Mon, Sep 28 2009, 1:55 PM
Arguments are ongoing for adjusting the current MBS range upward. At the moment, the 4.5 is up 4 ticks to 101-08 and the 10yr tsy is up 4 ticks (in p...
Fri, Sep 25 2009, 12:53 PM
Mortgage rates moved lower a few basis points yesterday after prices of mortgage backed securities steadily appreciated throughout the day. At 5pm, MB...
Fri, Sep 25 2009, 12:17 PM
We're now at the point where we're prepared to get confirmation from the yield curve. The bottom of the yield range for the 10yr tsy is around 3.30 w...
Fri, Sep 25 2009, 9:24 AM
Good Morning. The Yield Curve is flatter and rate sheet influential MBS coupons are trading slightly higher in price. Stocks are weak worldwide. The d...
Fri, Sep 25 2009, 5:01 PM
MBS CLOSE AT A GLANCE
* thus ends an unofficial supportive week in which MBS shot up the better part of a full point since Monday's close.
...
Fri, Sep 25 2009, 3:40 PM
I got an email on Wednesday inquiring about a pipeline strategy for a medium sized branch lender. They do some mandatories, but are generally best ef...
Fri, Sep 25 2009, 1:48 PM
Something had to be done to pique your interest. Sure the S&P is up 5-6 points off the lows of the day, but the effect on bonds has been anything but...
Thu, Sep 24 2009, 11:17 AM
The FN 4.5 MBS coupon has formed an aesthetically pleasing trend channel this morning, progressively achieving higher highs and setting lower lows. Cu...
Thu, Sep 24 2009, 10:47 AM
The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurri...
Thu, Sep 24 2009, 8:43 AM
Good Morning. The rate sheet influential FN 4.5 MBS coupon is mostly unchanged on the day to slightly improved this morning. Stocks have reacted posit...
Thu, Sep 24 2009, 5:06 PM
It's not so much that the past three days have been remarkably good for MBS prices, but rather that an extended period of relatively stable bullishnes...
Thu, Sep 24 2009, 3:19 PM
Someone snuck into bond market central today and stole the volatility right out from under our noses. Afternoon trading ranges have adhered beautiful...
Thu, Sep 24 2009, 1:02 PM
The Treasury Department has successfully auctioned $29 billion 7 year notes at a high yield of 3.005% vs. the 1pm WI of 3.033%. 30.22% of the bids wer...
Wed, Sep 23 2009, 11:09 AM
RANGE BOUND RANGE BOUND RANGE BOUND!!!!! The FN 4.5 has traded as low as 100-11 and as high as 100-18....trading flows are all quiet ahead of the FOMC...
Wed, Sep 23 2009, 10:49 AM
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mort...
Wed, Sep 23 2009, 8:40 AM
The mortgage market is in "wait and see" mode ahead of the FOMC statement. The 10yr Treasury note is at the high side of the recent range, currently t...
Wed, Sep 23 2009, 5:18 PM
We're sorry, we know the constant RANGE BOUND RANGE BOUND RANGE BOUND can be frustrating at times...but look at the bright side, at least we didnt bre...
Wed, Sep 23 2009, 2:17 PM
So far, getting the expected bounce from a neutral to potentially bond friendly FOMC statement. As we discussed, most pre-statement concessionary sel...
Wed, Sep 23 2009, 1:02 PM
* $40 bln in 5 year notes
* 2.47 high yield with 40% taken at high yield
* significantly higher than WI yield
* Bid to Cover - 2.4
...
Tue, Sep 22 2009, 11:23 AM
The dollar is weaker, oil is more expensive, gold has traded up to $1,019 after falling below $1,000 yesterday, and stocks are testing new 2009 highs....
Tue, Sep 22 2009, 10:48 AM
After holding steady near the top of the current trading range, mortgage backed securities came under selling pressure yesterday afternoon as stocks r...
Tue, Sep 22 2009, 8:48 AM
MBS trading flows are expected to slow as the two day FOMC meeting begins today. Thus, MBS price action will be left at the mercy of the gyrations of ...
Tue, Sep 22 2009, 4:55 PM
You might notice the title of today's MBS CLOSE doesn't include "MBS CLOSE." Considering AQ's afternoon commentary pretty much covers it for today an...
Tue, Sep 22 2009, 3:19 PM
Activity in the rates market has slowed following the 2yr note auction....even before then there wasnt much to discuss. This was expected as traders g...
Tue, Sep 22 2009, 1:02 PM
* High Yield of 1.034
* 27.16% taken at high
* WI yield was around .967
* Bid To Cover 3.23
* Indirect Bid of $19.18 bln out of $...
Mon, Sep 21 2009, 11:32 AM
The FN 4.5 is trading +0-07 at 100-22 yielding 4.378% and the FN 4.0 is +0-10 at 98-07. Friday afternoon price weakness did not carry over into today...
Mon, Sep 21 2009, 8:45 AM
Global stocks are mostly lower. Dollar stronger, Oil cheaper (under $70 barrel), Gold cheaper (under $1,000). No US econ data. US stock futures lower...
Mon, Sep 21 2009, 5:03 PM
Trying to find meaningful topics of conversation on interest rates beyond the customary treatment of the technical trading range is a tall order. Alt...
Mon, Sep 21 2009, 2:42 PM
Price levels in both MBS and tsy's are getting "testy" (in the sense that both are testing their most significant resistance levels of the month. But ...
Mon, Sep 21 2009, 1:23 PM
It was an up and down week for mortgage backed securities last week. Despite better than expected economic data, MBS didn’t give up too much ground ...
Mon, Sep 21 2009, 1:21 PM
Although anything over 100-12 leaves us in the long term horizontal range, albeit on the low-side, any time we cross the lows of the day, reprices are...
Fri, Sep 18 2009, 11:51 AM
While stocks have moved aimlessly higher and lower today, the bond market has continued to chop around its recent range. The 10 yr note hit 3.37% over...
Fri, Sep 18 2009, 8:35 AM
Recap of Previous Session:
* healthy rally for MBS and tsy's with 4.5 fannies up 16 ticks (half a point)
* All this despite better than ex...
Fri, Sep 18 2009, 5:01 PM
If you were around much over the last 3 months, this week should look familiar. The patterns are, for the most part, similar, though this week's per...
Fri, Sep 18 2009, 3:42 PM
Chop Chop Choparoo! Looks like the days that have been light on data this week have also led to the most severe losses in bonds. I'd urge you though...
Fri, Sep 18 2009, 1:43 PM
The type of positive economic headlines seen yesterday would normally lead to lower bond prices and higher mortgage rates, but that turned out to be f...
Fri, Sep 18 2009, 1:22 PM
Volume is low and trading is slappity choppity sloppity. The 10yr JUST broke intraday resistance and the chances are increasing of a reprice for the ...
Thu, Sep 17 2009, 12:17 PM
The secondary mortgage market is in cruise control...the Fed continues to provide 2x liquidity for any originator looking to sell, yield spreads are a...
Thu, Sep 17 2009, 8:33 AM
After 830am data, stock futures are lower. TSY futures are higher. Cash market 10 yr note hit 3.50% before falling back to 3.47%....in futures 3.50 co...
Thu, Sep 17 2009, 6:39 PM
About half a facemelter in both MBS and tsy's today as MBS got half a point and tsy's another 4-6 ticks beyond that. As AQ pointed out in the previou...
Thu, Sep 17 2009, 3:57 PM
Mortgages continue to trade well in both price (yay for loan officers) and in relative value (yield spreads tighter and tighter...OAS negative) This r...
Thu, Sep 17 2009, 2:10 PM
As stocks continued a trend of selling that began shortly before the noon hour, bonds have rallied with MBS reaching up to familiar levels. The 4.5 i...
Thu, Sep 17 2009, 1:12 PM
It was a bumpy ride in the mortgage backed security market yesterday. At the open, MBS moved considerably higher and lenders that issued rate sheets ...
Wed, Sep 16 2009, 12:00 PM
The bond market held up remarkably well yesterday considering stocks set new 2009 highs following more "better than expected" economic data and hopefu...
Wed, Sep 16 2009, 11:51 AM
As we discussed earlier, the AM data crushed the bond market sending MBS from 100-26 to 100-08. For those without calculators or excellent mental mat...
Wed, Sep 16 2009, 9:33 AM
Stocks are loving the anti-deflation data this AM. At the 930 opening bell, stocks are making new 2009 highs again...and the bond market is suffering....
Wed, Sep 16 2009, 8:41 AM
Following the data, the 10yr yield rose, but quickly fell back to 3.39, but failed to test morning yield lows.The FN 4.5 fell (price) after the data, ...
Wed, Sep 16 2009, 7:36 PM
Although the rates market put up a good fight today, in the end there were just too many factors working against our cause (lower mortgage rates!). In...
Wed, Sep 16 2009, 4:01 PM
The post 3pm trade in MBS and Tsy's is showing it's characterstic signs of waning participation as volatility and volume decrease. But unlike some ot...
Wed, Sep 16 2009, 2:31 PM
Chopatility is chop-chop-chopping away at our level of confidence regarding the possibility of you making it through the rest of the day without seein...
