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  • 12/31/07 - Bond Prices Up Yet Again

    Comments (0)
    by Matthew Graham on December 31 2007, 4:07 PM
    Weakness in stocks this morning are helping bond prices move higher again from their gains on Friday afternoon. Today is a shortened trading day with the markets closing at 2pm EST. You can expect pricing to be slightly better today than Friday (especially if your lender did not reprice on Friday afternoon). In news released today, the existing home sales number came in slightly higher than expected, but still at a low level historically. This has not had a major impact on bond prices. The markets
    Read More

  • 12/28/07 - RATES CONTINUE RALLY ON NEGATIVE NEW HOME SALES DATA

    Comments (0)
    by Matthew Graham on December 28 2007, 3:31 PM
    In news released this morning, new home sells fell to their lowest level over 12 years. The reading was a bleak 647,000 compared to expectations of 715,000. This is a 9% drop from last month. This has prompted traders to begin to "price in" expectations of future rate cuts in addition to the standard "flight to safety" we normally see after weak economic news. Either way, it's good news for interest rates. MBS's are up broadly, in some cases over 20/32nd's. This will lead to drastically improved
    Read More

  • BULLETIN - Bond Prices Moving Up

    Comments (0)
    by Matthew Graham on December 27 2007, 7:12 PM
    MBS's are slightly higher than this morning. Mid-Day Reprices for the better are likely.
    Read More

  • BULLETIN - OIL RESERVES

    Comments (0)
    by Matthew Graham on December 27 2007, 3:51 PM
    In breaking news, oil stocks are down 3.3 million barrels in one week. This can hurt the perception of inflation. This increases the impetus to lock this morning.
    Read More

  • 12/27/07 BONDS RALLY ON WEAK ECONOMIC DATA

    Comments (0)
    by Matthew Graham on December 27 2007, 3:20 PM
    Durable Goods Orders were down more than expected at +0.1% (expectations were +3.0%). This is bond-friendly news as is signals a potential slow down in the manufacturing sector. When the revised numbers from this report are released in roughly two weeks, this sentiment could change or be reinforced. Jobless claims were also up just slightly higher than expected. 349k as opposed to 343k. This isn't enough in and of itself to have an impact on rates, but the tepid reading fails to mitigate the impact
    Read More

  • Bulletin 12/26

    Comments (0)
    by Matthew Graham on December 26 2007, 5:49 PM
    Bond prices have begun to slide a bit. Some lenders have waited to price this into today's rates, others may have a reprice. Float with extreme caution.
    Read More

  • 12/26/07 Another Slow News Day

    Comments (0)
    by Matthew Graham on December 26 2007, 4:36 PM
    Not much change from Monday... Stocks are down currently as a result of Target's sales numbers and the Case-Shiller Price index showing the largest decrease in home prices in 6 years. Bonds are trading fairly flat to slightly improved this morning with the FNMA 30 yr 6.0% coupon at 101.03 Bid price. 30 year fixed PAR NOTE rate : 5.75% -5.875% Lock Comment: Decreased trading volume over the holiday season opens the door for volatility. So changes that wouldn't normally have a big impact on markets
    Read More

  • 12/24/07 - NO NEWS, RATES SLIGHTLY WORSE ON STOCK GAINS

    Comments (0)
    by Matthew Graham on December 24 2007, 3:35 PM
    There are no economic reports to be released today that will have an impact on mortgage rates. In addition, the market will be closing at an earlier than normal 2pm. When no economic reports are set to release, traders watch stocks for a sense of the market direction. Stocks are up currently led by Merrill Lynch who is receiving a large cash injection from, you guessed it, foreign investment. This time it is from Singapore. In addition, Merrill announced they will sell their commercial finance business
    Read More

  • 12/21/07 Bond Prices Continue to Slide

    Comments (0)
    by Matthew Graham on December 21 2007, 4:25 PM
    Consumer Sentiment was slightly higher than expected this morning. Combined with higher than expected consumer spending in the Incomes and Outlays report, the market is getting some reassurance of a stronger than expected consumer spending trend in the holiday season. As a result, stocks are up this morning and bond prices are down, moving yields and mortgage rates higher yet again. This, on top of the fairly sizable losses from yesterday afternoon. Depending on whether or not your lender repriced
    Read More

  • ALERT

    Comments (0)
    by Matthew Graham on December 20 2007, 7:37 PM
    potential rate change for the worse
    Read More

  • 12/20/07 - Update

    Comments (0)
    by Matthew Graham on December 20 2007, 5:42 PM
    The discrepancy in the bond quotes from different sources, although unresolved, appears not to be affecting rates. I suspect that the particular source that is "way off" compared to the rest of the market had some data transfer error. Whatever the case, rates have released as good or better than yesterday with the 30 year fixed par note rate from my best lenders being around 5.625%.
    Read More

  • 12/20/07 - MOSTLY GOOD AND A LITTLE BAD

    Comments (0)
    by Matthew Graham on December 20 2007, 3:18 PM
    The plethora of information for the markets to digest arrived this morning and did not deviate greatly from expectations. Most of the news was bond-friendly: leading economic indicators fell .1% beyond expectations signaling further recession potential, jobless claims were slightly higher than expected bringing the moving average to a 2 year high. The GDP showed an expected level of growth, though analysts predict it will slow down in the fourth quarter. The only negative news for bonds was the component
    Read More

  • REITTERATION

    Comments (0)
    by Matthew Graham on December 19 2007, 9:10 PM
    At the closing bell, mortgage bonds are up, way up. You should have already seen the first round of reprices from many lenders, more will be coming. Unless tomorrow's economic news is bad for bonds (or positive for the economy in general, thus moving money out of bonds and into stocks), even better pricing will be available in tomorrow's rate sheet, especially for lenders that didn't reprice aggressively today. Of course, that's contingent on unsurprising numbers on tomorrow's economic reports. Locking
    Read More

  • UPDATE 12/19/07 11:07 PST

    Comments (0)
    by Matthew Graham on December 19 2007, 7:07 PM
    MBS prices continue strong march upward. Keep floating until at least the end of the day. EXPECT REPRICES FOR THE BETTER FROM MOST LENDERS. If your lender of choice does not reprice this afternoon, expect it to be in tomorrow's rate sheet, tempered by any economic information tomorrow.
    Read More

  • BULLETIN 8:37 AM

    Comments (0)
    by Matthew Graham on December 19 2007, 4:39 PM
    Move to float for short term. Bond prices up 6/32nds in the last 10 minutes.
    Read More
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