Tue, Jul 28 2009, 5:05 PM
That's right... It's a trader's world...
Let's take a look at why we say that and what happened this AM. What did we have? Some very minor overn...
Tue, Jul 28 2009, 3:42 PM
In MBS world, volume was yet again below average. Originator selling was minimal...anything that was offered up was easily absorbed by the Fed, helpin...
Tue, Jul 28 2009, 1:56 PM
The FN 4.5 current coupon has fallen from the 100-00 intraday high alllllllll the way back to 99-16....just one tick higher than yesterday's going out...
Tue, Jul 28 2009, 1:06 PM
High Yield - 1.08, 4 ticks higher than WI
21.59% at high yield, which lessens the impact of the 4bp tail
2.75 Bid To Cover - Not Bad Not Good
...
Mon, Jul 27 2009, 11:58 AM
Markets jumped in the minutes after the New Home Sales report posted its biggest one-month leap in eight year, as of noon in Monday’s session all thr...
Mon, Jul 27 2009, 10:46 AM
The morning began with great news for the housing market. Sales of new single-family homes shot up 11% in June ― the biggest one-month jump in eight y...
Mon, Jul 27 2009, 10:46 AM
In the MBS market, trading flows are quiet. This implies mortgage-backs will take their directional guidance from the gyrations of the yield curve...w...
Mon, Jul 27 2009, 8:36 AM
* Decent Data and Boomy Stocks Brought The Pain Last Week
* Another round of auctions coming this week contributed as well
* Negative Tsy se...
Mon, Jul 27 2009, 8:06 AM
Housing data and Treasury auctions totaling $115 billion dominate the calendar between Monday and Thursday, but the big news this week will be the fir...
Mon, Jul 27 2009, 5:19 PM
Know how much you guys hate sell-off days? That's about how much we hate days like today when nothing happens, prices are rangebound, there is no vol...
Mon, Jul 27 2009, 3:55 PM
TSYs and Mortgages have both remained range bound all afternoon as the market awaits midweekTSY auctions. Beyond early morning commotion volume in bot...
Mon, Jul 27 2009, 2:28 PM
Despite being several months into what equates to the de-construction and re-building of the mortgage industry...there seems to be a distinct lack of ...
Mon, Jul 27 2009, 1:24 PM
Last week was roller coaster for mortgage backed securities. After a nice rally on Tuesday and Wednesday which brought the par 30 year fixed rate mor...
Mon, Jul 27 2009, 1:19 PM
"Low Volume" is actually insufficient to describe today's apathy. Even against the backdrop of recent summer weeks--where volume has been characteris...
Fri, Jul 24 2009, 11:19 AM
With stocks sending mixed signals and TSY supply on the calendar next week..."WAIT AND SEE" mentality prevails. Looks like we are setting up to end th...
Fri, Jul 24 2009, 11:02 AM
In what has become a common occurrence of late, mortgage rates failed to hold below 5%. Following a sizeable rally earlier in the week, mortgage back...
Fri, Jul 24 2009, 8:35 AM
* If you had a nickel for every time you'll hear "fresh supply concerns" today...
* Tsy borrowing needs $115bln vs expected $111 plus all manner ...
Fri, Jul 24 2009, 5:15 PM
The week began quiet and without guidance as markets waited for much-needed clues to come from Bernanke in his semiannual report to congress on Tuesda...
Fri, Jul 24 2009, 3:52 PM
These are all things you will not have to worry about on an afternoon such as this, plagued by not one, but three of the accelerants stoking soporific...
Fri, Jul 24 2009, 1:27 PM
Trading flows are slow as market participants make an early attempt at the exits. The 10 yr TSY yield has been in a 2bp range all day while the FN 4.5...
Fri, Jul 24 2009, 1:20 PM
Federal Reserve chairman Ben Bernanke made it clear earlier in the week that the central bank wouldn’t be taking the punch bowl away any time soon, bu...
Thu, Jul 23 2009, 12:34 PM
Home buyers and refinancers waiting and hoping for a return of record low rates suffered a setback this week as fixed rates reversed a three-week down...
Thu, Jul 23 2009, 12:18 PM
Mortgage rates ticked lower yesterday after mortgage backed securities rallied on Tuesday. However, yesterday weakness in fixed income began to snowba...
Thu, Jul 23 2009, 11:46 AM
First-time homebuyers and the sales of distressed properties helped drive the pace of Existing Home Sales up for the third consecutive month in June. ...
Thu, Jul 23 2009, 10:53 AM
As stocks have kicked into overdrive with the Dow cresting 9000 and the S&P flirting with 970's, the 10yr Tsy has backed up to the 3.6's and 4.5's are...
Thu, Jul 23 2009, 9:36 AM
The S&P, Dow, and NASDAQ have all opened to the upside. As stocks futures ticked higher, the long end of the yield curve (TSYs) began to show weaknes...
Thu, Jul 23 2009, 8:38 AM
* Jobless Claims rose to 554k from 522k last week. Estimates called for 560k.
* Continuing claims continued to decrease (from 6.32 to 6.225 mln)...
Thu, Jul 23 2009, 5:22 PM
As reactions to the economic data gradually improved and were compounded by next week's tsy supply being announced at $115 bln versus an expected $111...
Thu, Jul 23 2009, 5:12 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, Jul 23 2009, 3:04 PM
Illustrating the buying and selling behavior of market participants at specific price points. What is currently considered cheap? What price levels ar...
Thu, Jul 23 2009, 1:52 PM
Though 99-19 has provided great support all day, in the past few minutes we've broken through by a big enough margin that not only may lenders be cons...
Wed, Jul 22 2009, 12:30 PM
With Federal Reserve chairman Ben Bernanke singing the same tune to the Senate that investors heard from the House yesterday, market attention is focu...
Wed, Jul 22 2009, 12:13 PM
Slow trading flows in the secondary mortgage market are not stopping some lenders from passing through a few more bps onto rate sheets this morning. W...
Wed, Jul 22 2009, 11:09 AM
Mortgage backed securities and treasuries went on quite a rally yesterday following Ben Bernanke’s first day of testimony on Capitol Hill. After open...
Wed, Jul 22 2009, 9:40 AM
Mortgage rates climbed in the week ending July 17, yet the demand for loans still managed to increase during the week, according to a weekly industry ...
Wed, Jul 22 2009, 8:42 AM
Yesterday's Recap
* Ben catalyzed technical rally in Tsy's and MBS
* Stocks gained as well with SandP now over 950 two days in a row
...
Wed, Jul 22 2009, 6:16 PM
In MBS LUNCH I wrote that a feeling risk aversion was beginning to set in over the marketplace as overvalued stocks were showing signs that the rally...
Wed, Jul 22 2009, 4:06 PM
The value of homes rose nearly 1 percent over April figures in the May Housing Price Index released on Wednesday by the Federal Housing Finance Agency...
Wed, Jul 22 2009, 1:40 PM
ALERT alert: volume also nonexistent in the TSY market...I mean this has turned into a real snoozer as traders happily.....WAIT AND SEE!!! That said l...
Tue, Jul 21 2009, 10:37 AM
This MBS rally is not a function of greater demand for mortgage-backs, it is not a factor of a rejuvenated bid side mortgage buying presence...the pri...
Tue, Jul 21 2009, 8:31 AM
Last Session Recap
* Medium Sized rally
* Volume was pathetic
* Stocks broke serious upside ceilings
* MBS failed to break their...
Tue, Jul 21 2009, 5:46 PM
Moving on to a longer view, we are back above some scarier historical levels, and through a recent triangle denoted by the teal lines. Although today...
Tue, Jul 21 2009, 3:40 PM
Activity in the TSY and MBS market has teetered out as the afternoon has wore on. Although earlier we noted some profit taking in the fuller side of t...
Tue, Jul 21 2009, 1:02 PM
Reports from fellow mortgage professionals indicate that mortgage rates are a few basis points lower today. This places the par 30 year conventional...
Tue, Jul 21 2009, 1:01 PM
There have been broad based reprices for the better in the primary mortgage market. Mortgage rates are now under 5.00% for the most qualified customer...
Mon, Jul 20 2009, 12:41 PM
Last week proved to be tough for mortgage backed securities. Many mortgage professionals and consumers alike cheered as rates opened Monday at 4.875%...
Mon, Jul 20 2009, 12:39 PM
Markets opened higher Monday morning following a five-day rally in the major indexes last week. The S&P 500 has now gained 39.5% since its nadir in ea...
Mon, Jul 20 2009, 11:19 AM
Last week the steeper yield curve forced prices of "rate sheet influential" MBS coupons markedly lower. For the week the FN 4.5 moved from $100-19 to ...
Mon, Jul 20 2009, 8:33 AM
Friday's Recap
* Better data and earnings led stocks up and fixed income down almost all week.
* over 2 points lost in 10yr, about a point...
Mon, Jul 20 2009, 5:10 PM
Though the low volume seen today did give way to a somewhat choppier than normal session, the end result for Tsy's and MBS was positive with the 10yr ...
