Mon, Aug 31 2009, 8:47 AM
Optimism that the economy is recovering in the third quarter has allowed the benchmark S&P 500 to rebound by 52% since early March, but in the past we...
Mon, Aug 31 2009, 5:58 PM
With prices hovering nearly a half point over par in 4.5's, these are the best levels since 7/31/09 which closed a scant 5 ticks higher at 100-20. Be...
Mon, Aug 31 2009, 4:23 PM
Today's MBS rally was just too darn easy...speculative buying ahead of month index extension purchases added demand side support, then bid lists (BWIC...
Mon, Aug 31 2009, 1:38 PM
Any time charts start to take shapes similar to those seen above, reprices for the better are usually not far behind. One thing we continually mentio...
Mon, Aug 31 2009, 1:33 PM
Stocks have had a rough day in the final session of August. After a sell-off in China hurt investor sentiment in Europe, US equity markets opened lowe...
Fri, Aug 28 2009, 12:46 PM
I'm not exactly sure why, but even though we WRITE as if we expect price action like today's to occur, and even though it is getting to be less and le...
Fri, Aug 28 2009, 11:22 AM
Business at Fannie Mae was recovering mid-way through the summer, though the total value of its portfolio remains down nearly one-fifth, according to ...
Fri, Aug 28 2009, 11:19 AM
Mortgage rates continue to hold steady as prices of mortgage backed securities keep to a confined range. Economic data yesterday was as expected and ...
Fri, Aug 28 2009, 10:12 AM
Prior to the data release the FN 4.5 fell to an intraday low of 99-24. Usually this would warrant an MBS ALERT...but we didnt feel it was necessary, p...
Fri, Aug 28 2009, 8:31 AM
After ignoring logic all week, we hope the range doesnt breakdown as traders look to return "status quo" to the rates market. This could result yields...
Fri, Aug 28 2009, 8:27 AM
Stocks are looking to continue the rally from yesterday afternoon, with equity futures pointing upwards between 0.2% and 0.4%. Data at 8:30 could chan...
Fri, Aug 28 2009, 5:17 PM
Cat Stevens was so close... If he had but included the word "trader's," his uber-hit could be dusted off and added to the market theme song shelf. I...
Fri, Aug 28 2009, 3:35 PM
Although we would love nothing more than to tell you that the market will happily continue to trade in this narrow region...given the current "BETTER ...
Fri, Aug 28 2009, 1:49 PM
Instead of asking if we are stealing from future demand, maybe the better question is will there be any future demand? If you agree with ex-FHFA regul...
Thu, Aug 27 2009, 11:42 AM
Mortgage rates haven't moved much this week as prices of mortgage backed securities continue to bounce around a range. Yesterday's highlight was the T...
Thu, Aug 27 2009, 10:01 AM
Some of the lenders and servicers most closely associated with conditions that led to the subprime mortgage meltdown are now in line to receive billio...
Thu, Aug 27 2009, 9:47 AM
Considering that the opening commentary rather casually discussed a 10 tick drop in prices, it occurs to us that this might cause a certain level of c...
Thu, Aug 27 2009, 8:28 AM
* Mortgage Rate Negative outlook: holding this range in stocks makes it easier for market to accept these price valuations in the future.
* Mortg...
Thu, Aug 27 2009, 8:21 AM
Markets spent most of the day in a slumber yesterday, but just before the closing bell a small rally lifted equity indexes to just above par. This mor...
Thu, Aug 27 2009, 5:45 PM
Another uninspiring and underwhelming day where after the customary bit of "chop-chop" (as in choppy price movements?) gives way to a fairly predictab...
Thu, Aug 27 2009, 4:37 PM
Rates remained close to the summertime lows achieved during the previous week according to information released this morning by Freddie Mac. Both lon...
Thu, Aug 27 2009, 4:00 PM
From the influx of emails I received it appears many readers are reacting negatively to statements made by Richmond Fed Pres. Jeffrey Lacker this morn...
Thu, Aug 27 2009, 1:55 PM
This is one of those MBS UPDATE's that was conceived as just that: a simple update on how the post-auction trading is going. Shortly before beginning...
Thu, Aug 27 2009, 1:36 PM
At 1:30 the S&P is 0.44% lower to 1,023, while the Dow is essentially flat, -0.01% to 9,542, and the NASDAQ is -0.87% to 2006. On the debt side of the...
Thu, Aug 27 2009, 1:00 PM
The Treasury Department just auctioned $28 billion 7 year notes. This is the second consecutive auction at record size, July's being the first. In tot...
Wed, Aug 26 2009, 12:59 PM
The Treasury Department has successfully auctioned $39 billion 5 yr notes. This is the second auction at this record size, July being the first. The b...
Wed, Aug 26 2009, 12:35 PM
Three economic reports this morning have confirmed that there are pockets of strength in the US economy, but markets are having none of it. Equities w...
Wed, Aug 26 2009, 11:41 AM
Mortgages rates made modest improvements after prices mortgage backed securities managed to rally for a second straight day yesterday. Although MBS pr...
Wed, Aug 26 2009, 10:51 AM
Data suggesting that the economy is experiencing a broad-based rebound continues to pile in this week, most recently in the housing market. New Home S...
Wed, Aug 26 2009, 10:11 AM
Is data driving the markets? Economic reports? Stocks are up and bonds have ticked down slightly. So does this mean that it was the better than exp...
Wed, Aug 26 2009, 8:38 AM
The AM So Far...
* Tsy futures were down slightly overnight, but have since met yesterday's lowest levels
* Durable Goods up 4.9 versus +3...
Wed, Aug 26 2009, 8:29 AM
Average rates for a 30-year mortgage moved upwards last week, but demand for loans ― refinancing or otherwise ― as well as purchases, continued to inc...
Wed, Aug 26 2009, 8:19 AM
Investor sentiment is cautious ahead of the Durable Goods release at 8:30 and the New Home Sales report at 10:00. Equity futures are looking slightly ...
Wed, Aug 26 2009, 5:25 PM
MBS levels and mortgage rates take a fair amount of guidance from the shape of the yield curve. My view is that changes in the shape of the curve, and...
Wed, Aug 26 2009, 3:37 PM
In the secondary mortgage market, volume was on par with the already low 30 day average. Trading flows, although balanced, once again reflected late s...
Wed, Aug 26 2009, 2:05 PM
After hitting intraday highs following the 5yr auction, rate sheet influential MBS prices fell 6 ticks (6/32) to the lows of the day. Although we are ...
Tue, Aug 25 2009, 12:44 PM
Mortgage rates are holding steady even as stocks continue to make new 2009 highs. After some early morning selling pressure yesterday, prices of mortg...
Tue, Aug 25 2009, 12:34 PM
Consumer confidence is improving and home prices are actually increasing, leading markets to push higher on Tuesday as investors feel more confident t...
Tue, Aug 25 2009, 11:38 AM
Fundamentals have helped restore status quo. Fundamentals have provided a feeling that the worst of the storm is behind us. But fundamentals are unabl...
Tue, Aug 25 2009, 9:47 AM
The National Association of Home Builders has closed its office for the entire week in an effort to cut expenses. The organization will also take an ...
Tue, Aug 25 2009, 9:42 AM
A bill currently before the House Ways and Means Committee would both extend the $8000 tax credit offered to first-time homebuyers beyond its current ...
Tue, Aug 25 2009, 9:41 AM
Home prices across the United States are beginning the process of stabilization, according to an industry survey that found price declines moderating ...
Tue, Aug 25 2009, 8:27 AM
Fed Chairman Ben Bernanke to be Reappointed. Statement from President Obama expected at 9AM. Wall Street likes this move as it keeps those familiar wi...
Tue, Aug 25 2009, 8:19 AM
The big headline this morning is that President Obama plans to keep Ben Bernanke as chairman of the Federal Reserve. “Mr. Obama's decision had become ...
Tue, Aug 25 2009, 5:00 PM
Even in the time that intervened our afternoon post and the close, MBS moved yet higher and tsy's yet lower. But just as we start passing out grains ...
Tue, Aug 25 2009, 4:49 PM
Solid real estate agent relationships are the cornerstone of any professional loan originator's business plan. While the mortgage industry has done a...
Tue, Aug 25 2009, 3:28 PM
The charts tell the same story that we set up for this AM in that the early data had little to no impact on trading action with auction providing the ...
Tue, Aug 25 2009, 1:38 PM
The Treasury Department just auctioned off a record $42 billion 2 yr notes (second auction at this amount). 92% was awarded at the high yield of 1.119...
Tue, Aug 25 2009, 1:01 PM
* High Yield of 1.119%
* 92.32 % taken at high yield
* Bid To Cover 2.68
* 48.6% indirect bid
Initial reaction in MBS is a SHORT s...
Mon, Aug 24 2009, 12:46 PM
With Japan’s Nikkei index posting its biggest one-day gain in more than three months, US equities opened higher on Monday and then extended those gain...
