Mon, Apr 19 2010, 3:54 PM
It was a very slow day on Wall Street as most market participants are still trying to figure out if the Goldman Sachs news is going to spread around t...
Mon, Apr 19 2010, 3:30 PM
Mortgages have hit a new intraday price low. Even as MBS and Treasuries have worsened further in recent minutes, they are not showing a clear disposit...
Mon, Apr 19 2010, 1:25 PM
Like big brother TSYs, trading of production MBS coupons has been slow to start the week. For the most part, we are playing "follow the leader" with b...
Fri, Apr 16 2010, 12:23 PM
The SEC caught us all off-guard this morning by announcing they were filing civil charges on Goldman Sachs for material misrepresentation.A knee jerk ...
Fri, Apr 16 2010, 9:31 AM
Fri, Apr 16 2010, 5:13 PM
We had a choppy start to the day. Mortgage rates opened up marginally better vs, yesterday but mostly the same. However, in the lunch hour, breaking n...
Fri, Apr 16 2010, 4:46 PM
You'll notice that AQ and I tend to ramp up our fervor with respect to locking your loans around market peaks. We could ponder why that is, but more ...
Thu, Apr 15 2010, 12:45 PM
Over the past two days we have been favoring a lock bias. This bias was based more on lender strategies than price action in the bond market. While we...
Thu, Apr 15 2010, 10:08 AM
Considering CPI data confirmed inflation is well contained and Ben Bernanke continues to provide low rate rhetoric..I have to say I am baffled by the...
Thu, Apr 15 2010, 4:29 PM
Benchmark Treasury yields rose and mortgage-backed security prices fell after the market received mostly positive economic data on the manufacturing s...
Thu, Apr 15 2010, 3:45 PM
It's a bit too soon to call that for today and likely of small significance compared to whatever tomorrow holds. From a bearish stance, we've caught ...
Wed, Apr 14 2010, 10:14 AM
Inflation is well-contained but consumer spending continues to improve. One is bond bullish the other is bond bearish. Looks like 830AM data was a was...
Wed, Apr 14 2010, 6:22 PM
I guess it would be that today's weakness isn't necessarily a sign of things to come, but there's plenty of potential for gains and losses ahead, eith...
Wed, Apr 14 2010, 4:51 PM
Mortgage rates yesterday ended a rally streak that brought consumer borrowing costs back down toward their best levels of 2010. Almost erasing all the...
Wed, Apr 14 2010, 3:45 PM
The FN 4.5 has fallen to its lowest price of the day. Reprices for the worse have been reported.
Wed, Apr 14 2010, 2:30 PM
I really didn't take anything new from today's hearing. My dovish stance was reconfirmed. There are still significant restraints on the economy, infla...
Tue, Apr 13 2010, 11:12 AM
After hitting an early morning price high of 100-18, the FN 4.5 is currently trading -0-01 at 100-06, a new intraday price low.Lenders who published p...
Tue, Apr 13 2010, 10:02 AM
THERE IS A CLEAR CUT LACK OF NEW LOAN SUPPLY IN THE AGENCY MBS MARKET. Combine that with a general slowdown in mortgage specific trading flows (+modes...
Tue, Apr 13 2010, 7:36 PM
If you have been floating you should have seen your interest rate drop by 0.25% to 0.375% over the past week. We always say "Float at the Price Lows a...
Tue, Apr 13 2010, 6:11 PM
Despite a few instances of volatility above, we see 10yr yields gradually "coasting" into a roughly 3.82 level ahead of tomorrow's CPI data and Bernan...
Tue, Apr 13 2010, 2:36 PM
If Ben's tight rope walk is balanced and the short-end of the yield curve rallies as a result, it sure would make it a heck of a lot easier for the 10...
Mon, Apr 12 2010, 12:05 PM
Mon, Apr 12 2010, 10:13 AM
Mon, Apr 12 2010, 5:26 PM
Searching for the causality behind today's stellar performance in bonds has left even some smart folks guessing. Reasons offered include "end of the ...
Mon, Apr 12 2010, 2:41 PM
When the day began, lender rate sheets were very similar where they were set on Friday, however both benchmark Treasury yields and mortgage-backed sec...
Mon, Apr 12 2010, 2:18 PM
Though there are several ways to approach the strength in bonds this afternoon, leading candidates include upcoming Federal Reserve speakers who have ...
Fri, Apr 9 2010, 10:24 AM
This modest retracement is not out of the ordinary and definitely not unwelcome by MBS valuations. I hope I was able to provide enough justification t...
Fri, Apr 9 2010, 5:17 PM
Mortgage rates spent this week slowly recovering from a healthy losing streak. If you were floating two weeks ago, when mortgage rates started this lo...
Fri, Apr 9 2010, 1:33 PM
Couple significant technical events in the past hour... The charts make it look as if the market reacted to a specific news or econ item, but so far,...
Thu, Apr 8 2010, 12:49 PM
The 10 yr note yield has risen to its highest yield of the day amidst position squaring. The 3.625% coupon bearing 10 year note is currently -0-03 at ...
Thu, Apr 8 2010, 9:49 AM
You know the story. We forecast a test of 4.00% back in December. That test happened in extremely illiquid quarter-end conditions after a run of bett...
Thu, Apr 8 2010, 4:46 PM
I continue to favor floating one day at a time. Lenders are being very slow to pass along the price gains we have enjoyed over the last couple days. ...
Thu, Apr 8 2010, 4:21 PM
4.5's down 2 ticks on the day to 100-00. 10yr note up about 2.3bps at 3.886. Stocks back at 1187 in S&P. Bernanke speaks later this evening. Limited...
Thu, Apr 8 2010, 1:56 PM
The Treasury has successfully auctioned $13 billion 30 year bonds. Four of the last five long bond auctions have been at this size, so the market is a...
Wed, Apr 7 2010, 12:36 PM
Things are either going to get really great, really quick for MBS, or insanely volatile. EXPECT THE VOLATILITY! THESE ARE BIG TIMES IN THE BOND MARK...
Wed, Apr 7 2010, 6:37 PM
As far as locking and floating, I'd probably take certain deals off the table if I promised some higher power that I would do so if they could just he...
Wed, Apr 7 2010, 5:40 PM
Mortgage rates are slowly rallying away from the highs of 2010 after a two successful Treasury auctions. I continue to favor floating my loans, but wi...
Wed, Apr 7 2010, 1:46 PM
"Rate Sheet Influential" Treasuries and MBS are rallying after a very strong 10 year Treasury note auction. Reprices for the better are likely...
Tue, Apr 6 2010, 12:15 PM
Stage 1 of the Fed's exit looks to be behind us with only minimal damage done. Rising mortgage rates have been more a function of higher benchmark yie...
Tue, Apr 6 2010, 10:01 AM
Overseas rates traders came back to work today to find much cheaper bond prices and higher "risk free" yields thus, "rate sheet influential Treasuries...
Tue, Apr 6 2010, 5:19 PM
Treasury yields did move lower today and MBS prices rose which has allowed lenders to offer better pricing. With that said, I continue to favor floati...
Tue, Apr 6 2010, 3:08 PM
Overall, continued cautiousness is obvious. Much is still uncertain from their point of view, but there is plenty of weakness to warrant an exceptiona...
Tue, Apr 6 2010, 1:23 PM
It's going to FEEL uncomfortable to float "on the edge" deals that you would prefer to float until tomorrow but IF we see any reprices, they won't be ...
Mon, Apr 5 2010, 11:53 AM
Morning data was great for stock bulls but bad for bonds. After the date, the S&P hit new 2010 highs at 1,187, the 10 year Treasury note yield continu...
Mon, Apr 5 2010, 4:33 PM
The week ahead is fairly light on economic data with the highest impacting events coming starting on Tuesday with the release of the minutes of the mo...
Mon, Apr 5 2010, 2:51 PM
The bad news is that bonds are still at or near their weakest levels of the day, but the good news is that some semblance of support looks to be in ef...
