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 ...
Mon, Jul 20 2009, 2:28 PM
"Market Profile is a graphical organization of price and time information. Market Profile displays price on the vertical axis and time on the horizont...
Mon, Jul 20 2009, 1:25 PM
Since 1pm, the 10yr Tsy yield has fallen appreciably to test Friday's intraday lows at 3.59. Though the drop coincides with the completion of the 3 m...
Fri, Jul 17 2009, 12:52 PM
Bill Berliner's views on a number of issues, including 1) a story that homeowners accepting modifications are seeing a substantial drop in their credi...
Fri, Jul 17 2009, 12:43 PM
Mortgage backed securities managed to stabilize yesterday
and recapture most of the losses over the previous couple of
days. This improvement ...
Fri, Jul 17 2009, 11:47 AM
Markets are in the red on Friday as investors snatch profits after four days of rapid gains. Earnings reports from Citigroup and Bank of America were ...
Fri, Jul 17 2009, 10:02 AM
Although FN 4.5 prices were able to hold steady for a moment, the extent to which the market shifted its sentiment (volume spike) forced traders to ad...
Fri, Jul 17 2009, 9:33 AM
A housing construction report indicated higher levels of activity than the range of forecasts, but that had more to do with revisions to the previous ...
Fri, Jul 17 2009, 8:41 AM
At the open the 10 yr is bouncing around between 3.53 and 3.57. Although it has been a slow start to the trading session, we are seeing some signs of ...
Fri, Jul 17 2009, 5:17 PM
More Thoughts On Recent Market Dynamics In A Nutshell
This week saw what looked like a massive correction for MBS which turned out simply to be a t...
Fri, Jul 17 2009, 2:45 PM
Interesting happenings going on in MBS market today. The yield curve is noticeably steeper, which would usually force "rate sheet influential" MBS inv...
Thu, Jul 16 2009, 12:19 PM
Stocks were trading lower in the first hour of trading on Thursday but relative to the 6.1% gain seen in the first three days of the week, the sell-of...
Thu, Jul 16 2009, 10:47 AM
Traders have pushed the 10 yr TSY note back to yesterday's 830AM (pre data) yields indicating the market is looking to test the strength of yesterday'...
Thu, Jul 16 2009, 10:40 AM
As the unemployment rate approaches double-digits, almost two million homes received foreclosure filings in the first half of 2009, 15% more than in t...
Thu, Jul 16 2009, 8:28 AM
Yesterday's Recap
* Snowball Selling
* All Data unfriendly, higher than expected CPI leads the charge
* lost almost a full point in 4...
Thu, Jul 16 2009, 6:00 PM
we'll skip the more detailed enumeration of tomorrow's potentialities and the beautiful beautiful charts I know you're all so fond of, so that some ad...
Thu, Jul 16 2009, 4:31 PM
Not much to report in MBSland. FN 4.5 prices went sideways in the second half of the session...RANGE BOUND. On the bright side, as the 10 yr TSY yield...
Thu, Jul 16 2009, 4:12 PM
MGIC Investment Corp., a major provider of Private Mortgage Insurance, announced nearly $340 million in losses for the second quarter. The company al...
Thu, Jul 16 2009, 4:09 PM
According to Freddie Mac's weekly survey, mortgage rates drifted down for the third consecutive week although they remain well above the record lows e...
Thu, Jul 16 2009, 4:02 PM
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between July 9 and J...
Thu, Jul 16 2009, 1:38 PM
Into the afternoon, MBS have continued in a reasonably tight range of gains with the 4.5 now reaching up near 99-20, an 18 tick recovery from yestered...
Thu, Jul 16 2009, 1:11 PM
Mortgage rates took another step higher yesterday following a 3% rally in the stock market. Tame inflation and “not as bad” industrial production numb...
Wed, Jul 15 2009, 12:38 PM
Mortgage backed securities had another losing day yesterday moving lower in price by .375 in discount. Many lenders did reprice for the worse as the ...
Wed, Jul 15 2009, 12:36 PM
Freddie Mac made several "Best Practices" recommendations for selecting appraisers and reviewing their products. One of these contained the statement...
