Rates inched higher Thursday in volatile trading.  This morning, the European Central Bank (ECB) made no monetary policy changes, as expected.  In the U.S., weekly Jobless Claims rose to 233,000, a bit under forecast.  December New Home Sales fell 9.3% to 625,000 annual units, well below expectations.  Stocks moved higher.  Results from today’s 7-year Treasury […]

Rates moved higher Wednesday as a rally in stocks hurt bonds and mortgage-backed securities.  In economic news, the National Association of Realtors reported December Existing Home Sales fell 3.6% to 5.57 million annual units, below the consensus forecast of 5.70 million.  Severe inventory shortages, particularly among lower- to medium-priced homes, was cited as the main […]

Mortgage rates inched higher Thursday following the release of mixed economic data.  December Housing Starts fell 8% to an annual rate of 1,192,000, well below the consensus forecast of 1,280,000.  Severe weather in many parts of the country was a likely factor in the disappointing results.  Separately, weekly Jobless Claims fell to 220,000, well below expectations, to […]

Mortgage rates faced upward pressure Wednesday as stocks moved higher.  In economic news, December Industrial Production rose 0.9%, above the consensus forecast of 0.5%, but November results were revised lower.  The January National Association of Home Builders housing index showed that home builder confidence declined from an 18-year high of 74 to 72, in line […]

Rates faced upward pressure Friday as stronger than expected inflation data hurt mortgage-backed securities.  The December Consumer Price Index (CPI) rose 0.1%, matching forecast, however the more closely-watched Core CPI, which excludes volatile food and energy components, jumped 0.3%, and was 1.8% higher than one year ago.  If core inflation continues to rise, the Fed […]

Mortgage rates inched lower Thursday following news that Chinese officials denied yesterday’s report that China was considering scaling back its purchases of U.S. Treasuries.  In economic news, the Producer Price Index (PPI) fell 0.1% last month, well below the consensus forecast for an increase of 0.2%.  Core PPI, which excluded volatile food and energy components, […]

Mortgage rates inched higher Wednesday following reports that Chinese officials are considering scaling back or ending their purchases of U.S. Treasuries in response to trade tensions with the U.S.  The possibility of reduced demand for bonds pushed yields higher.  In economic news, December Import Prices rose 0.1%, below expectations.  Results from today’s 10-year Treasury auction will be […]

Rates moved higher Tuesday as a continued rally in stocks and strong employment data have raised investors’ expectations for inflation.  In today’s economic news, the Job Openings and Labor Turnover Survey (JOLTS) declined to 5.88 million job openings in December, a bit below the consensus forecast for an increase to 6.04 million.  No other key data will […]

Rates held steady Friday following the release of weaker than expected employment data.  This morning, the U.S. Bureau of Labor Statistics reported that the economy added 148,000 jobs in December, below the consensus forecast of 190,000.  The unemployment rate was unchanged at 4.1%, in line with expectations.  Average hourly earnings, an indicator of wage growth, rose 0.3%, […]