past 2 days with both stocks and bonds taking clear cues from newswires pertaining to tariff brinksmanship, trade deal negotiations, foreign wealth fund participation, and ultimately, the late-day announcement of a "framework of a deal" regarding Greenland. Details are in short supply, but the most important development being a pause on the plan to implement new tariffs on February 1st. Markets are cautiously trading this as a win for now with stocks and bonds