Mon, Mar 22 2010, 6:02 PM
My goal is to convey just how boring today was. The term "range-bound and waiting for guidance" doesn't even begin to describe it. "Low volatility a...
Mon, Mar 22 2010, 5:01 PM
It was a very slow day in the mortgage market. Mortgage-backed security prices opened lower which forced many lenders to publish mortgage rates higher...
Mon, Mar 22 2010, 3:26 PM
Current trading may follow a certain general framework, but it's all akin to a pre-game warm up as the real action won't begin until 1pm tomorrow--whe...
Fri, Mar 19 2010, 11:48 AM
Rates are staging a lackluster comeback as commodities stocks battle a strong dollar. Adding some weakness is a continued lack of liquidity in the mar...
Fri, Mar 19 2010, 8:33 AM
Both benchmark 10s and rate sheet influential MBS coupons are opening the day weaker...in a very slow trading environment. 10s moved sideways overnigh...
Fri, Mar 19 2010, 4:18 PM
Fri, Mar 19 2010, 3:24 PM
After yesterday’s busy economic data calendar, the schedule was empty today. Reports from fellow mortgage professionals indicate lender rate sheets to...
Fri, Mar 19 2010, 3:01 PM
Fri, Mar 19 2010, 1:37 PM
Thu, Mar 18 2010, 12:43 PM
Thu, Mar 18 2010, 11:00 AM
If you have been floating in hopes of an extended rates rally, now might be the time to ensure your loans are registered and ready to lock.
Thu, Mar 18 2010, 8:42 AM
Inflation data was dovish, supportive of exceptionally low Federal Reserve interest rate policy for an "extended period". Jobless claims were worse t...
Thu, Mar 18 2010, 5:09 PM
Thu, Mar 18 2010, 4:40 PM
After the release of the Treasury debt statement, benchmark yields rose and MBS prices fell. This forced many lenders to reprice for the worse. After...
Thu, Mar 18 2010, 3:27 PM
Wed, Mar 17 2010, 12:48 PM
THE PHRASE PLAY THE RANGE UNTIL THE RANGE PLAYS YOU RESONATES LOUDLY IN MY HEAD AT THE MOMENT. 10 yr yields have fallen fast, all the way back to the ...
Wed, Mar 17 2010, 9:02 AM
Across all stages of production, falling energy prices in February accounted for the majority of deflation with gasoline being the biggest drag. The ...
Wed, Mar 17 2010, 5:37 PM
Wed, Mar 17 2010, 3:51 PM
Wed, Mar 17 2010, 3:24 PM
We are seeing very aggressive rate sheets from lenders today. My advice would be to lock any loan closing and funding in the next 30 days. Same excep...
Tue, Mar 16 2010, 11:16 AM
Tue, Mar 16 2010, 8:48 AM
Tue, Mar 16 2010, 5:36 PM
Tue, Mar 16 2010, 5:05 PM
The Federal Open Market Committee (FOMC) met for a one day meeting today. Usually they meet for two. At 2:15, the FOMC released their statement on mon...
Tue, Mar 16 2010, 3:57 PM
Bottom line, arguments were a bit skewed in favor of floating yesterday, whereas they are more balanced today. However, this factors in some trending...
Tue, Mar 16 2010, 2:15 PM
The Fed's feelings on the labor market have improved since the last meeting while housing remains uncomfortably depressed. The MBS purchase program is...
Mon, Mar 15 2010, 11:07 AM
There just isnt enough participation in the rates marketplace to push the 10yr contract through the above discussed layer of "position resistance". B...
Mon, Mar 15 2010, 8:22 AM
Until 10s make a move, the FN 4.5 will likely hold to the recent range with 101-00 seen as a psychological profit taking point while 100-24 serves as ...
Mon, Mar 15 2010, 6:24 PM
After a slow week of economic data, the calendar picks up in the days ahead.If you followed my advice on floating over the weekend, you picked up some...
Mon, Mar 15 2010, 5:33 PM
Mon, Mar 15 2010, 4:10 PM
Mon, Mar 15 2010, 2:35 PM
Fri, Mar 12 2010, 9:20 AM
Retail Sales data has hit screens. It was much better than expected. Rates no likely.
Fri, Mar 12 2010, 7:40 AM
After four days of a limited data, which made it easy for traders to bake in a concessionary backup in TSY yields, the week's most important econ even...
Fri, Mar 12 2010, 6:47 PM
Fri, Mar 12 2010, 4:20 PM
Following the release of the Retail Sales report, benchmark yields rose and MBS prices plummeted. Many lenders released rate sheets at the lows of the...
Fri, Mar 12 2010, 2:50 PM
Thu, Mar 11 2010, 11:37 AM
Considering the extent to which concessionary 2s/30s steepening has taken place over the past week..it would make sense for the steepener to reverse c...
Thu, Mar 11 2010, 8:52 AM
In a speculative manner, it appears rates traders are looking for an opportunity to push TSY prices higher (yields lower) as the long end of the yield...
Thu, Mar 11 2010, 6:05 PM
Tomorrow morning we get the Retail Sales, Consumer Sentiment and Business Inventories. Of the three, the Retail Sales report has the highest potentia...
Thu, Mar 11 2010, 5:24 PM
Thu, Mar 11 2010, 3:37 PM
Thu, Mar 11 2010, 1:09 PM
The previously discussed auction concession must have been sufficient because the long bond auction went very well. Overall, auction demand was well a...
Wed, Mar 10 2010, 12:05 PM
Wed, Mar 10 2010, 8:40 AM
While many rates watchers are seeking a fundamental explanation for the market's bias to push "rate sheet influential" benchmark yields higher, I do n...
Wed, Mar 10 2010, 5:13 PM
This is always the question right? I mean, after all, we already know what is available on our rate sheets at the moment, but the most valuable quest...
Wed, Mar 10 2010, 4:48 PM
Yesterday I informed you that the most significant threat to mortgage rates was today's 10 year Treasury note auction and the 30 year bond auction sch...
Wed, Mar 10 2010, 3:23 PM
For the time being, at least until we get closer to the Fed's exit from the agency MBS market, mortgage rates will take their directional guidance fro...
Wed, Mar 10 2010, 1:08 PM
The 10 year auction has impressive demand, but for higher rates. 3.45 Bid To Cover, but 3.735 % high yield with 70.94% of the bids at high yield. MBS ...
Tue, Mar 9 2010, 11:23 AM
Chicago Fed President Charles Evans, a middle of the road on inflation non-FOMC voter, shared prepared remarks with the world this morning. The one th...
