Chris Munson
SVP and Managing Director US Sales and Operations
The Money House

Exciting Times, But Don't Get Too Excited

Exciting Times, But Don't Get Too Excited

There's no question that the past 5 days have been the best 5 days that we've seen in a long time in terms of direction movement in rates. They're made all the more miraculous because the past 2 days included much higher inflation readings. In a vacuum, inflation data was bad for rates. But the opposing forces are/were stronger in this case. There are two to consider: AI/tech correction and bond seller exhaustion. We've said for a while that yields would eventually be high enough to prompt some value buying and that 5.34-5.35% may be 2026's version of 2023's 5.00%. As luck would have it, that factor coincided with a rapid increase in the tech sector, primarily driven by Coreweave, but with the word "contagion" also being thrown around. Here's why you should temper excitement: to whatever extent "contagion" doesn't materialize, bonds will lose a good amount of the support they've recently enjoyed. What we've seen so far could be considered "act 1" of a very enjoyable show, but it could also be a short story that ends here. The only surefire justification for a bigger rally is a sustained economic slowdown, preferable coinciding with the war ending and oil falling. 

Latest Video Analysis

Exciting Times. Don't Get Too Excited

MBS & Treasury Markets
UMBS 6.0
98.88
+0.28 
10YR TREASURY
5.127
-0.055 
10/14/2026 9:15PM EST
This is a heads-up for those of you with strong, initial rate sheets from lenders who are typically quick to reprice. MBS are now down more than a quarter point from early rate sheet print times. Lenders who came out strong/early could already be considering negative reprices.  MBS are still up 3/8ths on the day and 10yr yields are still down 8bps at 5.10%   READ MORE
Today's Mortgage Rates
30YR Fixed
7.33%
-0.12% 
15YR Fixed
6.98%
-0.16% 
10/15/2026
Mortgage rates dropped again today, and at a much faster pace than yesterday's decline. Top tier 30yr fixed rates are now down to 7.33% for the average lender, a drop of more than 0.25% from the long-term highs seen just last week. There are a lot of moving parts behind the scenes so let's focus on what we can know or at least reasonably conclude. [thirtyyearmortgagerates] Is this the big shift in rates we've been waiting for?  The kind that sometimes follows susta...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Oct 15
8:30AM Oct Philly Fed Prices Paid Oct 43.20 48.60
8:30AM Sep Core PPI m/m (%) Sep 0.7% 0.3% 0.2%
8:30AM Sep Core PPI y/y (%) Sep 5% 4.4% 4.6%
8:30AM Oct/03 Continued Claims (k) Oct/03 1710K 1710K 1716K
8:30AM Oct/10 Jobless Claims (k) Oct/10 199K 200K 197K
8:30AM Oct NY Fed Manufacturing Oct 25.50 10.3 7.60
8:30AM Oct Philly Fed Business Index Oct 20.9 28.4 37.8
8:30AM Sep PPI m/m (%) Sep 1.3% 0.5% 0.4%
8:30AM Sep PPI y/y Sep 6.3% 5.3% 5.4%
8:30AM Sep Retail Sales Control Group MoM Sep 0.1% 0.3% 1.4%
8:30AM Sep Retail Sales (%) Sep 0.8% 0.3% 1.2%
10:00AM Aug Business Inventories (% ) Aug 0.4% 0.4% 0.8%
12:00PM NOPA Crush Report (%)
12:00PM Oct/09 Crude Oil Inventory (ml) Oct/09 -8.557M -0.3M -3.186M
Friday, Oct 16
8:30AM Sep Import prices mm (%) Sep 0.8% 0.7%
9:15AM Sep Industrial Production (%) Sep 0.4% 0%
2:00PM Sep Federal budget (bl) Sep $-29B $-167B
Chris Munson
SVP and Managing Director US Sales and Operations
The Money House