Tue, Nov 10 2009, 1:25 PM
Tue, Nov 10 2009, 1:03 PM
Mon, Nov 9 2009, 12:15 PM
I have been using a well defined trading range to gauge my lock/float recommendations. The idea is to lock at the price highs and float at the price...
Mon, Nov 9 2009, 11:21 AM
Mon, Nov 9 2009, 10:08 AM
Tax credit extension; results from Freddie & PennyMac; HPML test; S.A.F.E. forms
Mon, Nov 9 2009, 8:29 AM
Plain and Simple: If yield curve bargain buyers take advantage of the steep shape of the curve...the unwinding of expensive MBS valuations could be of...
Mon, Nov 9 2009, 8:11 AM
The week ahead is extremely light on new data, with virtually nothing from the US hitting markets until the jobless claims report on Thursday morning....
Mon, Nov 9 2009, 3:14 PM
Good Afternoon everyone. Today is Notification Day in the TBA MBS market. At this point, veteran MBS commentary readers are well aware of the events t...
Mon, Nov 9 2009, 1:11 PM
The Treasury just auctioned a record $40bn in 3yr notes, $1 billion more than the October issuance. The bid to cover ratio was 3.33 bids for every one...
Fri, Nov 6 2009, 12:31 PM
Fannie Mae reported a loss of nearly $19 billion in the third quarter due largely to credit-related expenses. The resulting deficit has prompted FHFA...
Fri, Nov 6 2009, 11:29 AM
Fri, Nov 6 2009, 10:43 AM
While price action has been volatile so far this morning, MBS continue to hold in the middle of the recent trading range. Because the Employment re...
Fri, Nov 6 2009, 9:46 AM
The 10yr note yield just rose to 3.54%. Hopefully we get some short covering there and a reversal. Unfortunately this is having negative effects on "r...
Fri, Nov 6 2009, 9:43 AM
Lots of news from North Carolina, Fannie, Freddie, PMI, AIG, the tax credit; rates head lower after unemployment data
Fri, Nov 6 2009, 8:33 AM
Oct Non-farm Payrolls Worse than Expected at -190,000 vs. consensus -175,000 vs. Sept -219,000 (previously -263,000). Unemployment Rate: 10.2% vs. con...
Fri, Nov 6 2009, 7:59 AM
Trading is cautious ahead of the month’s most important indicator. Equities jumped more than 2% on Thursday on optimism for the labor market and posit...
Fri, Nov 6 2009, 3:32 PM
In breaking news, it has been determined that today's NFP report was all an elaborate hoax that was never intended to have any effect on the markets b...
Fri, Nov 6 2009, 1:43 PM
President Barack Obama signed into law this morning legislation extending the $8,000 tax credit beyond its current November 30 expiration date. The b...
Thu, Nov 5 2009, 12:26 PM
When the yield curve steepens, it implies interest rates will be higher in the future. If interest rates are expected to increase in the next 10 years...
Thu, Nov 5 2009, 10:25 AM
In the week ending October 31, 2009, jobless claims fell to 512,000 from 532,000 in the previous week, which was revised higher from 530,000. Economis...
Thu, Nov 5 2009, 9:47 AM
Fed Funds unchanged; results from GMAC, Radian; news from Fannie, UBOC, USB
Thu, Nov 5 2009, 9:24 AM
After the data, the dollar index weakened, oil prices barely budged, same with Goooooooooollld, and S&P futures ticked higher after the data....curren...
Thu, Nov 5 2009, 8:08 AM
The US Senate OK’d an extension of the first-time home-buyer tax credit that was to expire at the end of this month. The incentive will now expire six...
Thu, Nov 5 2009, 5:04 PM
In the five trading days between October 29 and November 4, the Federal Reserve purchased a total of $16.00 billion agency MBS. A gradual slowdown in ...
Thu, Nov 5 2009, 2:57 PM
The House of Representatives has voted to pass legislation extending the first time home tax credit until April 30, 2010.
Last night the Senate vot...
Thu, Nov 5 2009, 2:04 PM
While the 10yr TSY note continues to extend yesterday's range, "rate sheet influential" MBS coupons continue to outpeform their benchmark big brothers...
Thu, Nov 5 2009, 2:02 PM
Both long and short term interest rates declined during the week ended November 5 according to data released by Freddie Mac and Fannie Mae. All rates...
Thu, Nov 5 2009, 1:36 PM
Fannie Mae announced on Thursday that some borrowers who cannot otherwise qualify for loan modifications may be able to remain in their homes for a ye...
Thu, Nov 5 2009, 1:15 PM
With the all important Employment Situation report due out tomorrow morning at 8:30am, floating remains risky. If the report is better than expected, ...
Wed, Nov 4 2009, 12:09 PM
Mortgage rates ticked higher yesterday as prices of mortgage backed securities were pressured lower by a selloff in the long end of the Treasury yield...
Wed, Nov 4 2009, 11:33 AM
MBS are a trading a tick higher or lower than unchanged on the day. That's 100-16 on the 4.5. Tsy's meanwhile are languishing, with the 10yr down 11...
Wed, Nov 4 2009, 9:43 AM
Community Banks Taking Mortgage Market Share; Production Profits Increase; DU 8.0; News from Ally, Pulte
Wed, Nov 4 2009, 9:15 AM
After morning data and the TSY refunding statement, the 2yr note yield continues to move higher, now trading at 0.936% while the 10yr TSY note is abov...
Wed, Nov 4 2009, 7:53 AM
In last week's release, which reported data for the week ending October 23, mortgage application activity fell 12.3% even as mortgage rates dropped fr...
Wed, Nov 4 2009, 7:48 AM
Risk is back on the table. As investors await labor data, a key survey on the services sector, and of course the policy announcement from the central ...
Wed, Nov 4 2009, 7:39 PM
The Senate today voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration d...
Wed, Nov 4 2009, 5:48 PM
The MBS AFTERNOON commentary was fairly robust. And you also have the write up on the Fed Announcement to read, so we'll keep the words to a minimum ...
Wed, Nov 4 2009, 3:43 PM
Although this may not be necessary, I am going to over-analyze the FOMC statement and relate it to mortgage rates.
Wed, Nov 4 2009, 2:21 PM
The FOMC Statement has been released...
As we expected no change to the all important "for an extended period" verbiage. Nonetheless the initial re...
Wed, Nov 4 2009, 1:38 PM
Looking at this in an historical context, in previous economic downturns when the labor market was a casualty, the FOMC did not raise the Fed Funds ra...
Tue, Nov 3 2009, 12:16 PM
Reports from fellow mortgage professionals indicate lender rate sheets to be similar to yesterday afternoon’s. This keeps the par 30 year conventiona...
Tue, Nov 3 2009, 11:16 AM
The 10yr TSY note yield is -0-07 at 101-16 yielding 3.446%....higher from opening levels, testing the upper boundaries of support (as discussed this ...
Tue, Nov 3 2009, 9:55 AM
A primer on MI rescission; news from Wells, Flagstar, Freddie, PMI, FAMC; rates moving lower
Tue, Nov 3 2009, 9:36 AM
We think the 10yr note is going to have major difficulty breaking through 3.38%, at the same time we anticipate rates will run higher after the FOMC m...
Tue, Nov 3 2009, 7:46 AM
For a packed week Tuesday is pretty light, but that hasn’t stopped equity futures from dropping sharply lower. Markets in Europe are the likely culpri...
