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You are viewing Micro News from Monday, Dec 30, 2013 - View all recent Micro News
  • 12/30/13
    Positive Reprice Potential Beginning to Increase for a Few Lenders

    The first caveat is that lenders are generally less aggressive with rate sheets this time of year, regardless of price fluctuations.  Secondly, a good amount of this morning's bond market strength had already arrived by the time many lenders released rates.

    Earlier-pricing lenders may be considering positive reprices as we're up 5-7 ticks from the first round of rate sheets.  

    There is no glamorous or interesting reason for the positivity apart from incidental tradeflow momentum.  In other words, markets aren't currently concerned with economic fundamentals or even technical levels as much as they're watching and reacting to the bigger trades made by those who have some reason to be trading on an otherwise exceptionally low-volume day.

    Fannie 4.0s are up 11 ticks overall at 103-07 (not quite back to last week's best levels) and 10yr yields are down about 3.5bps at 2.97.

    Category: MBS, UPDATE
    Share:   
  • 12/30/13
    ECON: Pending Home Sales Weaker Than Expected

    • Pending Home sales Index +0.2 vs +1.0 forecast
    • Index at 101.7 vs 101.5 previously (revised down from 102.1)
    • Down 1.6 pct from Nov 2012
    • Market Reaction: none so far.

    Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors. Monthly increases in the South and West offset declines in the Northeast and Midwest.


    The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.


    Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

    Full Release

    Category: MBS, INDUSTRY, UPDATE
    Share:   
  • 12/30/13
    ECON: Pending Home Sales Weaker Than Expected

    • Pending Home sales Index +0.2 vs +1.0 forecast
    • Index at 101.7 vs 101.5 previously (revised down from 102.1)
    • Down 1.6 pct from Nov 2012
    • Market Reaction: none so far.

    Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors. Monthly increases in the South and West offset declines in the Northeast and Midwest.


    The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.


    Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

    Full Release

    Category: MBS, UPDATE
    Share:   
  • 12/30/13
    Moderately Improved in Light Holiday Volume

    While European and Asian markets were technically open overnight, that fact is barely detectable based on trading levels.  10yr Treasury yields held within a narrow 2.995-3.015 range until early domestic trading introduced more of a bid.

    10yr yields made it down to 2.978 but are just slightly off those lows at 2.9833 now, a total of 2.27bps lower than Friday's 5pm levels.

    MBS opened right in line with Friday's latest levels are Fannie 4.0s are currently up 5 ticks at 103-01.

    Volume and participation remain generally drained by the holidays and overseas absences will be even more prevalent this week.  That, combined with the absence of significant data make it mostly pointless to read any strategic significance into trading levels.

    Pending Home Sales coming up at 10am ET

    Category: MBS, UPDATE
    Share:   
  • 12/30/13
    Moderately Higher in Light Holiday Volume

    While European and Asian markets were technically open overnight, that fact is barely detectable based on trading levels.  10yr Treasury yields held within a narrow 2.995-3.015 range until early domestic trading introduced more of a bid.

    10yr yields made it down to 2.978 but are just slightly off those lows at 2.9833 now, a total of 2.27bps lower than Friday's 5pm levels.

    MBS opened right in line with Friday's latest levels are Fannie 4.0s are currently up 5 ticks at 103-01.

    Volume and participation remain generally drained by the holidays and overseas absences will be even more prevalent this week.  That, combined with the absence of significant data make it mostly pointless to read any strategic significance into trading levels.

    Pending Home Sales coming up at 10am ET

    Category: MBS, UPDATE
    Share:   
  • 12/30/13
    ECON: Pending Home Sales Weaker Than Expected

    • Pending Home sales Index +0.2 vs +1.0 forecast
    • Index at 101.7 vs 101.5 previously (revised down from 102.1)
    • Down 1.6 pct from Nov 2012
    • Market Reaction: none so far.

    Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors. Monthly increases in the South and West offset declines in the Northeast and Midwest.


    The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.


    Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

    Full Release

    Category: MBS, INDUSTRY, UPDATE
    Share:   
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  • 12/30/13

    The first caveat is that lenders are generally less aggressive with rate sheets this time of year, regardless of price fluctuations.  Secondly, a good amount of this morning's bond market strength had already arrived by the time many lenders released rates.

    Earlier-pricing lenders may be considering positive reprices as we're up 5-7 ticks from the first round of rate sheets.  

    There is no glamorous or interesting reason for the positivity apart from incidental tradeflow momentum.  In other words, markets aren't currently concerned with economic fundamentals or even technical levels as much as they're watching and reacting to the bigger trades made by those who have some reason to be trading on an otherwise exceptionally low-volume day.

    Fannie 4.0s are up 11 ticks overall at 103-07 (not quite back to last week's best levels) and 10yr yields are down about 3.5bps at 2.97.

    Category: MBS, UPDATE
    Share:   
  • 12/30/13

    • Pending Home sales Index +0.2 vs +1.0 forecast
    • Index at 101.7 vs 101.5 previously (revised down from 102.1)
    • Down 1.6 pct from Nov 2012
    • Market Reaction: none so far.

    Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors. Monthly increases in the South and West offset declines in the Northeast and Midwest.


    The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.


    Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

    Full Release

    Category: MBS, INDUSTRY, UPDATE
    Share:   
  • 12/30/13

    • Pending Home sales Index +0.2 vs +1.0 forecast
    • Index at 101.7 vs 101.5 previously (revised down from 102.1)
    • Down 1.6 pct from Nov 2012
    • Market Reaction: none so far.

    Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors. Monthly increases in the South and West offset declines in the Northeast and Midwest.


    The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.


    Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

    Full Release

    Category: MBS, UPDATE
    Share:   
  • 12/30/13

    While European and Asian markets were technically open overnight, that fact is barely detectable based on trading levels.  10yr Treasury yields held within a narrow 2.995-3.015 range until early domestic trading introduced more of a bid.

    10yr yields made it down to 2.978 but are just slightly off those lows at 2.9833 now, a total of 2.27bps lower than Friday's 5pm levels.

    MBS opened right in line with Friday's latest levels are Fannie 4.0s are currently up 5 ticks at 103-01.

    Volume and participation remain generally drained by the holidays and overseas absences will be even more prevalent this week.  That, combined with the absence of significant data make it mostly pointless to read any strategic significance into trading levels.

    Pending Home Sales coming up at 10am ET

    Category: MBS, UPDATE
    Share:   
  • 12/30/13

    While European and Asian markets were technically open overnight, that fact is barely detectable based on trading levels.  10yr Treasury yields held within a narrow 2.995-3.015 range until early domestic trading introduced more of a bid.

    10yr yields made it down to 2.978 but are just slightly off those lows at 2.9833 now, a total of 2.27bps lower than Friday's 5pm levels.

    MBS opened right in line with Friday's latest levels are Fannie 4.0s are currently up 5 ticks at 103-01.

    Volume and participation remain generally drained by the holidays and overseas absences will be even more prevalent this week.  That, combined with the absence of significant data make it mostly pointless to read any strategic significance into trading levels.

    Pending Home Sales coming up at 10am ET

    Category: MBS, UPDATE
    Share:   
 
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