WTMS Blog Today = What’s up in Mortgage Today – 04/14/24 > > > >

In a startling market response, UMBS fell sharply by 42 basis points by mid-morning, reflecting investor concerns beyond expected figures. Retail sales surpassed forecasts with a 0.4% rise, alongside a positive revision of last month’s data, signaling a robust consumer appetite. The spending habits have shifted conspicuously, with dining out and online shopping gaining traction, while spending on home-related goods like building materials and furniture showed a decline. Meanwhile, geopolitical tensions soared as Iran launched missiles at Israel, which were largely intercepted, limiting impact within Israel’s borders. Surprisingly, this military action didn’t trigger the anticipated market reactions; oil prices fell, bond prices dipped, and stock markets climbed, hinting at possible de-escalation efforts with the White House urging restraint. As we pivot towards the upcoming week, the focus will be on housing data and earnings, though significant movement in the bond market is not anticipated. The mortgage industry is buzzing with consolidation news, as CMG Financial acquires the retail assets of Norcom, reshaping its business landscape. Today’s broader bond market adjustments serve as a stark reminder of the pervasive influence of economic data, with Retail Sales reports demanding a place among the significant market movers like jobs data and CPI.

#MortgageMarket, #RetailSales, #BondMarket, #GeopoliticalTensions, #EconomicData,