MBSonMND: MBS MID-DAY
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| Pricing as of 11:02 AM EST | ||||||||||||||
Morning Market Updates
A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard
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10:31AM :
MBS Remain Near Highs - Potential Reprices For The Better
Whether or not you stand a chance to see a reprice for the better depends largely on when your rates were first available this morning. Until about 9am, FNCL 4.5's were around 100-16. Lenders who priced before then are the most likely to reprice for the better. To a lesser extent, it's possible that those who came in between 9and 9:50 could reprice as well, but certainly less likely. FNCL 4.5's are at 100-23 currently, their highest level since 2/8. 10yr yields are at 3.625 and likely to start encountering more stalwart resistance. Breaks below these levels would be a significant achievement for benchmarks.
9:51AM :
MBS Continue To Improve. Treasuries Test Recent Low Yield
The 10yr note yield is currently at 3.634, getting close to Friday afternoon's low yields at 3.630. If they fail to get there, yields will be moving in a consolidating pattern from Friday morning, with successively lower highs and higher lows (think triangle). The triangle apex is near 3.65 or slightly lower. Meanwhile, FNCL 4.5's are at their highest level in 3 days at 100-22. This will either lead to improved first rate sheets or possible reprices for the better among lenders who are already out with rates on the day.
9:17AM :
Trend Intensity Remains Bearish Suggesting Defensive Stance
At it's last major trough, the Trend Intensity Index fell to 13, close enough to historical troughs and far enough along in the previous range that any uptick would likely coincide with a range breakout. As yields have risen, trend intensity has progressively increased, now at a value of 22. This is about the lowest trend intensity at which reversals are seen, and the index usually rises to the mid 20's before trends dissipate. The mid-range trend intensity index along with other long term technicals are decidedly bearish for bonds at the moment, suggesting lock/float decisions remain opportunistic and defensive.
8:33AM :
Benchmarks Near Friday's Weakest Levels, MBS Faring Better
It's a data-less Monday morning and the 10yr yield is up from 3.63 at 5pm on Friday to 3.659 this morning, closer to its weakest levels from Friday which were near 3.67. FNCL 4.5's are in slightly better shape versus their Friday range, currently at 100-16 versus a Friday range of 100-10 to 100-22.
8:07AM :
New MBS Commentary Post
Featured Market Discussion
A recap of the featured comments from the Live Discussion on the MBSonMND Dashboard
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Jason York : "oh, no, not a foreclosure rescue, he just owes a lot more then its worth, and mom is willing to help him out, and he gets to us the Military program to recoup his loss"
Victor Burek : "i've done several last year... only real concern was if it was a foreclosure rescue"
Matt Hodges : "non-arms length - tread carefully"
Victor Burek : "if not behind, she should be able to buy with no problem"
Jason York : "no, but he is military, and was sent out to Tx, and the property is worth about $80k less then what he owes, so he wants to use the MIlitary Act that will pay him back for the loss, and his mom is willing to buy it from him"
Victor Burek : "York, is son behind on mortgage?"
Jason York : "should there be any issue if a mother is buying a property from her son, and using it as an investment property?"
Adam Quinones : "
RTRS-OBAMA SAYS FISCAL CHALLENGES REQUIRE DEMOCRATS AND REPUBLICANS TO WORK TOGETHER, READY TO LOOK FOR FURTHER SPENDING CUTS
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Adam Quinones : "
RTRS-OBAMA SAYS THE CURRENT BUDGET IS DOWNPAYMENT ON WHAT IS NEEDED TO PUT U.S. ON STRONG FISCAL PATH
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Adam Quinones : "
RTRS-OBAMA SAYS WILL VETO ANY SPENDING BILL THAT CONTAINS EARMARKS
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Adam Quinones : "
RTRS-OBAMA SAYS U.S. BUDGET WILL REQUIRE TOUGH CHOICES, CUTTING THINGS "I CARE DEEPLY ABOUT"
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Adam Quinones : "
RTRS-OBAMA SAYS HIS BUDGET PUTS U.S. ON PATH TOWARD HALVING DEFICIT BY END HIS CURRENT TERM
RTRS-OBAMA SAYS HIS BUDGET PUTS U.S. ON PATH TOWARD HALVING DEFICIT BY END HIS CURRENT TERM
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Adam Quinones : "RTRS-OBAMA SAYS U.S. GOVERNMENT MUST LIVE WITHIN ITS MEANS, TAKE RESPONSIBLITY FOR DEFICITS
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Adam Quinones : "RTRS - OBAMA SAYS INVESTMENTS LIKE EDUCATION AN ESSENTIAL PART OF HIS BUDGET
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Chris Kopec : "Last news I heard on LO Comp was that the House Financial Services Committee was reviewing it. http://reversemortgagedaily.com/2011/02/11/house-committee-to-examine-feds-loan-originator-compensation-rule/"
Andrew Russell : "alot of other local mortgage bankers feel the same"
Andrew Russell : "our bank still feels strongly it isnt for us"
Andrew Russell : "MG, did you see the federal reserve comment that the april 1st was only for table funders and brokers?"
Matthew Graham : "and gm Jeff. Yep! Trying to get lower than Friday afternoon's low yields."
Jeff Anderson : "Morning Team. Looks like we're right at the crossroads again, 3.63ish, right? Break it, baby."
Matt Hodges : "erich - i have experience with them. No MI is standard - no fee attached. rates are highly dependent on down payment"
Erich Lowe : "Anyone with experience with Homepath, what are par rates and what kind of fee is associated with No MI option? "
Adam Quinones : "i think most of the concern stems from that question: HOW WILL WE SURVIVE....mostly driven by uncertainty and lack of clear guidance from leadership. Not knowing is scary."
JTB : "AQ--Is the concern their won't be a way to make a great living? "
Adam Quinones : "more change to come...lots more change to come."
JTB : "I just feel like over the last 3 years EVERYTHING that was supposed to be the "end" or awful, hasn't turned out that way."
Adam Quinones : "you are one of only a few relaxed folks Brent"
JTB : "Man, I have largely been unconcerned about comp issues, 4/1, as I've thought they will be what they'll be...That said, I was with a bunch of originators/owners this weekend, true pros, and I was taken back by the level of alarm. Where are you all on this/"
MBS Market Alerts
