Buying a home for the first time can be an exciting and overwhelming experience. There are many things to consider when buying your first home, from finding the right property to securing financing and negotiating the purchase price. This guide will provide you with an overview of the key steps involved in the home buying…
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The bond market moved far less over the entire week than it did during a single day last week. Not only was volatility much lighter, but the trading patterns changed as well. At the onset of the recent panic in the banking sector, stocks and bonds shifted into risk aversion mode. Scary news pushed money…
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While there were no further bank failures this week, there was plenty of concern and speculation about who might be next. Those concerns teamed up with Wednesday’s Fed announcement to push interest rates lower (yes, even though the Fed hiked rates). Meanwhile, two separate reports showed a decline in home prices. Bank Failures Driving Markets…
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There’s certainly a chicken/egg problem when it comes to interest rate news. Is it the Fed’s decisions that move rates? Or do market forces move rates, thus forcing the Fed to react? The answer is somewhere in between. If inflation and economic growth were always positive, low, and stable, the Fed would never lift a…
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Back on February 3rd, the last jobs report sent rates screaming higher. It was the biggest market mover of the month and traders have been waiting for the March 10th installment ever since. When it finally arrived, an unexpected guest stole the show. The Department of Labor issues the Employment Situation early each month. Frequently referred to…
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Home sales are very low. Mortgage rates have spiked back to 7%. New mortgage fees have eroded affordability for some. But the news isn’t all bad. We’re not going to cherry pick a few favorable data points or signs of resilience. Indeed, incoming news and data for the housing market has been more bad than…
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When it comes to the mortgage and housing markets, there’s been no shortage of gloomy news for months. This generally involves slumping sales, lower prices, and higher rates. All of the above are interconnected to some extent. The interconnection can be summed up in a single paragraph: Home prices surged post-covid as demand greatly outpaced…
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Welcome to February 2023, where we’ve seen the first really serious leap higher in rates since October. At the beginning of the month, the average 30yr fixed rate was around 6%. Now it’s closer to 7%. That’s not a typo, but it may be a surprise considering the widespread media coverage of the Freddie Mac…
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Mortgage rates hit 5 month lows last week but quickly jumped to the highest levels in more than a month this week. While last week’s strong jobs report certainly served as a catalyst, there’s more to the story. Fortunately, the story is fairly simple. It began in October when rates hit decades-long highs and finally began…
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Interest rates take cues from several places. Regularly scheduled economic data is always a consideration because a stronger economy implies more growth and tighter Fed policy, both of which are bad for rates. Certain reports carry significantly more weight than others. If put to a vote, the perennial top dog would be The Employment Situation…
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