Tue, Oct 26 2010, 1:05 PM
The bid to cover ratio, a measure of auction demand, was above average, the high yield was lower than the 1pm "When Issued Yield", direct and indirect...
Mon, Oct 25 2010, 11:27 AM
The bond market reacted counterintuitively to better than expected Existing Home Sales data this morning. Price are rising, trading volumes are low an...
Mon, Oct 25 2010, 8:40 AM
New & Existing Home Sales, S&P/Case-Shiller HPI, Treasury Auctions, Q3 GDP, Consumer Confidence,Durable Goods Orders, the MBA Convention, Fed/FDIC M...
Mon, Oct 25 2010, 5:32 PM
Loan pricing was initially improved over the rate/point quotes lenders were offering on Friday, however about halfway through the day the bond market ...
Mon, Oct 25 2010, 1:50 PM
Rate sheet influential MBS prices have fallen over 10 ticks in the last five minutes. REPRICES FOR THE WORSE ARE HIGHLY LIKELY
Fri, Oct 22 2010, 11:46 AM
The yield curve is bear steepening and "rate sheet influential" MBS coupons are in the red but well off the lows and outperforming benchmark guidance ...
Fri, Oct 22 2010, 8:38 AM
After a quiet overnight trading session, interest rates in the long end of the yield curve are moving higher and equity futures are heading sideways.
Fri, Oct 22 2010, 3:51 PM
The bond market continues to demonstrate a clear unwillingness to push interest rates any lower without hearing new guidance from the Federal Reserve ...
Thu, Oct 21 2010, 12:08 PM
Rate sheet influential MBS have recently benefited from a supportive supply/demand environment in the TBA marketplace. Those favorable conditions drie...
Thu, Oct 21 2010, 11:25 AM
After failing to breach 2.46% resistance yesterday, the 10 year TSY note is experiencing profit taking following a stale overnight session and better...
Thu, Oct 21 2010, 8:20 AM
Mortgages continued to trade well in a favorable technical environment yesterday. Read "favorable technical environment" as investor demand outpaces l...
Thu, Oct 21 2010, 3:42 PM
If you're getting closer to your closing date and need to lock in the terms of your loan before the November 3rd FOMC meeting, you have likely seen ra...
Wed, Oct 20 2010, 12:42 PM
"This is your central bank. This is your Federal Open Market Committee. This is your country. May we all hope that a kind providence will give us the ...
Wed, Oct 20 2010, 11:22 AM
Rate sheet influential MBS coupons continue to benefit from favorable supply and demand technicals and an on-going chase for yield. As a result, produ...
Wed, Oct 20 2010, 8:29 AM
U.S. federal regulators will meet on Wednesday to discuss the foreclosure crisis amid concerns it could affect the housing market and broader economy,...
Wed, Oct 20 2010, 4:31 PM
"A lot of the technicalities of what causes mortgage rates to go up and down are way past me... in the past couple of weeks mortgage rates have gone d...
Wed, Oct 20 2010, 1:59 PM
There has been a modest uptick in activity but the fundamentals of a sustained economic recovery are not present. The question is: ARE MODEST IMPROVEM...
Tue, Oct 19 2010, 12:49 PM
Stocks are flagging lower, the yield curve is bull flattening, and positive price appreciations across the curve have led rate sheet influential MBS ...
Tue, Oct 19 2010, 9:19 AM
Rates did react negatively to the release but it is important to note that weakness was present in the bond market prior to 830 housing data. There's...
Tue, Oct 19 2010, 8:43 PM
On first releases of rate sheets this morning, consumer borrowing costs were basically unchanged. However after stocks really began selling off (follo...
Tue, Oct 19 2010, 8:24 AM
Interest rates are higher and stock futures are falling ahead of housing starts and building permits data. Further clarity on the Federal Reserve’s pl...
Mon, Oct 18 2010, 11:45 AM
The long end of the yield curve is catching a corrective bid and "rate sheet influential" MBS coupons are tagging along for the ride. Rebate is a litt...
Mon, Oct 18 2010, 8:56 AM
A slow macroeconomic data calendar in the week ahead includes industrial production today and housing starts Tuesday, but more important may be the he...
Mon, Oct 18 2010, 4:07 PM
Last Thursday I posed the question: Are We Too Complacent with Record Low Mortgage Rates? On the surface my intention behind this query was to draw yo...
Fri, Oct 15 2010, 11:50 AM
The pain trade is playing out in the long end of the yield curve but "rate sheet influential" MBS coupons are displaying resiliency.
Fri, Oct 15 2010, 8:41 AM
Ben was clear that QEII is coming, but was very cautious when discussing possible policy approaches in relation to the two headed mandate monster. The...
Fri, Oct 15 2010, 7:41 AM
If another QE program is to be effective, the Fed will need to expend much energy managing the market's rational expectations. This means the FOMC's c...
Fri, Oct 15 2010, 4:23 PM
Ok so record low mortgage rates stayed around for about a week. But they're gone now. I could go through all the economic data and attempt to tie a ra...
Fri, Oct 15 2010, 2:16 PM
Benchmark 10s are at session price lows/yield highs, which has dragged "rate sheet influential" MBS coupon prices even lower.
If you have not recei...
Thu, Oct 14 2010, 12:15 PM
Benchmark 10s are just about back to their session high yield as Treasury prepares to release the results of their $13 billion long bond fundraiser. T...
Thu, Oct 14 2010, 8:59 AM
Rate sheet influential MBS prices are basically flat but likely heading lower ahead of the bond auction (IMO). Reprices for the better were not wides...
Thu, Oct 14 2010, 8:28 AM
Benchmark interest rates traded in a tight range overnight near yesterday's yield lows while equity futures ticked sideways near yesterday's highs. Cu...
Thu, Oct 14 2010, 7:04 PM
Consumer closing have been slowly creeping higher though. If this trend keeps up, by next Friday everybody will be asking "Hey. Where did 3.875% go? 4...
Thu, Oct 14 2010, 2:07 PM
Lock desks have plenty of pipeline coverage after selling forward about $5.5 billion in loan supply over the past two days. That left dealers long yes...
Wed, Oct 13 2010, 8:42 AM
The yield curve is steeper and benchmark interest rates are higher ahead of a $21 billion 10-year Treasury note auction. The 2s/10s curve is 3bps stee...
Wed, Oct 13 2010, 5:12 PM
Consumer borrowing costs were what I would consider "noticeably more expensive" this morning when lenders first released rate sheets. While home loan ...
Wed, Oct 13 2010, 2:51 PM
"Rate sheet influential" TSYs have found a bid after running into a key technical support level. To the delight of the dealer community, flows have sh...
Wed, Oct 13 2010, 1:01 PM
It is widely anticipated that the Fed will announce QEII in the not so distant future, which should push bond prices higher and lead yields lower. Fro...
Tue, Oct 12 2010, 9:37 AM
The December FNCL 3.5 is trading +0-08 at 101-03. Trading flows are thin ahead of the 3 year note auction and FOMC minutes but rates are recovering fr...
Tue, Oct 12 2010, 8:55 AM
The holiday shortened week ahead is filled with data, Federal Reserve speakers, debt auctions, and the beginning of earnings season
Tue, Oct 12 2010, 5:39 PM
After a slow overnight session that left rates better bid heading into the domestic trading day, benchmark TSY yields and rate sheet influential MBS p...
Tue, Oct 12 2010, 5:13 PM
Mortgage rates improved to new record lows last week, rallying in five straight sessions before finally reversing course following the release of the ...
Tue, Oct 12 2010, 2:03 PM
"Although participants considered it unlikely that the economy would reenter a recession, many expressed concern that output growth, and the associate...
Tue, Oct 12 2010, 1:08 PM
Treasury has just auctioned $32 billion 3-year notes. Even though the market did its best to let the issue cheapen, record low yields and a generally ...
Fri, Oct 8 2010, 10:19 AM
I have waited and waited and waited to do this but I think I can safely award the 3.5 MBS with the official production coupon designation. YAY! 30 ye...
Fri, Oct 8 2010, 8:40 AM
QUICK RECAP: NFP: -95K vs. call for UNCH vs. Aug -57K. Private Sector +64K jobs vs. call for +75. vs. +93K in August. Government job cuts total 159K v...
Fri, Oct 8 2010, 7:58 AM
Economists polled by Reuters currently believe the report will show the labor market was flat last month after 54k jobs were lost in August. Private e...
Fri, Oct 8 2010, 3:37 PM
If you haven't gotten a reprice for the worse yet, you will be soon. If you have gotten a reprice for the worse, I don't rule out another round of reb...
Fri, Oct 8 2010, 1:00 PM
The primary mortgage market just got more competitive! Lenders are begging consumers to lock in their loans!!!
Thu, Oct 7 2010, 12:59 PM
Can it get any better than this? Sure. Not all lenders are offering 3.875% pricing yet, some desks need to catch up. If we hold at record MBS price le...
