December 2008 - Mortgage Rate Watch

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Wednesday 12/31…Jobless Claims In

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by Victor Burek on December 31 2008, 7:57 AM

This morning jobless claims came in much better then expected. Economists where expecting 550k, but the number came in considerably better at 492k. The 4 week average fell as well to 552k, but continuing claims came in higher at 4.5 million. Normally...
Tuesday 12/30...Breaking News

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by Victor Burek on December 30 2008, 3:58 PM

The time frame for the Fed to start purchasing mbs is announced and will start in early January. On that new, mbs have skyrocketed higher regaining all of the loses from today and are currently up on the day. Float club is still in session. We are getting...
Tuesday 12/30…Ugly Start to the Day

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by Victor Burek on December 30 2008, 10:39 AM

Mortgage backed securities are having a very ugly start to the day. Yesterday, mbs rallied early then sold off to close about where they opened but it appears the downward pressure will continue today. No real cause for the selling other then very light...
Monday 12/29…Another Shortened Holiday Week

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by Victor Burek on December 29 2008, 8:30 AM

So far this morning, mortgage backed securities are continuing their winning ways and are higher on the day. Remember, as the price of mbs moves higher, the yield or mortgage rates, moves lower. This week is very light on data and is shortened due to...
Friday 12/26…Should be a Slow Day

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by Victor Burek on December 26 2008, 8:42 AM

Mortgage backed securities opened basically where they closed on Wednesday. There are no economic reports to be released today and we should see a very low volume of trades. I do not suspect that we will have a rally or a big sell off, much more likely...
Wednesday 12/24...End of Day Update

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by Victor Burek on December 24 2008, 1:14 PM

We had a little Christmas Eve rally, with the current mortgage backed security closing 7 ticks higher. Merry Christmas, be back on Friday.
Wednesday 12/24…Tons of Economic Data

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by Victor Burek on December 24 2008, 8:26 AM

So far this morning, mortgage backed securities are up on the day following yesterdays gains. The volume continues to be very light so any large trades can have a bigger impact on overall pricing for the day. The market closes early at 2pm eastern and...
Tuesday 12/23 ...MBS move Higher

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by Victor Burek on December 23 2008, 3:21 PM

Thought i would give everyone a quick update. Our favorite mbs coupon, the 4.5, has moderately improved today. Since close yesterday, we are up 7 ticks. Some lenders repriced for the better today. Still a very low volume day. Tomorrow the bond market...
Tuesday 12/23…Final GDP for 3rd Quarter

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by Victor Burek on December 23 2008, 8:04 AM

We just got the release of the final 3 rd quarter gross domestic product and the number came in right where expected at -0.5%. No reaction from the bond market or stock market on the release. Yesterday was a rough day to be a mortgage backed security...
Monday 12/22…Christmas Week

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by Victor Burek on December 22 2008, 8:20 AM

Due to the Christmas holiday’s, we have a shortened trading week yet it is full of economic data. Today we do not get the release of any economic reports. Tuesday - Final GDP, economists are expecting a -0.5% after last months -0.5% - Existing Home...
Should you Pay Closing Costs?

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by Victor Burek on December 20 2008, 1:28 PM

I thought I would write a weekend blog regarding closing costs. We are heading into a refinance boom so many readers are going to be refinancing and many readers are going to ask, should I or should I not pay closing costs? It does not matter what lender...
12/18...MBS Rebound

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by Victor Burek on December 19 2008, 12:31 PM

Nothing to get overly excited about, but mortgage backed securities have managed to rebound. We have made back all the loses and are currently up 3 ticks on the day.
Friday 12/19…MBS Sell Off After Auto Bailout

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by Victor Burek on December 19 2008, 10:36 AM

This morning we get no economic reports. In breaking news, President Bush announced this morning an auto bailout of $13.4b with another $4b in February. This money will only go to GM and Chrysler and it is going to come from the TARP funds. The reason...
Thursday 12/18 ...Sideways

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by Victor Burek on December 18 2008, 1:14 PM

Well, the sideways movement in mbs continue. I expect this to continue until January. If you are closing in January and beyond, things still look safe to be floating. Earlier today the leading indicators came in about where expected and the philly fed...
Thursday 12/18…Jobless Claims are In

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by Victor Burek on December 18 2008, 8:44 AM

This morning we will get the final economic reports of the week. Already out are the jobless numbers, economists where expecting 560k claims, but the actual number came in at 554k which is 19k less then last week. Continuing claims remains at levels not...

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