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22nd July, 26
Just Another Reasonably Bad Day For Bonds
Just Another Reasonably Bad Day For Bonds Bonds had a bad day for the 3rd time this week. The weakness was reasonable in light of fuel prices hitting the highest level since 2022 by some measures. That said, the intraday correlation between bonds and oil/gas/etc wasn't overly compelling. We continue to view oil as a bad actor in the background--something that adds general pressure via the inflation outlook. Nitty gritty market movers require conjecture today. The only thing jumping off the screen was a vertical leap by the short end of the curve between 9:30am-10:00am ET. The timing
Just Another Reasonably Bad Day For Bonds
Just Another Reasonably Bad Day For Bonds Bonds had a bad day for the 3rd time this week. The weakness was reasonable in light of fuel prices hitting the highest level since 2022 by some measures. That said, the intraday correlation between bonds and oil/gas/etc wasn't overly compelling. We continue to view oil as a bad actor in the background--something that adds general pressure via the inflation outlook. Nitty gritty market movers require conjecture today. The only thing jumping off the screen was a vertical leap by the short end of the curve between 9:30am-10:00am ET. The timing
22nd July, 26
Mortgage Rates Inch Up to 11-Month High
We have bad news and slightly less bad news. Starting with the latter, today's mortgage rates are only marginally higher than they were yesterday with the average top tier 30yr fixed rate up 0.02%. The bad news is that this takes our rate index to 6.77%--the highest level since July 28th, 2025. Mortgage rates are driven by the bond market and bonds remain under pressure from a renewed surge in fuel prices. Specifically, higher fuel prices and additional uncertainty about the Iran war increase inflation expectations, and it's inflation that is the actual thorn in the bond market's side.
Mortgage Rates Inch Up to 11-Month High
We have bad news and slightly less bad news. Starting with the latter, today's mortgage rates are only marginally higher than they were yesterday with the average top tier 30yr fixed rate up 0.02%. The bad news is that this takes our rate index to 6.77%--the highest level since July 28th, 2025. Mortgage rates are driven by the bond market and bonds remain under pressure from a renewed surge in fuel prices. Specifically, higher fuel prices and additional uncertainty about the Iran war increase inflation expectations, and it's inflation that is the actual thorn in the bond market's side.
22nd July, 26
Servicing, Non-Agency, AI Processing Tools; Condo Turmoil Ahead?
There’s always something in the news, whether it is Jimothy the raccoon in the Northwest, or the Canadian wildfire smoke in the Northeast which coincided with more tariffs directed at Canada. Homebuilders, and those who lend to them, know that materials from Canada are already subject to tariffs, but the new tariffs could affect building materials such as (primarily) cement, doors, heating and ventilation equipment, glass, and plywood products. Speaking of building, the artificial intelligence boom in the United States is being matched by a data center building boom. There are more than 3,
Servicing, Non-Agency, AI Processing Tools; Condo Turmoil Ahead?
There’s always something in the news, whether it is Jimothy the raccoon in the Northwest, or the Canadian wildfire smoke in the Northeast which coincided with more tariffs directed at Canada. Homebuilders, and those who lend to them, know that materials from Canada are already subject to tariffs, but the new tariffs could affect building materials such as (primarily) cement, doors, heating and ventilation equipment, glass, and plywood products. Speaking of building, the artificial intelligence boom in the United States is being matched by a data center building boom. There are more than 3,
22nd July, 26
Just a Bit Weaker as Oil Keeps Rising
For those not interested in overcomplicating things, it's fair enough to simply observe the resurgence of hostilities in the Iran war prompting a resurgence of fuel prices and bond selling due to inflation expectations. Earnings season in equities has added to volatility in the 9:30am-10am hour on each of the past 2 mornings. We seem to be breaking from that trend today, but stock/bond volatility could easily return for better or worse. Last but not least, there are ultra-big-picture strategic considerations that may be having an impact at a glacial pace in the background. The latest example
Just a Bit Weaker as Oil Keeps Rising
For those not interested in overcomplicating things, it's fair enough to simply observe the resurgence of hostilities in the Iran war prompting a resurgence of fuel prices and bond selling due to inflation expectations. Earnings season in equities has added to volatility in the 9:30am-10am hour on each of the past 2 mornings. We seem to be breaking from that trend today, but stock/bond volatility could easily return for better or worse. Last but not least, there are ultra-big-picture strategic considerations that may be having an impact at a glacial pace in the background. The latest example
21st July, 26
Headwinds, Cont'd
Headwinds, Cont'd "Headwinds, Cont'd" could be apply to the entirety of 2022-2026 or just March-July of 2026. But let's just focus on today's installment. For the second day this week, there wasn't any stellar correlation between bonds and other markets, econ data, or news headlines. Still, we wouldn't say that today's moderate weakness was a mystery move. In fact, it may even be fairly straightforward. Fuel prices came into the week at the highest level since May 19th (which was the highest since 2022). Front month oil futures spiked in the early AM hours and the peak coincided with the peak
Headwinds, Cont'd
Headwinds, Cont'd "Headwinds, Cont'd" could be apply to the entirety of 2022-2026 or just March-July of 2026. But let's just focus on today's installment. For the second day this week, there wasn't any stellar correlation between bonds and other markets, econ data, or news headlines. Still, we wouldn't say that today's moderate weakness was a mystery move. In fact, it may even be fairly straightforward. Fuel prices came into the week at the highest level since May 19th (which was the highest since 2022). Front month oil futures spiked in the early AM hours and the peak coincided with the peak
21st July, 26
Rates Match Longer-Term High For The 3rd Time in 2026
In late July, 2025, 30yr fixed rates embarked on an excellent adventure, moving down from 6.75% on July 31st to 5.99% by late February, 2026. Since then, things haven't been great thanks to war-related fuel price drama and stronger econ data (the supreme court ruling on tariffs didn't help either, because it increased Treasury issuance implications). Regardless of motivations, the net effect was a return to 6.75% on May 19th, 2026. Momentum has been fairly sideways since then, with the 6.75% level being revisited last Monday and now again today. For those who want to keep the analysis
Rates Match Longer-Term High For The 3rd Time in 2026
In late July, 2025, 30yr fixed rates embarked on an excellent adventure, moving down from 6.75% on July 31st to 5.99% by late February, 2026. Since then, things haven't been great thanks to war-related fuel price drama and stronger econ data (the supreme court ruling on tariffs didn't help either, because it increased Treasury issuance implications). Regardless of motivations, the net effect was a return to 6.75% on May 19th, 2026. Momentum has been fairly sideways since then, with the 6.75% level being revisited last Monday and now again today. For those who want to keep the analysis
21st July, 26
HELOC AI, Doc Analysis, Home Equity POS Products; L1 rebrand; Delinquencies Impact Rates; Live RESPA Panel
People who say that residential lending and the state or federal governments aren’t intertwined have to look no further than the CFPB. Their new office spaces fit 550. There are 1,100 currently. They will get there? Theoretically only Congress can actually shut down the CFPB, in the Senate with 60 or more votes, and the CFPB is still functioning with a regulatory agenda… which doesn’t include RESPA! 1974’s RESPA could be too tough to eliminate, especially Section 8, the anti-kickback provision and no one wants to come out against that. On today’s Mortgage Law Today (3 PM ET),
HELOC AI, Doc Analysis, Home Equity POS Products; L1 rebrand; Delinquencies Impact Rates; Live RESPA Panel
People who say that residential lending and the state or federal governments aren’t intertwined have to look no further than the CFPB. Their new office spaces fit 550. There are 1,100 currently. They will get there? Theoretically only Congress can actually shut down the CFPB, in the Senate with 60 or more votes, and the CFPB is still functioning with a regulatory agenda… which doesn’t include RESPA! 1974’s RESPA could be too tough to eliminate, especially Section 8, the anti-kickback provision and no one wants to come out against that. On today’s Mortgage Law Today (3 PM ET),
21st July, 26
Bonds Grudgingly Giving Back Last Week's Inflation Rally
While last week's CPI and PPI reports were unabashedly great news, the bond market spent Friday and yesterday gradually unwinding most of the resulting gains. The least complicated way to approach this phenomenon would be to observe that fuel prices spent the same 2 days breaking to the highest levels since May 19th and they continue to hold near those highs today. Even without that fuel price rally, we were already skeptical that June inflation data was a durable justification for lower yields in light of the resurgence of the Iran war in July and the associated resurgence of inflation risks
Bonds Grudgingly Giving Back Last Week's Inflation Rally
While last week's CPI and PPI reports were unabashedly great news, the bond market spent Friday and yesterday gradually unwinding most of the resulting gains. The least complicated way to approach this phenomenon would be to observe that fuel prices spent the same 2 days breaking to the highest levels since May 19th and they continue to hold near those highs today. Even without that fuel price rally, we were already skeptical that June inflation data was a durable justification for lower yields in light of the resurgence of the Iran war in July and the associated resurgence of inflation risks
20th July, 26
New Week. Same Old Story
New Week. Same Old Story While we certainly CAN put short term market movement under a microscope and entertain various potential sources of motivation, it's just as good to take a few giant steps back and observe the bigger picture trend. When we do, we see a decisively weaker trend since October 2025 with additional volatility and selling pressure after the start of the Iran war. Unsurprisingly resurgence of hostilities has put upward pressure on both fuel prices and bond yields. This is definitely one of those "under the microscope" market movers at the start of the week. There were also
New Week. Same Old Story
New Week. Same Old Story While we certainly CAN put short term market movement under a microscope and entertain various potential sources of motivation, it's just as good to take a few giant steps back and observe the bigger picture trend. When we do, we see a decisively weaker trend since October 2025 with additional volatility and selling pressure after the start of the Iran war. Unsurprisingly resurgence of hostilities has put upward pressure on both fuel prices and bond yields. This is definitely one of those "under the microscope" market movers at the start of the week. There were also
20th July, 26
Mortgage Rates Bouncing Higher to Start The Week
Last week ended on a promising note with Friday's rates falling just barely below the previous Friday's levels. This was a relief after the top-tier 30yr fixed rate matched 11-month highs for the average lender earlier in the week. Unfortunately, rates are starting the new week by heading back toward those highs. Our 30yr fixed rate index is up from 6.63% on Friday to 6.71% today. Many lenders raised rates in the middle of the day in response to weakness in the bond market. In general, that weakness is underpinned by renewed fighting in Iran (or more specifically, the effect of that fighting
Mortgage Rates Bouncing Higher to Start The Week
Last week ended on a promising note with Friday's rates falling just barely below the previous Friday's levels. This was a relief after the top-tier 30yr fixed rate matched 11-month highs for the average lender earlier in the week. Unfortunately, rates are starting the new week by heading back toward those highs. Our 30yr fixed rate index is up from 6.63% on Friday to 6.71% today. Many lenders raised rates in the middle of the day in response to weakness in the bond market. In general, that weakness is underpinned by renewed fighting in Iran (or more specifically, the effect of that fighting