June 2009 - Mortgage Rate Watch

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Rates Holding Steady on this Holiday Shortened Week

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by Victor Burek on June 30 2009, 1:04 PM

To describe yesterday’s action in a word...boring. Mortgage backed securities and treasuries both traded in a very tight range. On the day, MBS stayed in a 6 tick range while the benchmark 10 year note traded between a high yield of 3.50 and a low...
Mortgage Rates Look for Direction and the Week Ahead

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by Victor Burek on June 29 2009, 11:29 AM

Last week was a good week for mortgage backed securities and consumer borrowing costs. In total MBS, improved by almost 100 basis points which helped to lower mortgage rates by ¼ percent. Much of the improvement came on the day after the FOMC statement...
Mortgage Rates Make a Break After Successful Auctions

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by Victor Burek on June 26 2009, 12:19 PM

If you read the blog yesterday, I stated that we were in need of a rally in treasury yields in order for prices of mortgage backed securities to improve before mortgage rates to could move lower. Well, that is what happened. The benchmark 10 year treasury...
Mortgage Rates Have Muted Reaction to FOMC Statement

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by Victor Burek on June 25 2009, 12:10 PM

Well the big event for the week and month came and went with no reaction. The FOMC meeting concluded yesterday with the release of their policy statement. No surprise announcements and the verbiage was little changed from last statement. Many a mortgage...
Mortgage Industry Anxiously Awaiting Fed Statement

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by Victor Burek on June 24 2009, 10:36 AM

Following Monday’s fairly calm day, mortgage backed securities continued to trade in a holding pattern yesterday. At the beginning of the session, mortgage-backs were down as much as 8/32nds but fought back and were up 6/32nds at one point in the...
Mortgage Rates Sideways Ahead of FOMC Meeting

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by Victor Burek on June 23 2009, 12:38 PM

Prices of mortgage backed securities(MBS), that help determine mortgage rates, moved a few basis points higher yesterday, albeit in very light volume with very little volatility. In total since Friday, MBS prices have improved by .25 basis point. Although...
Mortgage Rates Waiting for FOMC

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by Victor Burek on June 22 2009, 12:03 PM

Last week ended on a good note with mortgage backed securities(MBS) rallying into the close on Friday. So far this morning, the upward trend in MBS price(higher price, lower rates) is continuing. The media attributes the rally to global conflict (Iran...
Mortgage Rates Make Move Higher

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by Victor Burek on June 19 2009, 11:22 AM

Tough day yesterday for mortgage backed securities and treasuries as both sold off. During a sell off, the price of the fixed income security moves lower which increases the yield. In total, MBS moved lower in price by almost a full point which lead to...
Mortgage Rates Rally Stalls

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by Victor Burek on June 18 2009, 9:03 AM

What a roller coaster ride we have been on lately. Yesterday mortgage backed securities(MBS) traded way up, then sold off all gains, leaving us just about where we started the day. After the release of weaker than expected inflation data, MBS went on...
Mortgage Rates Continue to Move Lower as Investor Sentiment Changes

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by Victor Burek on June 17 2009, 8:38 AM

It seems that market particapants have fallen back in love with fixed income. Mortgage backed securities and treasuries each posted a healthy rally yesterday. MBS improved by another 50 basis points which allowed all lenders to reissue new rate sheets...
Mortgage Rates Sideways as Market Seeks Leadership

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by Victor Burek on June 16 2009, 8:49 AM

As I stated in my blog yesterday, my public duty is calling as I have been selected for jury duty.(Don't you envy me?) This will require me to do things a little different with my blog. Instead of waiting until economic data is released to post, I...
Mortgage Rates Expected to Move Lower in the Week Ahead

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by Victor Burek on June 15 2009, 7:15 AM

After two weeks of steadily increasing mortgage rates, from the mid 4's to the mid 5's, volatility in the mortgage market has show signs of stabilization . Last week mortgage rates topped out near 5.625% before a late week MBS market improvement...
Mortgage Rates Tick Lower After Auction

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by Victor Burek on June 12 2009, 11:31 AM

Following the completion of the Treasury Department's most recent fundraising event (all three auctions done) , mortgage backed securities rode a rally wave towards lower mortgage rates yesterday. The rally across the yield curve yesterday helped...
Mortgage Rates Lower As Markets Show Signs of Correction

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by Victor Burek on June 11 2009, 12:58 PM

Mortgage backed securities(MBS) lost more ground yesterday following a 10 year treasury auction that saw good demand but was hampered by the market's stipulation for higher yields. Investors knowledge of more debt to come from the government is allowing...
Consumer Borrowing Costs Continue to Climb

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by Victor Burek on June 10 2009, 12:42 PM

After a nice rally yesterday, prices of mortgage backed securities (MBS) have moved lower this morning, indicating a probably rise in rates. Remember, as price goes DOWN, investors supplying the money for mortgages are essentially demanding a higher return...

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