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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.MBS OPEN: Back in the Boundaries of the Range
Happy Hump Day...
Recap of Yesterday..
- Pending Home Sales +3.7% vs. +6% in Sept. Year over year +31.8%. READ MORE
- New Residential Construction Spending +4.4%. Commercial Building -3.7%. READ MORE
- ISM said its index of national factory activity decelerated to 53.6
in November from 55.7 in October. Employment index for the
manufacturing industry slipped to 50.8 in November from 53.1 in
October, which had been the strongest showing since April 2006.
- Lend America ceases lending operations READ MORE
- The dollar depreciated and US stocks were higher. Dow +1.23% to
10,471.58, S&P +1.21% to 1,108.87, NASDAQ +1.46% to 2,175.81.
The yield curve STEEPENED as the rates market unwound Dubai debt
distress flight to safety positions in the long end of the curve. The
UST10YR went out the door yielding 3.28%. 2s10s ended the session 8bps
steeper at 261bps
[Image or graph removed from email. View full article with images]
It was a busy session for mortgages. Rate sheet influential MBS
prices weakened as a steeper yield curve brought out profit takers.
The Fed was buying as originators sold over $3bn in loan supply,
official buyers (the Fed) also adding 5.5s.
The FN 4.0 was
-0-20 at 99-26 yielding 4.026% and the FN 4.5 was -0-14 at 102-06
yielding 4.244%. The secondary market current coupon was 4.028% and
yield spreads were WIDER as TSYs outperformed MBS
Rate sheet rebate was reduced as lenders repriced for the worse
So Far Today...
- SHANGHAI +1.06%, HANG SENG +0.80%, TOPIX +0.11%, NIKKEI +0.38%, CAC -0.11%, DAX -0.24%, FTSE -0.18
- Mortgage Applications +2.1% after 4.5% decline last week. Seasonal adjustment factors (Thanksgiving) boost applications index. On unadjusted basis, mortgage apps were down 29.3% week over week.
- The ADP reported that private payrolls fell 169,000 to 108,156,000 in November...worse than the 155,000 economists were expecting.
[Image or graph removed from email. View full article with images]
Stock futures fell a few points after the data, nothing major though...
[Image or graph removed from email. View full article with images]
The S&P continues to test new 2009 highs....
[Image or graph removed from email. View full article with images]
10yr TSY yields are holding near the all important 3.27/28 pivot point...
[Image or graph removed from email. View full article with images]
We continue to remind of the importance of THE RANGE. The recent rise in rates adds further evidence that the market is more comfortable trading THE
RANGE than trending towards untested levels. (3.27-3.50 with occasional trips to 3.20 and 3.57)
[Image or graph removed from email. View full article with images]
The FN 4.0 is -0-03 at 99-23 yielding 4.035% and the FN 4.5 is -0-03 at 102-04 yielding 4.24%. The secondary market current coupon yield is 4.04%. The CC yield is +75bps over the 10yr TSY yield and +64bps over the 10 yr swap rate. Rate sheet influential yield spreads are WIDER this morning.
[Image or graph removed from email. View full article with images]
RATE SHEETS WILL BE WORSE THIS MORNING
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This email was sent to you by:
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Mortgage News Daily
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Message:
YOUR MESSAGE HERE
MBS OPEN: Back in the Boundaries of the Range
Happy Hump Day...
Recap of Yesterday..
- Pending Home Sales +3.7% vs. +6% in Sept. Year over year +31.8%. READ MORE
- New Residential Construction Spending +4.4%. Commercial Building -3.7%. READ MORE
- ISM said its index of national factory activity decelerated to 53.6
in November from 55.7 in October. Employment index for the
manufacturing industry slipped to 50.8 in November from 53.1 in
October, which had been the strongest showing since April 2006.
- Lend America ceases lending operations READ MORE
- The dollar depreciated and US stocks were higher. Dow +1.23% to
10,471.58, S&P +1.21% to 1,108.87, NASDAQ +1.46% to 2,175.81.
The yield curve STEEPENED as the rates market unwound Dubai debt
distress flight to safety positions in the long end of the curve. The
UST10YR went out the door yielding 3.28%. 2s10s ended the session 8bps
steeper at 261bps
It was a busy session for mortgages. Rate sheet influential MBS
prices weakened as a steeper yield curve brought out profit takers.
The Fed was buying as originators sold over $3bn in loan supply,
official buyers (the Fed) also adding 5.5s.
The FN 4.0 was
-0-20 at 99-26 yielding 4.026% and the FN 4.5 was -0-14 at 102-06
yielding 4.244%. The secondary market current coupon was 4.028% and
yield spreads were WIDER as TSYs outperformed MBS
Rate sheet rebate was reduced as lenders repriced for the worse
So Far Today...
- SHANGHAI +1.06%, HANG SENG +0.80%, TOPIX +0.11%, NIKKEI +0.38%, CAC -0.11%, DAX -0.24%, FTSE -0.18
- Mortgage Applications +2.1% after 4.5% decline last week. Seasonal adjustment factors (Thanksgiving) boost applications index. On unadjusted basis, mortgage apps were down 29.3% week over week.
- The ADP reported that private payrolls fell 169,000 to 108,156,000 in November...worse than the 155,000 economists were expecting.
Stock futures fell a few points after the data, nothing major though...
The S&P continues to test new 2009 highs....
10yr TSY yields are holding near the all important 3.27/28 pivot point...
We continue to remind of the importance of THE RANGE. The recent rise in rates adds further evidence that the market is more comfortable trading THE
RANGE than trending towards untested levels. (3.27-3.50 with occasional trips to 3.20 and 3.57)
The FN 4.0 is -0-03 at 99-23 yielding 4.035% and the FN 4.5 is -0-03 at 102-04 yielding 4.24%. The secondary market current coupon yield is 4.04%. The CC yield is +75bps over the 10yr TSY yield and +64bps over the 10 yr swap rate. Rate sheet influential yield spreads are WIDER this morning.
RATE SHEETS WILL BE WORSE THIS MORNING
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