Thu, Dec 9 2010, 7:03 PM
Mortgage rates got cheaper at the table today but didn't improve in principal
Thu, Dec 9 2010, 6:47 PM
Today we saw an aggressively bid 30 year bond auction give benchmarks a boost but positive progress eventually stalled at a long term technical resis...
Thu, Dec 9 2010, 3:34 PM
December Fannie and Freddie 30 year fixed MBS coupon have begun the settlement process and it looks like prices just plummeted.
Thu, Dec 9 2010, 2:54 PM
There are a couple really nice components to point out in today's $13 billion Treasury bond auction.
Wed, Dec 8 2010, 10:48 AM
Ever hear us say "mortgage rates rise much faster than they fall". This is a factor of extension risk and right now we're learning a painful lesson on...
Wed, Dec 8 2010, 9:06 AM
Benchmark interest rates continued to move higher overnight in response to news that a compromise had been achieved on both the extension of Bush era...
Wed, Dec 8 2010, 7:10 PM
Plain and Simple: There is a clear line of demarcation between 4.625% and 4.75%. If you are looking to close in the next 2 weeks...4.75% is your likel...
Wed, Dec 8 2010, 2:34 PM
As we approach 2pm, it is becoming painfully obvious just how much of today's weakness was and was not a factor of an auction concession...
Wed, Dec 8 2010, 1:11 PM
We're seeing modest improvements in the aftermath of the auction, mostly led by the futures market. I would say this is more short covering than outri...
Tue, Dec 7 2010, 9:33 AM
Seems like we'll be stuck with these rates at least into early 2011.
Tue, Dec 7 2010, 8:56 AM
Equity futures are pointing to a strong open this morning following President Obama’s announcement late yesterday that he had struck a deal with Repub...
Tue, Dec 7 2010, 6:19 PM
The economic environment has provided plenty of compelling talking points for us to argue either angle (bullish or bearish), but year-end is not the t...
Tue, Dec 7 2010, 5:22 PM
When all was said and done, prices of loan production MBS coupons (which guide lender rate sheets) had fallen over a full point! To bring that number...
Tue, Dec 7 2010, 3:05 PM
The weak 3yr note auction at 1pm did little to help an already negative bias in the bond market. Ok, so it did the opposit of 'help.' It's not that ...
Tue, Dec 7 2010, 1:08 PM
The auction wasn't all that bad. Buyers were willing to bid but not aggressively. High hit rates combined with a weak btc ratio and modest tail vs. th...
Mon, Dec 6 2010, 10:39 AM
After Friday's paradoxical sell-off in the bond market, we come to work on Monday morning to find the 4.0 MBS coupon has recovered all of it's losses ...
Mon, Dec 6 2010, 9:23 AM
The week ahead is pretty light on fresh data until Friday brings in the latest trade balance and consumer sentiment figures. This leaves the broader m...
Mon, Dec 6 2010, 7:32 PM
If you were out sick on fickle Friday, congratulations! You missed quite a bit of frustration.
Mon, Dec 6 2010, 5:49 PM
It's already been said that today was a generally quiet day in the bond market. But it's the kind of quiet we'll smile about because it took the prod...
Mon, Dec 6 2010, 1:32 PM
In the absence of new domestic data, the Fed's fifteenth QEII open market operation has been the primary force behind price action in the government b...
Fri, Dec 3 2010, 12:23 PM
Somebody call Spiderman! You know that thing he does when people are falling out of buildings and what not? With the wrists and the web shooting and...
Fri, Dec 3 2010, 10:27 AM
Between a better than expected ISM report and the stock market's somewhat surprising unwillingness to sell-off on the NFP news, the 10yr note is showi...
Fri, Dec 3 2010, 9:58 AM
As stock markets open down about a tenth of a percent, bond have been off the the races this morning, with the 10yr note dropping 10bps and MBS 4.0's ...
Fri, Dec 3 2010, 8:30 AM
The November Employment Situation Report has been released. Contrary to the October report, November data was extremely disappointing .
Fri, Dec 3 2010, 8:16 AM
enchmark yields moved mostly sideways overnight but have ticked higher over the last hour as investors await the all-important jobs report for Novembe...
Fri, Dec 3 2010, 7:23 PM
I'm here to offer some perspective amidst what might seem like crisis. The crisis? Weak NFP numbers sparked massive bond rally early which has compl...
Thu, Dec 2 2010, 11:17 AM
AQ mentioned negative convexity and extending hedge ratios and that's indeed the reason for what seems like an overly aggressive drop. But if the ove...
Thu, Dec 2 2010, 8:42 AM
Initial claims for unemployment insurance increased by 16,000 heads in the week ending November 27th. This was 11,000 claims above the median forecast...
Thu, Dec 2 2010, 8:28 AM
Stock markets continue to rally Thursday morning ahead of key labor and housing data....and the bond market continues to suffer as a result.
Thu, Dec 2 2010, 7:54 PM
Chances are if you're reading this on 12/2, then it's probably too late to make a last minute decision to lock a rate before tomorrow morning's NFP (N...
Thu, Dec 2 2010, 7:11 PM
The last time the Employment Situation Report was recapped on this blog, we were fresh off a one-day QEII rally that had led mortgage rates back down ...
Thu, Dec 2 2010, 2:51 PM
A depressed housing market, burgeoning retail and tourism statistics, price sensitivity, and producer price pressures are among the things noted in th...
Wed, Dec 1 2010, 8:48 AM
All that buying we witnessed yesterday, in VERY high volume, was erased overnight. The yield curve is significantly steeper this morning and "rate she...
Wed, Dec 1 2010, 8:26 AM
A global rally to begin December has stocks soaring ahead of a full schedule of macroeconomic data. The risk trade is back on it's not helping interes...
Wed, Dec 1 2010, 4:58 PM
The same problem that plagued mortgage rates in recent days where 3.5 MBS's were not trading in enough volume to allow rates to dip much below 4.25% i...
Wed, Dec 1 2010, 2:56 PM
What began as a bad day for bonds with overnight optimism regarding the Eurozone crisis was only made worse by a slew of as-expected or better than ex...
Wed, Dec 1 2010, 1:24 PM
oan pricing got whacked by lenders today. On average rebate is 55.5bps worse with some chunky reductions in the note rates below 4.50%. As much as 75b...
Tue, Nov 30 2010, 10:47 AM
Although we experienced a modest rally retracement heading into the release of Case-Shiller and following Chicago PMI and Consumer Confidence, the ove...
Tue, Nov 30 2010, 10:11 AM
Bond markets are improved again this morning, adding follow-through to some positive momentum from late last week. Those gains began after some preci...
Tue, Nov 30 2010, 8:53 AM
The flight to safety that pushed U.S. interest rates lower yesterday has extended into today's trading session. Equities are weaker around the world, ...
Tue, Nov 30 2010, 5:54 PM
Lenders were hesitant to pass along loan pricing improvements yesterday but made up for it today with broad based reductions in consumer borrowing cos...
Tue, Nov 30 2010, 5:50 PM
Yesterday, the last price to come across our screens for Fannie 4.0's was 101-16. So I suppose the fact that today's last price was 101-17 should be ...
Tue, Nov 30 2010, 1:25 PM
After running into some overhead resistance, MBS have rapidly hit new lows making reprices for the worse likely. From highs around 101-26, FN 4.0's ...
Mon, Nov 29 2010, 12:50 PM
Because lenders were on autopilot after Thanksgiving, I decided to run my loan pricing comparison vs. rebate offers from last Wednesday, which was not...
Mon, Nov 29 2010, 9:27 AM
The risk trade is off again this morning as the dollar gains value and U.S. TSYs catch a bid while stock futures deflate. That might be a bit dramatic...
Mon, Nov 29 2010, 8:34 AM
"Rate sheet influential" interest rates are marginally lower this morning ahead of an important week of fresh economic data. The schedule includes key...
Mon, Nov 29 2010, 4:59 PM
It's gonna be a big week for mortgage rates, the bond market, and the entire economy. The economic calendar in the week ahead is busy and there are ma...
Mon, Nov 29 2010, 3:37 PM
Although they cut their output forecast, the Fed still expects a noticeable GDP improvement in 2011 from 2010. This uptick in total output is expect...
Sun, Nov 28 2010, 8:17 PM
I always poke around my viewer on Sunday nights. This is what I was looking at....
Fri, Nov 26 2010, 8:35 AM
I feel fat and lazy but the yield curve is bull flattening and "rate sheet influential" MBS coupons are chipping away at the unraveling that occurred ...
