Month-End Selling Keeps Rates Range-Bound
Month-End Selling Keeps Rates Range-Bound
Abstract
British Gilts rallied 20bps overnight, making the 6-8bp gain in US 10yr yields possible. 10s are now down 5.5bps now and MBS are up a quarter point. 2-way volatility after AM data and now some organic weakness eroding the gains. MBS down more than a quarter from the highs, but roughly unchanged on the day. Now roughly unchanged at 3.778.
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Month-End Selling Keeps Rates Range-Bound You've perhaps heard of month-end bond buying? How about month-end selling? We had some of the former earlier in the session with a reversal toward weaker levels at the 3pm CME close. PCE inflation data wasn't traded this morning. Early cues came from overseas. Late cues look more position-driven. Even before that weakness, bonds rejected another opportunity to move below 3.72%, which increasingly looks like the bottom of the range unless nex...
Month-End Selling Keeps Rates Range-Bound You've perhaps heard of month-end bond buying? How about month-end selling? We had some of the former earlier in the session with a reversal toward weaker levels at the 3pm CME close. PCE inflation data wasn't traded this morning. Early cues came from overseas. Late cues look more position-driven. Even before that weakness, bonds rejected another opportunity to move below 3.72%, which increasingly looks like the bottom of the range unless nex...
Inconsequentially Weaker and Increasingly Range-Bound The word "range" appears in both the opening and closing commentary headlines. That's a surefire sign that something crazy is about to happen. Either that, or bonds have just been increasingly range-bound. Today wasn't any worse than yesterday in that regard, but the modest volatility happened to be moving in an unfriendly direction. Rather than attempt to force square pegs into round holes by tying this to today's events, we're more ...
Inconsequentially Weaker and Increasingly Range-Bound The word "range" appears in both the opening and closing commentary headlines. That's a surefire sign that something crazy is about to happen. Either that, or bonds have just been increasingly range-bound. Today wasn't any worse than yesterday in that regard, but the modest volatility happened to be moving in an unfriendly direction. Rather than attempt to force square pegs into round holes by tying this to today's events, we're more ...
If we were limited to only one observation about the bond market over the past few trading sessions, it would be that volume and volatility have been more subdued following the big build-up to last week's CPI data. ALL of the trading since then has taken place in the range created on CPI Wednesday. Inside that narrow range, there's still been plenty of intraday volatility. Tuesday is no exception as corporate debt issuance and a European bond sell-off add pressure early. European bonds ...
If we were limited to only one observation about the bond market over the past few trading sessions, it would be that volume and volatility have been more subdued following the big build-up to last week's CPI data. ALL of the trading since then has taken place in the range created on CPI Wednesday. Inside that narrow range, there's still been plenty of intraday volatility. Tuesday is no exception as corporate debt issuance and a European bond sell-off add pressure early. European bonds ...
Purchase mortgage rates this week averaged 5.10%, down only one basis point from a week ago. A year ago at this time, 30-year fixed-rate purchase rates were at 2.98%.
The post Mortgage rates hover in the lower 5% range appeared first on HousingWire.
Purchase mortgage rates this week averaged 5.10%, down only one basis point from a week ago. A year ago at this time, 30-year fixed-rate purchase rates were at 2.98%.
The post Mortgage rates hover in the lower 5% range appeared first on HousingWire.
Late Day Volatility Surrounding Month-End and Corporate Issuance The day got off to a slow start with bonds trading almost perfectly flat after losing ground modestly in the overnight hours. Higher inflation and slightly stronger economic data in Europe contributed to the weakness. Domestic traders sat on their hands until just before the 1pm CME close. Some combination of corporate debt issuance and month-end positioning started the selling spree. Headlines regarding upgraded Treasury b...
Late Day Volatility Surrounding Month-End and Corporate Issuance The day got off to a slow start with bonds trading almost perfectly flat after losing ground modestly in the overnight hours. Higher inflation and slightly stronger economic data in Europe contributed to the weakness. Domestic traders sat on their hands until just before the 1pm CME close. Some combination of corporate debt issuance and month-end positioning started the selling spree. Headlines regarding upgraded Treasury b...
Mortgage rates continued to climb across most key fixes this week in the wake of the Bank of England’s base rate hike last month, according to data from Moneyfacts. The average rate for a two-year fix edged up by a single basis point, to 2.86%, following the Bank’s 25 basis points rise to 0.75% in ...
This story continues at Rates on the rise across a range of fixes, Moneyfacts finds
Or just read more coverage at Mortgage Finance Gazette
Mortgage rates continued to climb across most key fixes this week in the wake of the Bank of England’s base rate hike last month, according to data from Moneyfacts. The average rate for a two-year fix edged up by a single basis point, to 2.86%, following the Bank’s 25 basis points rise to 0.75% in ...
This story continues at Rates on the rise across a range of fixes, Moneyfacts finds
Or just read more coverage at Mortgage Finance Gazette
In late March, 30-year mortgage rates experienced their largest 3-month increase since May 1987 – up 1.56 percentage points since the end of 2021. A recent chart shared on twitter by Len Kiefer, Deputy Chief Economist at Freddie Mac, who helps “people understand the economy, housing, and mortgage markets” illustrates these increases going back to [...]
The post Mortgage Rates See Largest 3-Month Increase Since 1987 appeared first on Real Estate Investing Today.
In late March, 30-year mortgage rates experienced their largest 3-month increase since May 1987 – up 1.56 percentage points since the end of 2021. A recent chart shared on twitter by Len Kiefer, Deputy Chief Economist at Freddie Mac, who helps “people understand the economy, housing, and mortgage markets” illustrates these increases going back to [...]
The post Mortgage Rates See Largest 3-Month Increase Since 1987 appeared first on Real Estate Investing Today.
Stable and Sideways Now That Rates Are Back in The Range The past two days had seen more volatility in rates markets as traders reconciled lower inflation readings and upbeat economic data. The net effect was a fairly quick move back up into the familiar old "sideways, volatile range." As rates hit the 2.91% pivot point yesterday (and again overnight), there was immediately less of an impulse to sell. As they drifted back down to the 2.85% technical level, there was less of an impulse to b...
Stable and Sideways Now That Rates Are Back in The Range The past two days had seen more volatility in rates markets as traders reconciled lower inflation readings and upbeat economic data. The net effect was a fairly quick move back up into the familiar old "sideways, volatile range." As rates hit the 2.91% pivot point yesterday (and again overnight), there was immediately less of an impulse to sell. As they drifted back down to the 2.85% technical level, there was less of an impulse to b...
Purchase mortgage rates declined this week on the news that inflation appears to have peaked. They fell to 5.13% this week, down nine basis points.
The post Purchase mortgage rates beginning to stabilize in the low 5% range appeared first on HousingWire.
Purchase mortgage rates declined this week on the news that inflation appears to have peaked. They fell to 5.13% this week, down nine basis points.
The post Purchase mortgage rates beginning to stabilize in the low 5% range appeared first on HousingWire.
Home prices continued to fall in August, marking the sixth consecutive month of declines, according to the Canadian Real Estate Association. In seasonally adjusted terms, prices were down 1.6% from July, but remain 7.1% above year-ago levels, CREA reported. The actual (not seasonally adjusted) price, meanwhile, bumped up in August to $637,673. That’s up 1.2% from July, but down 4% from August 2021. Home sales edged down 1% on a monthly basis and are now down nearly 25% from a year ago. “...
Home prices continued to fall in August, marking the sixth consecutive month of declines, according to the Canadian Real Estate Association. In seasonally adjusted terms, prices were down 1.6% from July, but remain 7.1% above year-ago levels, CREA reported. The actual (not seasonally adjusted) price, meanwhile, bumped up in August to $637,673. That’s up 1.2% from July, but down 4% from August 2021. Home sales edged down 1% on a monthly basis and are now down nearly 25% from a year ago. “...