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Bond prices have backed up sharply over the last week. The price of the 10-year Treasury note has lost almost 3 points since last Monday (10/3), pushing its yield from a low of 1.76% to around 2.17% on Tuesday (10/11) morning. The driving factors are a modest recovery in stock prices (the DJIA has risen...
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Rates are bouncing around near record lows set last October and consumers are looking to seize the opportunity. There's always a rush by consumers and loan agents to lock rates on dips, and that practice is all the more prevalent when extreme daily rate swings raise the sense of urgency. But before you...
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MBSonMND : MBS MID-DAY : More Record Highs! Open MBSonMND Dashboard FNMA 3.5 101-23 : +0-25 FNMA 4.0 104-15 : +0-25 FNMA 4.5 106-09 : +0-31 FNMA 5.0 108-03 : +0-20 GNMA 3.5 103-00 : +0-16 GNMA 4.0 106-03 : +0-26 GNMA 4.5 108-10 : +0-13 GNMA 5.0 110-04 : +0-08 FHLMC 3.5 101-19 : +0-16 FHLMC 4.0 104-14...
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Last week the intense rally in bond markets helped mortgage rates reach their best levels of the year, but the rally came to an end on Friday. Then on Friday evening, news the S&P downgraded the US Sovereign Debt Rating set a chain of events in motion that completely rocked the markets. Despite steep...
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The Bureau of Labor Statistics has released the July Employment Situation Report (after a 30 minute delay). Total nonfarm payroll employment increased by 117,000 in July, following little growth over the prior 2 months. Total private employment rose by 154,000 over the month, reflecting job gains in...
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You can exhale. Jobs data was even weaker than recently downgraded forecasts. Bonds are rallying, recovering almost all of yesterday's sell-off already.... (Reuters) -Employment growth brakes sharply in May : Employment rose far less than expected in May to record its weakest reading since September...
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Shortly after rates hit their best levels of the day around 10:20am (on short covering), which prompted us to issue a positive reprice alert, profit takers rang the register and pressured both MBS and TSY prices lower. Traders were motivated to book P&L gains as benchmark TSYs closed in on technical...
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Treasury just sold $13 billion 30-year notes. Today's long bond auction was one of the strongest in several years. The bid to cover ratio, a measure of auction demand, was a stellar 3.02 bids submitted for every 1 accepted by Treasury. This is the highest bid to cover ratio we have on record. 45.5 %...
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From yesterday's 5pm going out marks at 101-29, FNCL 4.5's fell as low as 101-18 this morning. But after two decent showings of support, theyv'e gained back more than half of that lost ground and currently sit at 101-25. It's possible that the "itchy trigger finger" lenders out there are considering...
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The bond market seems to be in the midst of technical shift in its underlying technical bias, from bearish to bullish. We've observed much short covering since last Thursday, a behavior we started looking out for on February 11th as a potential forward-looking indicator of lower rates to come. This is...
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Poor reads on housing and manufacturing helped mortgage rates move back to historic lows yesterday. However as the day progressed mortgage-backed securities prices fell from their highs and some lenders were forced to reprice for the worse. Rate sheet recalls were not broad based though. We had only...
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Last week ended with mortgage rates on hold at the best levels of our lifetime following a weaker than expected Employment Situation report. The most anticipated event in the week ahead is the Federal Open Market Committee’s meeting, where our nation’s monetary policy is set. It is widely...
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First of all I would like to thank AQ for taking over my blog last week while I enjoyed some much needed vacation time. Thanks Adam! Mortgage rates withstood everything related markets could throw their way last week. While several market crosswinds, created by new economic data releases, the beginning...
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The Week Ahead: Risk On or Risk Off? Stocks have rallied off long term support levels and bonds begun to back away from double-dip territory. In the week ahead, the onset of Q2 earnings season is expected to test the pessimistic will of the macroeconomic investing environment. While microeconomic profits...
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I hope everyone had a safe holiday weekend. U.S. markets were closed yesterday in honor of Independence Day . Banks did not issue rate sheets. The week ahead is one day shorter and several economic releases lighter. Here's a look at what might move mortgage rates in the week ahead . Tomorrow MBA...