MBS Live: MBS Afternoon Market Summary

You may have to imagine the title of today's MBS RECAP set to the tune of "Super Freak."  Indeed, the trading day was freakishly flat as far as MBS were concerned with Fannie 3.0s holding inside a record-tying 2.5 tick range of 103-29+ to 104-00.  This was a symptom of broader bond markets' similarly sideways drift.  Treasuries experienced a bit more volatility in the morning than MBS did, but leveled off to an uncannily narrow range from 11am on.  10yr Yields held between 1.78 and 1.785 from then until now.  Meanwhile, equities markets trickled up to yet another all-time high and this fact makes it seem as if the flatness in bond markets could be more of a reluctance to follow the rally in equities past places that bond markets aren't yet ready to go.  That's an almost "constructive" way to look at Treasuries and MBS post-Payrolls sell-off, but perhaps too soon to assume it's the case until we see how tomorrow shakes out after the 10yr Auction at 1pm.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.

Afternoon Reprice Alerts and Updates

Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.

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Live Chat Featured Comments

A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.

Steve Chizmadia  :  "REPRICE: 3:52 PM - Sun West Mortgage Better"

rford  :  "wow, lost 114 bps on an FHA purchase in 3 days, that's unreal. Still waiting for appraisal to come back, but sure hope there is a turnaround this week in GNMA MBS! "

Matthew Graham  :  "3yr at .354, right in line with 1pm WI yields, 3.38 BTC, 9.78 bln indirect. None of this means anything as 3's aren't movers, but there ya go."

Chris Kopec  :  "And people were "building" (or maybe "bubbling") equity at a crazy clip..... 2004's 70% LTV "D" loan was assumed to be 2005's 60% D loan."

Oliver S. Orlicki  :  "auction time"

Nate Miller  :  "big difference between then and now is equity, everyone had it then, not the case now, will not have as many qualified SP brwrs, SP will be a small pool imo."

Chris Kopec  :  "The portfolio retention on subprime loans was always atrocious....the good client ran off to conventional, the bad clients just ran off, period."

Ken Crute  :  "i spoke with a rep for a company that entered our area, she said they are bascially looking for somone that can refi to FHA in a yr to 18 months "

Charles Beasley  :  "average age of an LO is around 55, or so I herd "

Nate Miller  :  "Our office has a Jr LO program with lots of young guns that want to eventually become LO's."

Jeff Anderson  :  "Funny, AP. Just had that conversation over the weekend. Not seeing many, and definitely not many younger, relatively speaking, LO's."

Andy Pada  :  "I was wondering whether you guys are seeing new people enter our industry as loan originators? Or is the loan originator pool slowly diminishing?"

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