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Scott Valins :
REPRICE: 11:36 AM - Fifth Third Mortgage Worse
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Matthew Carver :
REPRICE: 11:35 AM - Flagstar Worse
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Gus Floropoulos :
REPRICE: 11:30 AM - PHH Worse
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Matthew Graham :
I think he wanted the 'why' behind the widening, which would simply be the same old duration shedding theme that goes hand in hand with 10yr yields running up to and over 2%. Every time that happens, 3.0s have gotten queasy and 3.5's to a lesser extent (3.5s are down more today, but over 2 days, 3.0s are the biggest loser). If you've seen me write about 'getting left on the island,' it's kind of like that. 3.0's see 10yr yields around 2% and it's like the big boat weighing anchor after visit
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John Tassios :
Mark, The spreads between TSY's and MBS is widening, that is why underperforming / it has been like this for a while through most of 2013
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Mark Gordon :
Why are we underperforming treasuries?
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Matthew Graham :
so, I guess that's not really promising for any other reason than being green and that might change shortly
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Jason Anker :
i'll be happy if the floor holds
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Matthew Graham :
CS, that's what I'm HOPING for, but not really leaning in one direction or another. Things are promising so far today, but not as promising as they would be if we'd seen more forceful value buying at the recent lows.
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Bert Swyers :
no its on for 5 years minimum
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Jeff Weaver :
does monthly mi drop for FHA with 20% down?
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Matthew Graham :
RTRS- US HOMES FOR SALE AT END OF APRIL 156,000 UNITS, HIGHEST SINCE OCT 2011, VS MARCH 151,000 UNITS
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Matthew Graham :
RTRS- US APRIL SINGLE-FAMILY HOME SALES +2.3 PCT VS MARCH +3.5 PCT (PREV +1.5 PCT)
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Oliver S. Orlicki :
new homes sales better
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Andrew Horowitz :
After yesterday expect volatility CS
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Matthew Graham :
RTRS- US APRIL SINGLE-FAMILY HOME SALES 454,000 UNIT ANN. RATE (CONS 425,000) VS MARCH 444,000 (PREV 417,000)
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Christopher Stevens :
MG- with early market close tmrw, closed Monday and month end next Friday do you see the market making any big moves (save for any unknown economic or european news)? I would think we try and trade flat around here.
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Matthew Graham :
thereabouts. 2.12+ depending on what variation of the trend you use
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Gus Floropoulos :
MG, what's the upper echelon of the range on the 10 yr....2.10ish?
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Jason Anker :
CS - thats the "I'm SOO much smarted than you" look
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Christopher Stevens :
best image from yesterday... http://www.bloomberg.com/image/iLclDJ7sLXCo.jpg
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Matthew Graham :
RTRS - U.S. HOME PRICES +1.3 PCT IN MARCH FROM FEBRUARY - U.S. REGULATOR
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B-C :
understood, i would expect that today, im just waiting it out for some stabilization
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Christopher Stevens :
BC- if i see 10YR inching past 2.03 I will probably tighten my pricing a little going into a holiday weekend.
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philip mancuso :
The good news for any desk pricing at 101-6 is they'll have nothing to hedge.
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