The high tier 30yr mounted mortgage price index rose 0.04% on Friday, which might be a medium-sized defeat in and of itself. In the broader context, nonetheless, it was an appropriate adjustment on what has in any other case been a strong week. Specifically, right this moment’s charges are nonetheless 0.08% decrease than final Friday’s.
There had been no standout particular person sources of inspiration right this moment. Keen observers might observe that right this moment’s Consumer Sentiment knowledge appeared to coincide with mid-day upward stress in charges, however that was a bit misleading. The upward stress started in earnest at 8:20am ET, which is actually the opening bell for the bond market.
It’s true that the weak spot accelerated after the Consumer Sentiment knowledge, however not till 6 minutes afterward, and that is an unusual delay relating to charges responding to financial knowledge.
All that to say: it appears to be like like the speed market was considerably decided to lose some floor right this moment. This can occur on weeks like this one the place there was a strong enchancment by way of Thursday and the place the next week brings extra sources of potential volatility.
