Automated Mortgage and Real Estate Newsletters
Email This Page
Link To This Page
Visit MND at
MBA in NYC!
# of Visitors Per Month
Start a 2 Week Free Trial
Enhanced / Search Optimized Profiles
NO COMPETITOR ADS!!
Cobranded Social Marketing
View All Premium Services
Open Home Page
- HOME PAGE
- NEWS STREAM
- VIDEO NEWS
CHANNELS / TOPICS
- MND NewsWire
- Mortgage Rate Watch
- MBS Commentary
- Pipeline Press
Voice of Housing
- Community Commentary
- Daily Newsletter
- Daily Rate Report
- News Alerts
- Manage Email Subscriptions
- RSS Feeds
- About Us
- Authors / Contributors
- Submit an Article / Tip
- News Widgets
- Video Home
- Video RSS Feed
MND Live! - Real-time Streaming Community Activity
- Reader's Comments
- Q&A Home
Treasury / LIBOR
Residential Mortgage Debt
Mortgage Interest Rates
Current Mortgage Rates
FHFA / Freddie Mac / MBA
Compare Lender Rates
Mortgage Rate FAQs
Primary Market Volume
Total Outstanding Mortgages
Net Change Outstanding Mortgages
New Houses Financing Type
NAHB Builder Confidence
New Home Sales
Existing Home Sales
Pending Home Sales
FHFA Home Prices
S&P Case Shiller
New Home Prices
Existing Home Prices
- Current Mortgage Rates
- 30 Year Fixed Rate Mortgage
- Daily Rate Movements
- Historic Mortgage Rates
- FHFA / Freddie Mac / MBA
- About Our Daily Rate Survey
- See Rates From Top Lenders
- Mortgage Calculators
- Mortgage Rate FAQs
- Compare Lender Rates
Follow Rates Daily
- Daily Rate Update Email
- SUBSCRIBE HERE
- Most Recent
Daily Rate Update
- Most Recent
- Most Recent
Weekly Rate Update
- Most Recent
Place your ad here
Connect With MND
Receive an Email Alert each time a story is posted to
Subscribe to Email Alerts
View All RSS Feeds
Subscribe to Newsletter
Subscribe to Mortgage Rates Update
From MBS Commentary
MBS RECAP: Temporary Correction or Long-Term Bounce?
MBS Day Ahead: Corrections Are a Way of Life, But The Details...
MBS RECAP: Best Levels in 2+ Years (After Big Intraday Sell-Off...
MBS Day Ahead: Yellen Speaks Again, But Bonds Left Their Heart...
MBS RECAP: Bonds Stay Happy as Yellen Fails to Reverse the Trend
Other Top Headlines
Proposed Overtime Rule Could Hit Lenders' Bottom Line
Congress Told FHA Fund is Strong, Reverse Mortgages Improving
Morgan Stanley Settles; The Importance of Water in Lending and...
MBA Sees Strong Increase in New Home Sales
Mortgage Rates at 3.5 Percent
Low mortgage rates, low...
San Fran's high-end...
Homebuilders set to pop...
Mortgage Rates Jump; Overtime Rule Could Hurt Balance Sheets; FHA's Atta-Boy
Couldn't agree more that there are many in the $51k+ camp...
What about for those of us responsible enough not to have a bunch...
Matt, You remember this post comments section? http://www.mortgagenewsdaily...
Global economic angst is alive and well. As long as that's...
Just got another Denver appraisal back. My clients' home...
Though anti RV in my youth as we prized travel, outdoor activities...
From the loans I've done in the past year, metro Denver is...
I have yet to miss a closing due to TRID. In fact I am still...
Have MLO license interpretations for prior felonies been challenged /re-defined less...
Do we qualify this year
How do I find the historical data for prices on Agency MBS?
Bottom Right Default
State Name underscore:
State Name dash:
State Name lower underscore:
State Name lower dash:
State Name lower:
State Abbreviation Lower:
MBS Commentary Home
Fed Minutes Today at 2pm EST
Follow the markets live as the Fed Minutes are released at 2pm EST today.
4 Week Free Trial
of MBS Live
SECONDARY MARKETING MANAGERS
Gain access to the most accurate real-time back month TBA indications from
The Gut Flop
It's Fed Day. Are you ready?
If you've been following the MBS Commentary, you know what
a big deal this afternoon could be
. Markets have been
preparing for it for weeks
and MBS Live members have been on top of those movements every step of the way.
This afternoon, when markets are convulsing mere milliseconds after the Fed Announcement, MBS Live members will know what's going on before anyone else. The accuracy and speed of our real-time price stream and alerts is unmatched.
Here's a purchase code to take the
free trial for 4 weeks with no credit card required
MBS MID-DAY: Bond Markets Holding Their Own After Fiscal Cliff Deal
Jan 2 2013, 11:06AM
: MBS Morning Market Summary
Referring to the 11th hour passage of a Fiscal Cliff bill as a "deal," is an overstatement. But it's at least a "mini-deal," or depending on how important semantics are to you, a "quasi-deal." In other words, it alleviates some of the more serious concerns associated with the automatic spending cuts and tax hikes that would otherwise be going into effect today, but it's definitely not a long-term fix. Counterpoints notwithstanding,
is better than
in this case, and markets are behaving as expected, with stocks up and bond markets weaker. But on both fronts, the moves are extraordinarily well-contained by recent ranges. Furthermore, after the more brisk moves seen earlier in the morning, both stocks and bonds have leveled off well inside their respective extremes. The biggest relative winner is MBS, which aren't even remotely close to their recent lows of 104-04 on December 18th (when Cliffy optimism was at it's highest). After shaking off the morning volatility, Fannie 3.0s have been grinding against their highs of the day at 104-20 without suggesting much risk of revisiting morning lows of 104-13. Lenders seemed fairly well-positioned for this volatility and rate sheets have only taken nominal lumps, to the tune of .25 worse than Monday on average.
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom.
Real time pricing
is available via MBS Live.
104-19 : -0-06
106-16 : -0-04
107-05 : -0-01
108-01 : -0-01
106-03 : -0-07
108-17 : -0-05
109-21 : +0-01
109-15 : -0-02
104-10 : -0-06
106-08 : -0-04
106-22 : -0-02
107-07 : -0-03
Pricing as of 11:06 AM EST
Morning Reprice Alerts and Updates
Below is a recap of instant
and updates issued via email and text alert to
MBS Live subscribers
ECON: Construction Spending Lower Than Expected, Residential Spending Improves
- Construction Spending -0.3 vs +0.6 Consensus
- First negative reading since March
- Private Residential Construction Spending +0.4 to $295.3 bln, most since late 2008
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2012 was estimated at a seasonally adjusted annual rate of $866.0 billion, 0.3 percent (±1.6%)* below the revised October estimate of $868.2 billion. The November figure is 7.7 percent (±2.0%) above the November 2011 estimate of $804.0 billion.
During the first 11 months of this year, construction spending amounted to $781.4 billion, 9.2 percent (±1.3%) above the $715.4 billion for the same perio
d in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, 0.2 percent (±1.3%)* below the revised October estimate of $590.8 billion. Residential construction was at a seasonally adjusted annual rate of $295.3 billion in November, 0.4 percent (±1.3%)* above the revised October estimate of $294.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.5 billion in November, 0.7 percent (±1.3%)* below the revised October estimate of $296.5 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 0.4 percent (±2.3%)* below the revised October estimate of $277.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, nearly the same as (±3.5%)* the revised October estimate of $66.8 billion. Highway construction was at a seasonally adjusted annual rate of $77.8 billion, 0.5 percent (±5.3%)* above the revised October estimate of $77.4 billion.
ECON: ISM Manufacturing Index Slightly Higher Than Expected
- ISM Manufacturing PMI 50.7 vs 50.3 forecast, 49.5 previously
- Prices Paid: 55.5 vs 51.5 forecast, 52.5 previously
- Employment Index 52.7 vs 48.4 previously
- Employment Index highest since September
Manufacturing expanded in December as the PMI registered 50.7 percent, an increase of 1.2 percentage points when compared to November's reading of 49.5 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
A PMI™ in excess of 42.6 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the December PMI™ indicates growth for the 43rd consecutive month in the overall economy, and indicates expansion in the manufacturing sector. Over the last six months of 2012, manufacturing registered expansion in three months and contraction in three months, moving back and forth across the 50 percent mark. Holcomb stated, "The past relationship between the PMI™ and the overall economy indicates that the average PMI™ for January through December (51.7 percent) corresponds to a 3.1 percent increase in real gross domestic product (GDP). In addition, if the PMI™ for December (50.7 percent) is annualized, it corresponds to a 2.7 percent increase in real GDP annually."
Bond Markets Open In Predictably Weaker Territory
At the apex of the December's biggest Cliff-related sell-off, 10yr yields backed up to 1.85 and our longer term charts noted a 1.865 retracement level. This was
on the morning following that relatively disconcerting sell-off:
"Even if yields can simply hold sideways, as long as they bounce back lower BEFORE a Cliff deal is imminent, it leaves room for current weakness to be construed as a "surprise inspection of the range." This, in itself, would leave room for that recently explored range boundary to have a shot at being a supportive ceiling against any post-Cliff-deal sell-offs."
In other words, the fact that 10yr yields have topped out at 1.860 this morning is a promising sign and perhaps even a little boring (not wanting to tempt fate here, but a post-cliff sell-off to anything near 1.85 was definitely on one of the first few pages of bond markets' play book).
The motivations for the sell-off have more to do with the fact that "something" was accomplished as opposed to utter and complete political gridlock preventing any attempts to avoid the Cliff. Certainly, last night's deal isn't any sort of epic solution to the underlying problems--no "grand bargain"--but it does fulfill the "something is better than nothing requirement.
Pent up knee-jerk reactions are also feeding into this a bit with much of the market closed in the overnight session, and the US holiday keeping domestic securities trading off line until 230am for cash Treasuries and 6am for rates/equities futures this morning. That means that London didn't even trade US stock futures until 11am GMT. While Treasuries yields were already fairly well adjusted by 6am, there was another moderate grind higher as domestic activity ramped up with 10's topping out at 1.860 precisely at 8:48am.
MBS opened roughly 10 ticks weaker than Monday's latest levels at 104-16 and moved a few ticks lower before finding their footing at 104-13. After 10's confirmed the 1.860 bounce, MBS noticeably improved, but met overhead resistance at 104-20 before settling in for a sideways grind between there and 104-18 for the past hour.
The rest of the day is characterized by hopes and dreams that the 1.860 ceiling holds firm in 10yr yields. This would be a unbelievably boring and uneventful outcome for the Fiscal Cliff quasi-deal signed late last night. To be sure, even if we break higher, the generally less-than-triumphant structure of the deal should serve to keep the lid on excessively painful sell-offs, but unfortunately, those possibilities are out there to some extent.
If data is to be of any concern to markets today, we'll know in 1 minute when ISM Manufacturing hits. Otherwise, we're very much in "watch and react" mode as we watch markets continue to react to the Cliff deal. So far... holding ground in weaker, but unsurprising (and perhaps even "promising") territory. Let's hope that continues to be the case.
ECON: Markit PMI Rises Slightly From Preliminary Reading
- PMI 54.0 vs 54.2 preliminary , 52.8 November Final
- PMI highest since May on Final basis.
- Employment Index highest since April
The final Markit U.S. Manufacturing Purchasing Managers’ Index was 54.0 in December, down slightly from the flash estimate of 54.2, and signalled a further expansion of the U.S. manufacturing sector. Moreover, up from 52.8 in November, the headline PMI indicated the strongest rate of growth since May.
PMI index readings above 50.0 signal an increase or improvement on the prior month, while readings below 50.0 indicate a decrease. Manufacturing output increased at the strongest rate in seven months during December.
The rate of growth was solid, albeit weaker than that previously estimated by flash PMI data. All three market groups saw higher levels of production, with manufacturers of intermediate goods posting the strongest rate of increase overall.
Live Chat Featured Comments
A recap of the featured comments from the
MBS Live Dashboard's Live Chat feature
, utilized by hundreds of industry professionals each day.
"@ VB if the acct is no longer in disp. you should be good to proceed just having brwr get a letter from the creditor confirming...FHA UW should be cool with it "
"political rumor has it that Boehner walk by Reid and told him "to go eff himself." Just a rumor."
"RTRS- ISM U.S. MANUFACTURING EMPLOYMENT INDEX 52.7 IN DECEMBER VS 48.4 IN NOV"
"RTRS- ISM U.S. MANUFACTURING ACTIVITY INDEX 50.7 IN DECEMBER (CONSENSUS 50.3) VS 49.5 IN NOVEMBER "
"if account is in dispute...on conventional you have to get out of dispute and rerun credit...is it the same for FHA?"
"technical correction... check. Recently explored range boundary acting as supportive ceiling.... check (for now anyway). "
"On Decemeber 18th, after hitting 1.86: "The saving grace would be a major technical correction that happens RIGHT NOW, as in Wednesday or Thursday. In fact, even if yields can simply hold sideways, as long as they bounce back lower BEFORE a Cliff deal is imminent, it leaves room for current weakness to be construed as a "surprise inspection of the range." This, in itself, would leave room for that recently explored range boundary to have a shot at being a supportive ceiling against any post-Cl"
"qualitatively, the "deal" may stink a bit, but it was more about the quantitative "deal or no deal." that's why we sell-off, and to excruciatingly likely and predictable levels. This is exactly what most of us said would probably happen in the event of even a "mini-deal" being passed. Anything under 1.86-ish in 10's is a boring reaction."
"according to the pres, we dodged going into recession by not raising taxes on all, that is a reason for a small rally, no?"
"RTRS - - MARKIT U.S. MANUFACTURING SECTOR FINAL PMI FOR DECEMBER AT 54.0 VS FLASH READING 54.2 AND FINAL NOV 52.8 "
"I just don't get why the huge rally? so we averted some big negatives, but fundamentally nothing "got better' it just got less worse....pretty big rally for that imo..."
"lenders imo, were conservative on monday with pricing...so i say we open about .25 to .375 worse"
"and we are holding strong at 104-16...i'll take it"
"so stocks gained what 1.3% last session on possible deal and now futures are up 1.5% now that it's actually "done"? pretty good increase...."
"i think this is one of those days where the 10 yr gets beat up but MBS holds ground"
"GM, all. 1.83? Not so bad considering. I'm dying to see where we go from here over the next few months as all that seems left is cuts and tax reform. Going to get ugly again. Happy 2013 all."
Oliver S. Orlicki
what our user's have to say
about MBS Live
» Start a
two week free trial
of MBS Live.
About the Author
Chief Operating Officer,
Mortgage News Daily / MBS Live
A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ...
MBS Live! Community
View All Email Options
This Channel Only
Around The Web
View All RSS Feeds
Discuss the MBS and Mortgage Markets on Our Streaming Dashboard
Discuss MBS and Mortgage Markets with
Hundreds of Loan Officers
on the MBS Live Streaming Dashboard.
Start a Two Week Risk Free Trial
to Post Comments
More From MND
Morgan Stanley Settles; The Importance of Water in...
(Note: Monday is a federal holiday , and there will be no commentary.) Here's a note I received from the owner of an independent mortgage bank with a libertarian...
MBS Day Ahead: Corrections Are a Way of Life, But The...
As we all know, the MBS market is personified by a big green dragon . So far in 2016, the dragon has been breathing plenty of fire. Less publicized is...
MBS RECAP: Best Levels in 2+ Years (After Big Intraday...
Bond markets came thundering in to the domestic trading session today, largely following equally thunderous moves in equities and European stock/bond markets...
MBA Sees Strong Increase in New Home Sales
The Mortgage Bankers Association's (MBA's) early estimate of new home sales for January projects a 14 percent increase compared to December. MBA bases...
Mortgage Rate Watch
Mortgage Rates at 3.5 Percent
Mortgage rates were widely available at 3.5 percent for much of the day today. At any other time from the middle of 2013 through the end of 2015, that...
Blackstone Expands; Basel's Impact on Banks; Vendor...
What's this? Fifty five thousand residents in one mile-high building? Doesn't Tokyo have earthquakes? Let's hope not everyone wants hot water at the same...
MBS Day Ahead: Yellen Speaks Again, But Bonds Left...
Stocks and bond yields ignited a fiery romance in 2016, not letting each other out of sight for almost the entire month of January. That is to say, not...
Mortgage Rate Watch
Mortgage Rates Inch Further Into 1-Year Lows
Mortgage rates barely budged today, but did manage to gain just a bit of ground. That means another 1-year low, technically, although many lenders are...
MBS RECAP: Bonds Stay Happy as Yellen Fails to Reverse...
To be fair to Fed Chair Yellen, it was too much to ask of her to concoct some secret combination of words that would magically help stem the tide of recent...
HUD Budget Targets Ending Homelessness among Families
The Department of Housing and Urban Development (HUD) said on Tuesday that its proposed budget for Fiscal 2017 will include $48.9 billion in gross discretionary...
Refi Demand Surges Amid Falling Rates -MBA
Average mortgage rates declined during the week ended February 5, in at least one case to the lowest level in nearly three years. In response there was...
MBS Day Ahead: Why So Many People Have Been So Wrong...
Who has the mic? Who's wielding the pen? Whose opinion are you digesting as you build your sense of what "they" think is going to happen...
MBS RECAP: Stocks and Bonds Consolidate Big Moves
Stock prices and bond yields closed at their lowest levels in more than a year yesterday. Today was largely spent consolidating that move. With Chinese...
Mortgage Rate Watch
Mortgage Rates Well Into Mid 3's
Mortgage rates kept moving lower today as global financial markets remain in distress. This time around, the improvement wasn't as much about the bond...
Foreclosure Metrics Declined nearly a Quarter in 2015
The number of properties in the process of foreclosure nationwide dropped by nearly a quarter from the end of 2014 to the end of this past year. CoreLogic...
Training and Seminars; Ops VP Weighs In on TRID
"Have you heard the latest statistics joke? Probably." CNN reports the latest data from the IRS finds the top 10% of Americans make $128,000 in minimum...
MBS Day Ahead: This Road Leads to New All-Time Low...
"It's the middle of the night on February 8-9th 2016, and 10yr yields are trading in the mid 1's." That's not a phrase many people...
MBS RECAP: Bonds Surge as New Fears Replace Oil
Forget oil--mostly. There's a new bad boy in town over the weekend, and he's making just the sort of mess that Treasuries and MBS like to see....
Mortgage Rate Watch
Mortgage Rates Rocket to Lowest in a Year
Mortgage rates dropped significantly today, officially hitting the lowest levels in almost exactly 1 year. For most lenders, that means a conventional...
Housing Attitudes Take Turn For The Worse
Affordability is becoming an issue based on more than just rising interest rates and rising home prices according to the latest Home Purchase Sentiment...
View More at the Market Data Center
30 Yr FRM 3.66%
15 Yr FRM 2.98%
Jumbo 30 Year Fixed 3.48%
30YR FNMA 4.5 108-17
30YR FNMA 5.0 110-15
30YR FNMA 5.5 111-32
Recent Housing Data:
Register for Free
Learn About MBS Live!
2 Week Free Trial
Become a Contributor
Around the Web
Current Mortgage Rates
Local Mortgage Professionals
Local Real Estate Professionals
+Add Your Free Listing
+Add Your Company
Recent Press Releases
Submit a Press Release
Submit a News Tip
Submit a Link to News
Contact Our Press Team
Founded in 2004, Mortgage News Daily has established itself as a leader in housing news, analysis and data. Our innovative social media platform combines industry leading content and data with an active community of industry professionals, to accomplish our primary goal - keeping our readers informed.
Subscribe to Our Newsletter
Follow On Your Mobile Device
Subscribe To RSS
Follow On Twitter
Follow On Facebook
All Content Copyright © 2003 - 2016 Brown House Media, Inc. All Rights Reserved.
Reproduction in whole or in part in any form without the express written permission of MortgageNewsDaily.com is prohibited.