Tuesday, December 1, 2009
Subject : December 31, 2009
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As The Trading Day, And Year Draw To A Close, Uncertainty Remains -
MBS Commentary
It was a choppy day indeed on this last day of 2009. As per usual this week, much of that choppiness can be chalked up to much lower than normal volume. MBS and Tsy's tanked early with the 4.5 down all the way to 99-14 and the 10yr actually cracking the 3.9 mark. But by the earlier-than-normal end of trade, both had recovered to levels slightly...
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Mortgage rates improved for the first time in six sessions yesterday as mortgage backed securities price appreciations early in the day allowed lenders to boost rate sheet rebate. Mortgage rates are slightly worse this morning after a better than expected Jobless Claims report.
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 30, 2009
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The Treasury has successfully auctioned $32 billion 7 year notes. As always, we expect volatility post-auction. After profit-taking weakened MBS this AM, it's too soon to tell if those losses will be recaptured. The auction is strong ENOUGH that it could go either way, but the potential is certainly there for losses to be recaptured and for screens...
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The six day streak of rising mortgage rates finally stalled out yesterday! Although mortgages started yesterday on a negative note, mortgage-backed securities prices managed to recovery all early losses after a slightly above average 5 year Treasury note auction. After the auction, several lenders repriced for the better which moved mortgage rates a...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 29, 2009
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Auction Results Are As Follows: 5-YEAR NOTES YIELDS High 2.665 pct Median 2.600 pct Low 2.538 pct PRICE/ACCEPTANCES Price 99.813909 Accepted at high 31.16 pct Bid-to-cover ratio 2.59 AMOUNTS TENDERED AND ACCEPTED (dollars) Total accepted 42,000,036,500 Total public bids tendered 108,683,366,500 Competitive bids accepted 41,890,770,000 Noncompetitive...
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Reports from fellow mortgage professionals indicate mortgage rates to be similar to yesterday’s. The par 30 year conventional rate mortgage remains in the 5.00% to 5.25% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 28, 2009
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MBS LUNCH: Rates Barely Budge After Apathetic 2 yr Note Auction -
MBS Commentary
Treasury has just auctioned $44 billion 2 yr notes. The high yield was slightly above the 1pm current market bid ("when issued"), stopping out at 1.089%. The bid to cover ratio was 2.91 , which means 1 award for every 2.91 bids. The bid to cover ratios at the last three 2 yr note auctions have been in the 3 handle...so while today's auction...
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Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage has risen to the 5.00% to 5.25% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 23, 2009
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So most readers are locked right? At least those of you who are closing in December?
We have been shouting LOCK from the rooftops since early December. I assume there are not many readers still holding their breath in hopes of better mortgage rates before 2010. Right? Putting aside compliance issues...administratively I'm not even sure its possible...
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Has AQ shared with you guys already that there is not much to say about the market at the moment? That continues to be the case. Data is non-existent and volume is pathetic. After seeing some AM short covering that brought the 10yr yield down 3.69. Volume takes a noticeable vacation and the bid-side of the market went with it. So sellers soliciting...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 22, 2009
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MBS AFTERNOON: Short Covering Induced Recovery Rally? -
MBS Commentary
Heeeeeeeading into 5 pm "going out" marks.....there is not much I can tell you to stem the frustration of being in the float boat. That of course assumes you are out to sea (without a sail). For those of you who have locked up and are pending a CTC....I hope our commentary is colorful enough to draw your attention from last minute holiday...
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Mortgage rates continued to rise yesterday as benchmark Treasury yields moved higher and prices of mortgage backed securities fell. MBS opened the day weaker and extended losses all the way into the close, forcing most lenders to reprice for the worse. By the end of the day, the par 30 year fixed mortgage rate had climbed to 4.875% (a couple of lenders...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 21, 2009
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I cannot stress this enough...the rates market is very volatile. If you happen to be floating a loan that is expected to close this month...I WOULD LOCK. No reason for unexpected, random interest rate movements to ruin your holidays.
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Well...hate hate hate on the long end of the yield curve today! The 0.75% semi-coupon bearing 2yr TSY note is trading -0-04 at 99-24 yielding 0.872%. The 3.375% semi-annual coupon paying 10yr TSY note is -1-03 at 97-15 yielding 3.682. The yield spread between the 2yr and 10yr note is now 281 basis points. I posted a 2s/10s daily chart in MBS LUNCH....
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 18, 2009
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After making a modest recovery following the release of the FOMC statement on Wednesday, mortgage rates are ending the week on a negative note. Rates started out mostly unchanged on the day, however as trader's took profits on recent gains, things took a turn for the worse. Benchmark Treasury yields rose and MBS prices fell...forcing most lenders...
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Here's the damage so far today: - MBS 4.0's down 12 ticks to 98-18 - MBS 4.5's down 8 ticks to 101-09 - 10yr Tsy down 17 ticks in price, up 6.4 bps in yield to 3.544 - Stocks mostly unchanged, still very range-bound And by the time the close rolls around in a few hours, what we will likely have seen is a trading week that set up at the outer...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 17, 2009
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I advised yesterday that if you are a risk taker that floating could pay off, well it did. At the open we saw better rate sheets and as the day has progressed MBS prices have continued to move higher which has led to a few reprices for the better. This is partially a function of weakness in the stock market which has resulted in scared money moving...
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It got a little choppy after the Philly Fed Index release was much better than expected, I actually almost issued an alert because I noticed activity picking and it was on the sell side and it was "in size"...but I decided to hold off as trading flows eventually evened out and price stability was restored.
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 16, 2009
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Whether it's the normal post-significant-data-event chopatility or something more directly connected, stocks may be the saving grace for bonds today. Before we go any further, you should know that reprice risk has all but vanished at this point due to the correction. We've neither broken highs or lows at the moment, so uncertainty remains, but...
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While it is widely accepted that the Fed will keep the current Fed Funds rate at 0 to .25%, many market participants are hoping for minor changes to the text, specifically the rhetoric which gives a timeline on current Fed Funds rate strategy: rates will be low for an “extended period”. Most want to see the Fed provide a clearer outlook on when to expect...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 15, 2009
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MBS AFTERNOON: Off The Lows, Closer To Highs As Close Approaches -
MBS Commentary
As lights at trade desks flicker in anticipation of their nightly time-off, we're off the worst levels of the day, closer to the better levels of the day actually, and all the while have adhered perfectly to the most extreme ends of the expected year end range. In case this is the first note you're reading from us this week, FOMC announcement...
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Two better than expected economic headlines did not have a positive influence over the bond market. Following the release of PPI data, Treasury yields shot higher and MBS prices fell. Consequently, mortgage rates have risen today. Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage has risen to the 4.875% to...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 14, 2009
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MBS MORNING: Seasonal Slowdown and FOMC Holding Pattern in Play -
MBS Commentary
This is a normal occurrence ahead of FOMC meetings, especially in December when the majority of market professionals have their "window dressing" funding allocations put into a holding pattern. More or less, year end profit churning strategies have run their course and positions are essentially "squared" (flat) as financial reporting...
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Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FIC credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount...
Read More
Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 11, 2009
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The heart-pounding and nail-biting moments of utter catastrophe seem to have subsided at the moment. With about an hour and a half left until 3pm marking, and with what will likely end up being 90% of today's volume behind us, any rate market considerations beyond the intraday-lock-alert variety have sufficient data to draw conclusions. So what...
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To lock or float, that is the question. In previous months, Treasury yields and mortgage rates have risen prior to bond auctions, however following the completion of each auction cycle, mortgage rates moved lower as MBS prices rebounded. This has been largely a function of a rates range, which has held true since summer. While we are already seeing...
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice.
Subject : December 10, 2009
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To lock or float, that is the question.
In previous months, Treasury yields and mortgage rates have risen prior to bond auctions, however following the completion of each auction cycle, mortgage rates moved lower as MBS prices rebounded. This has been largely a function of a rates range, which has held true since summer. While we are already seeing...
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MBS LUNCH: Weak Demand for Long Bond. Rates Barely Budge -
MBS Commentary
JUST LIKE YESTERDAY, THIS AUCTION WAS NOT MET WITH STRONG DEMAND.....something many were expecting, thus rates have barely budged.
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Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.
Subject : December 9, 2009
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MBS AFTERNOON: Healthy Rebound, But Watch Those Stocks -
MBS Commentary
After shedding 10 ticks from 101-30 to 101-20 in literally a few blinks of the eye, 4.5 MBS have pushed back up within a tick or two of that level. 10 yr tsy's, after backing up to 3.45, have pushed back down to 3.42 pivot. But there is a dark cloud on the "rebound horizon." Can you see what it is? Keep scrolling down, the clue is in the...
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Mortgage Rates Holding in Range. Rebate Reduced Ahead of Treasury Auction -
Mortgage Rate Watch
Reports from fellow mortgage professionals indicate lender rate sheets to be slightly worse than yesterday. While rate sheet rebate is weaker today, the par 30 year conventional rate mortgage does remain in the 4.625% to 4.875% range, for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan...
Read More
Provided by Mortgage News Daily
This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
notice.