It was nearly impossible to avoid news regarding the debt ceiling this week, but how much does it actually matter?
Source: Kevin Litwicki MBSLIVE
Do Rates Care About Debt Ceiling?

The debt ceiling debate is all over the news, but it’s a different ceiling is commanding more of the bond market’s attention.
Source: Kevin Litwicki MBSLIVE
All About Ceilings

Scroll down far enough on the list of Webster’s definitions of the word “consolidate,” and you’ll find “to form together into a compact mass.” Financial markets appropriated that definition long ago and have been using it to refer to the condensed mass of prices, yields, or whatever else is being measured on a chart.
Source: Kevin Litwicki MBSLIVE
Hi, My Name is Consolidation, And I Can Explain Everything

The first week of any given month tends to have the highest concentration of economic data with the power to influence the bond market, and thus interest rates. This week was no exception.
Source: Kevin Litwicki MBSLIVE
Plenty of Movement, Not Much Progress; More Volatility Ahead

Mortgage rates fell nicely to start the week but only after rising rather abruptly in the previous two weeks. All of the above takes place inside a narrow, sideways range in the bigger picture
Source: Kevin Litwicki MBSLIVE
Housing and Rates Having Tough Time Finding Momentum

Seemingly overnight, the internet is awash with news regarding a “new,” unfair tax on mortgage borrowers with higher credit scores. Some have gone so far as to suggest that someone could intentionally lower their credit score in order to get a better deal.
Source: Kevin Litwicki MBSLIVE
Is There Really a New, Unfair Mortgage Tax on Those With High Credit?

The good news is that last November increasingly looks like the moment when rates stopped surging higher at the fastest pace in 40 years. The bad news is that they still don’t seem sure what to do next.
Source: Kevin Litwicki MBSLIVE
Rates Having a Tough Time Turning The Corner

Interest rates were remarkably calm in the last week of March. The market was in the process of shifting focus from the banking sector back to economic data. It just so happened that last week was light on data. This week was quite the opposite.
Source: Kevin Litwicki MBSLIVE
Rates Bounce After Hitting 2 Month Lows

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.
Source: Kevin Litwicki MBSLIVE
Calmer Markets; Are Home Prices Already Done Falling?

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.
Source: Kevin Litwicki MBSLIVE
Failing Banks, Falling Rates, Falling Prices. Should You Worry?