Tue, Sep 29 2009, 8:17 AM
Stock prices are trading lower this morning after yesterday’s blistering 1.78% gain. Commodity prices are mixed with oil slightly above $66, well belo...
Tue, Sep 29 2009, 5:06 PM
Tuesday 9/29 at a Glance
* MBS down 1 tick on the day to 101-11, continuing to close at multi-month highs
* Real Money (insurance funds, e...
Tue, Sep 29 2009, 4:03 PM
It wasnt a very busy trading session for mortgages. Much of the action took place this morning between 9AM and 10AM. As prices ticked higher banks wer...
Tue, Sep 29 2009, 2:46 PM
Reuters reported that state housing agencies around the U.S. that provide mortgages to low-income borrowers would get as much as $35 billion in federa...
Tue, Sep 29 2009, 2:31 PM
In their monthly summary, Fannie Mae today said their retained portfolio was unchanged at $779.4 billion in August of 2009. This follows an 18.2% cont...
Tue, Sep 29 2009, 1:40 PM
We're about overdue for some triangles wouldn't you say? Today's post morning correction certainly provides for that. Triangles mean different thing...
Tue, Sep 29 2009, 1:32 PM
After an unexpected drop in consumer confidence spurred on a stock sell-off this morning, all three equity indexes are clawing their way back to uncha...
Mon, Sep 28 2009, 11:53 AM
Besides another round of record TSY issuances last week (which is what many are trading), weakness in stocks, some bond bullish econ data, and the app...
Mon, Sep 28 2009, 11:27 AM
Despite mixed economic reports last week, mortgage rates held near four month lows as prices of mortgage-backed securities approached four month highs...
Mon, Sep 28 2009, 9:24 AM
Markets are looking optimistic this morning ahead of an insanely busy week. Monday begins slowly with no major macroeconomic data on the schedule, but...
Mon, Sep 28 2009, 8:24 AM
The term "slow" can be sometimes be misleading in this context. Although the absence of scheduled data combined with Yom Kippur's attendance toll are...
Mon, Sep 28 2009, 5:48 PM
Out here in California, some in the business have been following the case of 28-yr old Garret Gililland III. Originally from the Sacramento area, he w...
Mon, Sep 28 2009, 5:05 PM
For MBS, Tsys, and Stocks alike, no news was good news today as all three markets rallied amidst a lack of scheduled data, headline drama, or meaningf...
Mon, Sep 28 2009, 3:54 PM
Heading into the 5pm "MY SCREENS ARE ALREADY TURNED OFF" marking period, the FN 4.5 is at the highs of the day...+0-07 at 101-11 yielding 4.33%. Spott...
Mon, Sep 28 2009, 1:55 PM
Arguments are ongoing for adjusting the current MBS range upward. At the moment, the 4.5 is up 4 ticks to 101-08 and the 10yr tsy is up 4 ticks (in p...
Mon, Sep 28 2009, 1:04 PM
US equities were quick out of the gate on Monday morning. In just a few hours stocks have came close to erasing all of last week’s losses. As of 1pm, ...
Fri, Sep 25 2009, 12:53 PM
Mortgage rates moved lower a few basis points yesterday after prices of mortgage backed securities steadily appreciated throughout the day. At 5pm, MB...
Fri, Sep 25 2009, 12:17 PM
We're now at the point where we're prepared to get confirmation from the yield curve. The bottom of the yield range for the 10yr tsy is around 3.30 w...
Fri, Sep 25 2009, 10:47 AM
New home sales increased for the fifth straight month in August, but the 0.7% gain didn’t match the median estimate of +1.6%. The annual pace of sales...
Fri, Sep 25 2009, 9:24 AM
Good Morning. The Yield Curve is flatter and rate sheet influential MBS coupons are trading slightly higher in price. Stocks are weak worldwide. The d...
Fri, Sep 25 2009, 8:13 AM
Equity futures are looking slightly up in anticipation of some major data releases this morning. Global markets have been mixed, while the US$ is stro...
Fri, Sep 25 2009, 5:01 PM
MBS CLOSE AT A GLANCE
* thus ends an unofficial supportive week in which MBS shot up the better part of a full point since Monday's close.
...
Fri, Sep 25 2009, 3:40 PM
I got an email on Wednesday inquiring about a pipeline strategy for a medium sized branch lender. They do some mandatories, but are generally best ef...
Fri, Sep 25 2009, 1:48 PM
Something had to be done to pique your interest. Sure the S&P is up 5-6 points off the lows of the day, but the effect on bonds has been anything but...
Fri, Sep 25 2009, 1:06 PM
Weak orders for durable goods and a soft advance in new home sales have contributed to a lackluster performance in equity markets today. While a boost...
Thu, Sep 24 2009, 11:17 AM
The FN 4.5 MBS coupon has formed an aesthetically pleasing trend channel this morning, progressively achieving higher highs and setting lower lows. Cu...
Thu, Sep 24 2009, 10:49 AM
The National Association of Realtors said sales of existing homes fell 2.7% in August, pushing the annual rate to 5.10 million units from 5.24 million...
Thu, Sep 24 2009, 10:47 AM
The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurri...
Thu, Sep 24 2009, 8:43 AM
Good Morning. The rate sheet influential FN 4.5 MBS coupon is mostly unchanged on the day to slightly improved this morning. Stocks have reacted posit...
Thu, Sep 24 2009, 8:13 AM
The sharp sell-off in yesterday’s final hour hurt investor sentiment around the globe and contributed to general uncertainty about near-term prospects...
Thu, Sep 24 2009, 5:06 PM
It's not so much that the past three days have been remarkably good for MBS prices, but rather that an extended period of relatively stable bullishnes...
Thu, Sep 24 2009, 3:19 PM
Someone snuck into bond market central today and stole the volatility right out from under our noses. Afternoon trading ranges have adhered beautiful...
Thu, Sep 24 2009, 1:56 PM
All three equity indexes have extended yesterday’s late day weakness into today. After a modest open, the S&P is trading near the lows of the day, dow...
Thu, Sep 24 2009, 1:02 PM
The Treasury Department has successfully auctioned $29 billion 7 year notes at a high yield of 3.005% vs. the 1pm WI of 3.033%. 30.22% of the bids wer...
Wed, Sep 23 2009, 11:09 AM
RANGE BOUND RANGE BOUND RANGE BOUND!!!!! The FN 4.5 has traded as low as 100-11 and as high as 100-18....trading flows are all quiet ahead of the FOMC...
Wed, Sep 23 2009, 10:49 AM
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mort...
Wed, Sep 23 2009, 8:40 AM
The mortgage market is in "wait and see" mode ahead of the FOMC statement. The 10yr Treasury note is at the high side of the recent range, currently t...
Wed, Sep 23 2009, 8:39 AM
Stocks are flat and the US dollar is nearing 2009 lows as the Federal Reserve prepares to release its monetary policy statement this afternoon. It’s a...
Wed, Sep 23 2009, 8:06 AM
Mortgage rates fell below 5% for the first time since mid-May last week, leading to increased appetite for refinancing, new loans, and purchases, an i...
Wed, Sep 23 2009, 5:18 PM
We're sorry, we know the constant RANGE BOUND RANGE BOUND RANGE BOUND can be frustrating at times...but look at the bright side, at least we didnt bre...
Wed, Sep 23 2009, 4:31 PM
Upon release of an upbeat communiqué from the Federal Reserve’s Open Market Committee, equity indexes jumped up to 11-month highs and the dollar weake...
Wed, Sep 23 2009, 3:02 PM
When Federal Reserve chairman Ben Bernanke called the recession “very likely over” last week, there was some talk about whether his colleagues on the ...
Wed, Sep 23 2009, 2:17 PM
So far, getting the expected bounce from a neutral to potentially bond friendly FOMC statement. As we discussed, most pre-statement concessionary sel...
Wed, Sep 23 2009, 1:02 PM
* $40 bln in 5 year notes
* 2.47 high yield with 40% taken at high yield
* significantly higher than WI yield
* Bid to Cover - 2.4
...
Tue, Sep 22 2009, 12:13 PM
The US dollar continues to weaken after a pause on Monday, boosting appetite for dollar-denominated commodities and pushing share prices up. Crude oil...
Tue, Sep 22 2009, 12:11 PM
Home prices bottomed out in the second quarter but prices are not rising as quickly as forecasters had assumed, an industry survey said Tuesday.
T...
Tue, Sep 22 2009, 11:23 AM
The dollar is weaker, oil is more expensive, gold has traded up to $1,019 after falling below $1,000 yesterday, and stocks are testing new 2009 highs....
Tue, Sep 22 2009, 10:48 AM
After holding steady near the top of the current trading range, mortgage backed securities came under selling pressure yesterday afternoon as stocks r...
Tue, Sep 22 2009, 8:48 AM
MBS trading flows are expected to slow as the two day FOMC meeting begins today. Thus, MBS price action will be left at the mercy of the gyrations of ...
Tue, Sep 22 2009, 8:29 AM
The Federal Reserve’s Open Market Committee begins its two-day monetary policy meeting today. Investors expect policy to remain accommodative well int...
