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Do you expect the home buyer tax credit extension to contribute to a noticeable pick up in loan production?

Created By: Adam Quinones
  • Yes, I anticipate an increase in activity (26.6%)
  • Only a modest upturn in production (44.5%)
  • Nope. 2009 demand stole from 2010 demand (28.9%)

Federal Reserve MBS Purchase Program





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  • Still Good

    Comments (0)
    by Matthew Graham on April 30 2008, 7:33 PM
    Holding at 11/32nds improved on the day. Price improvements will come late today. The question is whether you should take those rates or wait for employment numbers on Friday. If you think the economic data will be weaker than expectations, floating is the way to go, if you think it will be stronger or the same as expectations, then lock. Personally, I will float into Friday as this "same as expected" FOMC announcement was not enough to scare investors away from bonds. I think the general level of
    Read More

  • Here Comes The Sun...

    Comments (0)
    by Matthew Graham on April 30 2008, 7:07 PM
    100-18 on the 5.5% now which is 12/32nds up on the day.
    Read More

  • still strong

    Comments (0)
    by Matthew Graham on April 30 2008, 7:01 PM
    5.5% coupon better by 11/32nds. 100-17
    Read More

  • Now We're Rolling

    Comments (0)
    by Matthew Graham on April 30 2008, 6:51 PM
    Now we just touched 9/32nds improvement on the day, with the 5.5% coupon at 100-15. We would only have to hold this gain for a short time to see rate improvements (although lenders may be slow to release them).
    Read More

  • Improving

    Comments (0)
    by Matthew Graham on April 30 2008, 6:49 PM
    We've now touched 100-12 on the 5.5% coupon which is the best it's been since early this morning. If we hold these levels, even for a little while, we may now begin to see improvements, but we'd have to hold steady at these levels.
    Read More

  • Givething and Takething

    Comments (0)
    by Matthew Graham on April 30 2008, 6:29 PM
    the 4/32nds we got is gone again (for now). Certainly not time to think about locking yet, but still no improvements likely. The probable result of today's action is that we are going to see the big market movements in the next two days. FYI, 10 year treasuries are still tracking well with MBS so if you see yields shoot up more than .03%, it may be time to think about locking.
    Read More

  • Yawn...

    Comments (0)
    by Matthew Graham on April 30 2008, 6:25 PM
    The mighty maelstrom for which we had prepared is certainly proving to be a mild breeze. MBS back on the positive side to the tune of 3/32nds. Yet again, this is not enough for a reprice for the better. Fire up the BBQ, call up the track about that tee-time, grab an iced tea and a lounge chair, wash the car, walk the dog, grab some lunch, do whatever, it doesn't look like we're getting any movement for a while.
    Read More

  • How Boring...

    Comments (0)
    by Matthew Graham on April 30 2008, 6:20 PM
    Still holding Steady! I suppose the boilerplate verbiage hasn't inspired buyers or sellers to take more action than the other. We have picked up about 4/32nds in the last 3 minutes, but it's far too soon to expect a reprice for the better. Whatever the case, stay in the boat.
    Read More

  • Still holding steady

    Comments (0)
    by Matthew Graham on April 30 2008, 6:19 PM
    Very heavy trading, with 5/32nd swings taking place from second to second, however, it has not ticked down more that 1/32nd for more than 5 seconds. Stay on target...
    Read More

  • .25 point cut - more of the same verbiage

    Comments (0)
    by Matthew Graham on April 30 2008, 6:16 PM
    expects inflation to moderate, but there is uncertainty. past monetary policy actions should help to foster moderate growth over time MBS is holding dead even currently day over day in very heavy trading.
    Read More

  • Just to be aware as we move forward

    Comments (0)
    by Matthew Graham on April 30 2008, 6:09 PM
    If all else fails, or if there is some problem with either your or my internet connection, 10 year treasuries have been tracking well with MBS recently. This is no guarantee that they will after the FOMC announcement, but if, for whatever reason you don't have access to this blog, or are not seeing the updates, you next best source is 10 year treasury pricing. i'll post full text as soon as I have it.
    Read More

  • Down just a bit so far

    Comments (0)
    by Matthew Graham on April 30 2008, 3:24 PM
    MBS are down 3-4/32nds off their highs of the day. It's not guaranteed that you will see any price worsening because of this, but it is a possibility.
    Read More

  • All Aboard!

    Comments (0)
    by Matthew Graham on April 30 2008, 1:34 PM
    Despite numerous pieces of data, trading is still calm before the FOMC announcement at 2:15PM Eastern. So with MBS holding steady overnight, and wild fluctuations in rates likely holding off until after 2:15pm, I'll issue your second boarding call for the "float boat." As I said in last night's post, the voyage ahead is fraught with uncertainty. By floating, we will be sailing into the very eye of the storm. Sure, staying on land today (locking) is the safest bet, but for the brave sailors who venture
    Read More

  • verbatim text of announcement

    Comments (0)
    by Matthew Graham on April 30 2008, 1:18 PM
    [14:16 US FED: Verbatim of April 30 FOMC Statement] Boston, April 30. The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 2 percent. Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic
    Read More

  • Like a Kid In The Ocean...

    Comments (0)
    by Matthew Graham on April 29 2008, 7:11 PM
    I'm from Oregon, so those of you from warmer climates may not catch the analogy. When we were younger, no one would just walk out into the ocean. There would be a series of runs in followed by frantic dashes back out as our legs began to freeze. It was kind of a test to see "how far can you go in without incurring an inordinate amount of pain trying to get back out." Now that stage is set, I can finally get to my analogy. MBS might just as well be another kid at the oregon coast today. They know
    Read More
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