Thu, Jan 27 2011, 1:51 PM
Treasury hs successfully auctioned $29 bln 7 year notes ( Full Results ).
After yesterday's better-than-expected turnout amount indirect bidder...
Wed, Jan 26 2011, 12:05 PM
Month over month gains look large relative to recent months. This is a positive from a "here and now" perspective. But when we zoom out and see the bi...
Wed, Jan 26 2011, 11:27 AM
In other words, bonds could trade in any direction this morning without implying anything about how they will trade after FOMC.
Wed, Jan 26 2011, 11:19 AM
Yields moved higher after the New Home Sales report, but failed to break through what we'd consider a nominal morning target around 3.40. It's possibl...
Wed, Jan 26 2011, 10:00 AM
Yesterday I passed along Part 1 of a Q&A dialog between the MBA
and Federal regulators (although SunTrust distributed it to its broker
clients). H...
Wed, Jan 26 2011, 9:49 AM
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 21, 2011. The Market Compos...
Wed, Jan 26 2011, 9:40 AM
Moody's believes that major reforms are unlikely to be adopted until after the 2012 presidential election and that it is likely changes will be phased...
Wed, Jan 26 2011, 8:16 AM
Looking ahead to new homes sales data and the release of the FOMC statement this afternoon, interest rates are moving higher and equity futures are r...
Wed, Jan 26 2011, 5:38 PM
Two high risk events came and went over the last 18 hours. The State of the Union address and the release of the FOMC Statement. Although the market'...
Wed, Jan 26 2011, 4:20 PM
The OTR market doesn't necessarily tell as clear of a story at the moment as 10yr futures. The picture there is clear, as we see both days contain a s...
Wed, Jan 26 2011, 3:31 PM
The Mortgage Bankers Association has a full plate of legislative priorities for 2011. Chief among these is influencing the hundreds of regulations ar...
Wed, Jan 26 2011, 2:50 PM
The bond market did not see "no news" as "good news". Benchmark 10 year TSY notes are teetering on a move through 3.42% support that might lead to ano...
Wed, Jan 26 2011, 1:46 PM
Treasury successfully auctioned $35 bln in 5 year notes (Full Results). Demand was strong, and the high yield was a bit lower than when-issued yields...
Tue, Jan 25 2011, 12:14 PM
Fannie and Freddie Foreclosure Inventory Over 240,000 Properties; Fed Responds to Originator Comp Questions; NMLS Uniform Licensing Forms
Tue, Jan 25 2011, 11:18 AM
Although traders were quick to book a profit and sell short the 10 year note after a much stronger than expected read on Consumer Confidence, the mid-...
Tue, Jan 25 2011, 10:47 AM
While we can certainly say the bond market lost composure after 10am Consumer Confidence data, it's not an outright defeat. Technical support has com...
Tue, Jan 25 2011, 9:19 AM
10s are currently testing a long-term 50% fibonacci retracement. The market's first attempt to break that technical resistance level has failed. If w...
Tue, Jan 25 2011, 8:35 AM
Benchmark interest rates are rallying and equity futures are weaker after markets learned the British economy unexpectedly shrank in the fourth quarte...
Tue, Jan 25 2011, 4:48 PM
Budget Deficits. Entitlements. Slow Growth. Tough Choices. Spending Freezes........Civil Unrest! Sounds a lot like Europe doesn't it?
Tue, Jan 25 2011, 4:18 PM
After 1pm, 10yr notes rallied nearly 8bps by 2pm. Since then yields have consolidated into a narrow range around 3.32 where they recently crossed the ...
Tue, Jan 25 2011, 3:38 PM
November figures released by Case Shiller show a pattern of decreasing growth in home prices. A spokesman for Standard &Poor's said that a double-dip...
Tue, Jan 25 2011, 1:01 PM
Treasury just sold $35 billion 2 year notes maturing on Jan. 31, 2013.
Dealers had to bite the bullet on this one...
For the second 2-year not...
Mon, Jan 24 2011, 12:58 PM
Not too many folks disagree with calls for much needed GSE Reform, but there is a disparity among the urgency of these outcries.
Mon, Jan 24 2011, 11:28 AM
President Obama will give the State of the Union address tomorrow night and the FOMC will release their first policy statement of 2011 on Wednesday af...
Mon, Jan 24 2011, 11:21 AM
With respect to the previously discussed trend channel, 10yr note yields are at the lower end of that range at 3.3926. This rangebound behavior has no...
Mon, Jan 24 2011, 9:41 AM
Lots of Lender Updates; MERS Leadership Change; Job Openings; Wells on Originator Compensation; Bank of America Legal Fees
Mon, Jan 24 2011, 8:59 AM
The week ahead is busy to say the least. President Obama will give the State of the Union Address on Tuesday night. The Federal Reserve will hold a t...
Mon, Jan 24 2011, 5:44 PM
In preparing for upcoming headline events we almost don't need to ask ourselves if today's silence means something. It's pretty much a given...
Mon, Jan 24 2011, 4:19 PM
The comfy confines of the range are shrinking and the market is growing restless. Stored energy is itching to be released, investors are actively see...
Mon, Jan 24 2011, 4:16 PM
In the previous update, we noted the potential net effect of earlier movements in the 10yr yield could serve to merely adjust the range of the trend-c...
Mon, Jan 24 2011, 4:04 PM
The American Enterprise Institute has come forward with its proposal for reforming the housing finance system which advocates taking the government to...
Mon, Jan 24 2011, 1:51 PM
Wednesday's FOMC statement will include the perspective of 3 new voters: Charles Plosser, Richard Fisher, and Charles Evans. The FOMC statement will h...
Fri, Jan 21 2011, 12:23 PM
Referring to anything today as "pivotal," is a bit of an overstatement considering the lack of data and volume, but from a technical perspective, 10yr...
Fri, Jan 21 2011, 11:55 AM
Two academics have suggested an alternative mortgage designed to cut strategic defaults by allowing for the periodic readjustment of the mortgage bala...
Fri, Jan 21 2011, 11:23 AM
This is a promising development for bonds, although overall volume today may not be high enough to tell us much more. Yesterday, 10yr yields ticked ju...
Fri, Jan 21 2011, 11:22 AM
Originator Compensation FAQs; Loan Putbacks Bruise BoA; Foreclosures Pinch PNC Profits; Servicer Watchdogs; Lender Updates
Fri, Jan 21 2011, 8:46 AM
The bond market needs more motivation if it is to commit to a broad based shift in bias. Until then we keep playing the range.
Fri, Jan 21 2011, 5:25 PM
NEXT WEEK: State of the Union, FOMC Meeting, Treasury Auctions, GSE Reform, Earnings Galore, and a busy economic calendar including Consumer Confidenc...
Fri, Jan 21 2011, 4:23 PM
10yr yields decidedly into 3.41's now and MBS are happy about that. But this is more like the happiness that comes from the passing of a risky situati...
Fri, Jan 21 2011, 4:02 PM
Mortgage rates failed to breakout of that range this week. And although "Best Execution" barely budged yet again....closing costs did rise. On average...
Thu, Jan 20 2011, 12:48 PM
A counterparty is a company that agrees to perform a transaction or service with or for another company. Counterparty risk is the fallout that would ...
Thu, Jan 20 2011, 11:37 AM
HUD has announced $1.4 billion in grants for homelessness programs in all 50 states. The grants, destined for over 6700 programs, are are all continu...
Thu, Jan 20 2011, 11:23 AM
Calling reprices gets a little tricky here as some lenders were a little slow to price this AM while others published at their usal time. The earlier ...
Thu, Jan 20 2011, 11:18 AM
With only 26 minutes having passed since the data that threatened to push bonds out of their recent range, we're still in the "so far so good" stages ...
Thu, Jan 20 2011, 10:59 AM
Realtor Influenced Settlement Costs; The Future of Fannie and Freddie; New Mortagee Letters; Wells Fargo Q4 Loan Production
Thu, Jan 20 2011, 9:19 AM
This week's data is more important than usual because it covers claims in the week ending January 15th...which includes the 12th day of the month. Why...
Thu, Jan 20 2011, 8:28 AM
Wednesday’s stock sell-off has been extended. Equity futures are pointing to a lower open this morning after the S&P 500 shed 1% yesterday, a result o...
Thu, Jan 20 2011, 5:18 PM
After worsening sharply on Tuesday, mortgage rates didn't move much yesterday. But better than expected economic data this morning and a weak Treasur...
Thu, Jan 20 2011, 4:19 PM
The volume spike following the tips auction was immense. 1pm - 130pm was the highest volume of any 30 minute period today. 10yr contracts approached t...
Thu, Jan 20 2011, 2:17 PM
Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of...
