Scott Linton
Branch Manager
Osprey Mortgage
License:
284930

Just a Bit Weaker as Oil Keeps Rising

Just a Bit Weaker as Oil Keeps Rising

For those not interested in overcomplicating things, it's fair enough to simply observe the resurgence of hostilities in the Iran war prompting a resurgence of fuel prices and bond selling due to inflation expectations. Earnings season in equities has added to volatility in the 9:30am-10am hour on each of the past 2 mornings. We seem to be breaking from that trend today, but stock/bond volatility could easily return for better or worse. Last but not least, there are ultra-big-picture strategic considerations that may be having an impact at a glacial pace in the background. The latest example would be Jamie Dimon saying he wouldn't buy long bonds given the risks posed by an unsustainable fiscal path. But that is a small consideration that may only be adding modest yield curve steepening. December Fed Funds Futures suggest the market is truly repricing inflation risks after getting too excited about last week's CPI/PPI.

Latest Video Analysis

Headwinds, Cont'd

MBS & Treasury Markets
UMBS 5.5
99.44
-0.08 
10YR TREASURY
4.635
+0.010 
7/22/2026 9:34AM EST
The early crowd of lenders tends to release rates by 10am or shortly thereafter. MBS prices are now down an eighth of a point since then (5.0 coupons are down a bit more).  The jumpier lenders are on the verge of reprice consideration. Most would want to see another tick or two of weakness before pulling the trigger, but it can't be ruled out as a risk.   READ MORE
Today's Mortgage Rates
30YR Fixed
6.77%
+0.02% 
15YR Fixed
6.23%
+0.03% 
7/22/2026
In late July, 2025, 30yr fixed rates embarked on an excellent adventure, moving down from 6.75% on July 31st to 5.99% by late February, 2026. Since then, things haven't been great thanks to war-related fuel price drama and stronger econ data (the supreme court ruling on tariffs didn't help either, because it increased Treasury issuance implications). Regardless of motivations, the net effect was a return to 6.75% on May 19th, 2026. Momentum has been fairly sideways since th...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Jul 22
7:00AM Jul/17 Mortgage Market Index Jul/17 264.0 259.1
7:00AM Jul/17 MBA Refi Index Jul/17 802.3 821.9
7:00AM Jul/17 MBA Purchase Index Jul/17 165.8 157.2
9:20AM NY Fed Bill Purchases 4 to 12 months (%) $3.453 billion
10:30AM Jul/17 Crude Oil Inventory (ml) Jul/17 2.011M -1.25M -1.693M
1:00PM 20-Yr Bond Auction (bl) 13
Thursday, Jul 23
8:30AM Jul/18 Jobless Claims (k) Jul/18 212K 208K
8:30AM Jul/11 Continued Claims (k) Jul/11 1805K
1:00PM 10-yr Note Auction (bl) 21
Scott Linton
Branch Manager
Osprey Mortgage
License:
284930