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Rates Jolted Higher By Tax Plans; Ginnie Under Fire Over Non-Banks; Housing Momentum “Drained”

Rates Jolted Higher By Tax Plans; Ginnie Under Fire Over Non-Banks; Housing Momentum “Drained”

First thing's first: mortgage rates didn't have nearly as bad a day as US Treasuries. The latter serve as a general benchmark for the former, but can take cues from different sources with varying levels of intensity. Today's most widely-discussed cue was yesterday afternoon's release (or "leak") of Trump's tax plan . It's essentially a thorough bullet-point list that serves as a starting point for a drawn-out legislative process. At the end of the day, actual tax reform may be quite a bit different than the details being circulated today. That fact may help explain why there wasn't a bigger, more unified reaction in other markets (like stocks). More simply put, if rates were truly reacting exclusively to the promise of economic strength due to tax reform, we'd expect to see movement in other
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