Quarterly Reports

Market Observations The first quarter of 2025 saw significant challenges in the US stock market, with the S&P 500 falling 4.6% and the NASDAQ dropping 10.4%. Concerns over the Trump administration’s tariff policies and their economic implications contributed to this downturn. Additionally, the Russell 2000 decreased by nearly 10% amid expectations of prolonged higher interest…

2024 Mid-Year Commentary Outlook First Half 2024 Grander Update: The first half of 2024 has been dominated by Fed speculation – when will they drop rates? How quickly will they do so? – but the real story in mortgage markets was the ongoing lack of supply and continued resilience of mortgage rates. For MSR investors,…

2023 Year-End Commentary and 2024 OutlookThe last few months of 2023 saw a rapid reversal of the prior six months, which had seen long term rates move rapidly higher along with a noticeable increase in volatility costs. The 10-year dropped from a high print of just over 5.0% to a year end level of just…

3Q 2023 Fixed Income and Mortgage Market Commentary Watching CNBC one morning, I caught a ten-minute segment where Rick Santelli talked about rate moves on the back of the employment data, followed by the youthful talking heads talking about the shocking backup in the curve – 30 bps in under two weeks! – and the…

This summary is aimed to provide our insight into the Mortgage Servicing Rights (MSR). US interest rate markets were extraordinarily volatile in 2022, even by recent pandemic standards, with the 10-year treasury trading in a 250-bps range – the range itself being wider than the absolute level of the 10y to start the year. Rates…

This summary is aimed to provide our insight into the Mortgage Servicing Rights (MSR). US interest rate markets were extraordinarily volatile in 2022, even by recent pandemic standards, with the 10-year treasury trading in a 250-bps range – the range itself being wider than the absolute level of the 10y to start the year. Rates…

This summary is aimed to provide our insight into the Mortgage Servicing Rights (MSR). US interest rate markets were extraordinarily volatile in 2022, even by recent pandemic standards, with the 10-year treasury trading in a 250-bps range – the range itself being wider than the absolute level of the 10y to start the year. Rates…

This summary was prepared to provide our insight into our management of mortgage servicing rights (MSR) trends, performance, and market outlook. US interest rate markets were extraordinarily volatile in 2022, even by recent pandemic standards, with the 10-year treasury trading in a 250-bps range – the range itself being wider than the absolute level of…