Tue, Sep 22 2009, 4:55 PM
You might notice the title of today's MBS CLOSE doesn't include "MBS CLOSE." Considering AQ's afternoon commentary pretty much covers it for today an...
Tue, Sep 22 2009, 3:19 PM
Activity in the rates market has slowed following the 2yr note auction....even before then there wasnt much to discuss. This was expected as traders g...
Tue, Sep 22 2009, 1:02 PM
* High Yield of 1.034
* 27.16% taken at high
* WI yield was around .967
* Bid To Cover 3.23
* Indirect Bid of $19.18 bln out of $...
Mon, Sep 21 2009, 11:32 AM
The FN 4.5 is trading +0-07 at 100-22 yielding 4.378% and the FN 4.0 is +0-10 at 98-07. Friday afternoon price weakness did not carry over into today...
Mon, Sep 21 2009, 11:21 AM
Following a downturn in equity markets across the globe, US stocks opened sharply lower on Monday morning. A fifth straight advance in the Leading Eco...
Mon, Sep 21 2009, 8:45 AM
Global stocks are mostly lower. Dollar stronger, Oil cheaper (under $70 barrel), Gold cheaper (under $1,000). No US econ data. US stock futures lower...
Mon, Sep 21 2009, 8:30 AM
Equity markets across the globe are in sell-mode this morning, leading the US futures market to point to a lower opening while the US dollar is showin...
Mon, Sep 21 2009, 5:03 PM
Trying to find meaningful topics of conversation on interest rates beyond the customary treatment of the technical trading range is a tall order. Alt...
Mon, Sep 21 2009, 2:42 PM
Price levels in both MBS and tsy's are getting "testy" (in the sense that both are testing their most significant resistance levels of the month. But ...
Mon, Sep 21 2009, 1:23 PM
It was an up and down week for mortgage backed securities last week. Despite better than expected economic data, MBS didn’t give up too much ground ...
Mon, Sep 21 2009, 1:21 PM
Although anything over 100-12 leaves us in the long term horizontal range, albeit on the low-side, any time we cross the lows of the day, reprices are...
Fri, Sep 18 2009, 12:54 PM
The main headline this morning doesn’t come from the markets, which are mixed on light trading, but from the Treasury, which closed its guarantee on m...
Fri, Sep 18 2009, 11:51 AM
While stocks have moved aimlessly higher and lower today, the bond market has continued to chop around its recent range. The 10 yr note hit 3.37% over...
Fri, Sep 18 2009, 10:28 AM
Officials from four federal departments and agencies and attorneys general of 12 states met in Washington on Thursday to discuss what was termed an "e...
Fri, Sep 18 2009, 8:35 AM
Recap of Previous Session:
* healthy rally for MBS and tsy's with 4.5 fannies up 16 ticks (half a point)
* All this despite better than ex...
Fri, Sep 18 2009, 8:24 AM
Take a glance at the schedule and you could be forgiven for thinking it’s a holiday. No data from the US is will hit markets all day, nor are there Tr...
Fri, Sep 18 2009, 5:01 PM
If you were around much over the last 3 months, this week should look familiar. The patterns are, for the most part, similar, though this week's per...
Fri, Sep 18 2009, 4:02 PM
The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve the housing agency's exposure...
Fri, Sep 18 2009, 3:42 PM
Chop Chop Choparoo! Looks like the days that have been light on data this week have also led to the most severe losses in bonds. I'd urge you though...
Fri, Sep 18 2009, 1:43 PM
The type of positive economic headlines seen yesterday would normally lead to lower bond prices and higher mortgage rates, but that turned out to be f...
Fri, Sep 18 2009, 1:43 PM
The government agency protecting mortgage lenders against losses has been burning through its liquidity as it attempts to stem the rising tide of fore...
Fri, Sep 18 2009, 1:22 PM
Volume is low and trading is slappity choppity sloppity. The 10yr JUST broke intraday resistance and the chances are increasing of a reprice for the ...
Thu, Sep 17 2009, 12:54 PM
Mixed housing and labor reports caused equity markets to flounder on Thursday morning. Early gains were given up, and after a second climb appeared to...
Thu, Sep 17 2009, 12:17 PM
The secondary mortgage market is in cruise control...the Fed continues to provide 2x liquidity for any originator looking to sell, yield spreads are a...
Thu, Sep 17 2009, 9:43 AM
The total number of housing starts came in at 598k, just 2k below the consensus forecast. But, rather than being driven by single-family starts, the n...
Thu, Sep 17 2009, 8:33 AM
After 830am data, stock futures are lower. TSY futures are higher. Cash market 10 yr note hit 3.50% before falling back to 3.47%....in futures 3.50 co...
Thu, Sep 17 2009, 8:08 AM
Equity futures are pointing up this morning as investors hope to keep the rally going for a fourth straight day. Since Monday the S&P 500 has gained 3...
Thu, Sep 17 2009, 6:39 PM
About half a facemelter in both MBS and tsy's today as MBS got half a point and tsy's another 4-6 ticks beyond that. As AQ pointed out in the previou...
Thu, Sep 17 2009, 5:56 PM
The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financ...
Thu, Sep 17 2009, 3:57 PM
Mortgages continue to trade well in both price (yay for loan officers) and in relative value (yield spreads tighter and tighter...OAS negative) This r...
Thu, Sep 17 2009, 2:28 PM
While the level of new delinquencies on residential mortgage loans has stabilized, the size of the “foreclosure pipeline” continues to grow. Accordin...
Thu, Sep 17 2009, 2:10 PM
As stocks continued a trend of selling that began shortly before the noon hour, bonds have rallied with MBS reaching up to familiar levels. The 4.5 i...
Thu, Sep 17 2009, 1:19 PM
Freddie Mac's Primary Mortgage Market Survey for the week ended September 17 reported the third consecutive week of lower rates for fixed rate mortgag...
Thu, Sep 17 2009, 1:12 PM
It was a bumpy ride in the mortgage backed security market yesterday. At the open, MBS moved considerably higher and lenders that issued rate sheets ...
Wed, Sep 16 2009, 12:00 PM
The bond market held up remarkably well yesterday considering stocks set new 2009 highs following more "better than expected" economic data and hopefu...
Wed, Sep 16 2009, 11:51 AM
As we discussed earlier, the AM data crushed the bond market sending MBS from 100-26 to 100-08. For those without calculators or excellent mental mat...
Wed, Sep 16 2009, 9:33 AM
Stocks are loving the anti-deflation data this AM. At the 930 opening bell, stocks are making new 2009 highs again...and the bond market is suffering....
Wed, Sep 16 2009, 9:17 AM
Mortgage rates increased slightly last week but still remain at historically low rates. Even so, demand for mortgages, refinancing, and purchases all ...
Wed, Sep 16 2009, 8:41 AM
Following the data, the 10yr yield rose, but quickly fell back to 3.39, but failed to test morning yield lows.The FN 4.5 fell (price) after the data, ...
Wed, Sep 16 2009, 8:25 AM
For the second day in a row, markets began with a rough start yesterday but made steady climbs throughout the afternoon and ended on positive tones. T...
Wed, Sep 16 2009, 7:36 PM
Although the rates market put up a good fight today, in the end there were just too many factors working against our cause (lower mortgage rates!). In...
Wed, Sep 16 2009, 4:01 PM
The post 3pm trade in MBS and Tsy's is showing it's characterstic signs of waning participation as volatility and volume decrease. But unlike some ot...
Wed, Sep 16 2009, 3:26 PM
HR 3146, passed the House of Representatives on a voice vote Tuesday afternoon. The bill permits flexability in hiring and compensating staff, provide...
Wed, Sep 16 2009, 2:31 PM
Chopatility is chop-chop-chopping away at our level of confidence regarding the possibility of you making it through the rest of the day without seein...
Wed, Sep 16 2009, 1:54 PM
Stocks are higher again today, marking gains in eight out of the last nine trading sessions. A boost to industrial production and a tame inflation rep...
Tue, Sep 15 2009, 12:58 PM
Retail sales posted their strongest monthly gain in three years and other fresh news was mostly supportive of growth in the third quarter, but market ...
Tue, Sep 15 2009, 12:53 PM
One simple step everyone can take to make their email efforts more compatible with their social media efforts is to link all of your emails to your so...
Tue, Sep 15 2009, 12:52 PM
After holding levels not seen since early this summer for over a week, mortgage rates are under some pressure to move higher. Yesterday, mortgage ba...
Tue, Sep 15 2009, 11:03 AM
Prices of "rate sheet influential" MBS coupons have bounced around a chopatile range this morning. We took a nose dive after 830 data, then started re...
Tue, Sep 15 2009, 8:31 AM
830 data was not bond friendly. PPI higher than expected, retail sales and NY Manufacturing better than anticipated. The 10 yr TSY note yield rose fro...
