The earlier recap referred to today as an 'extended weekend,' and that continued to be unofficially the case for the rest of the session. Depending on the sector of bond markets, volume was in line with the quietest sessions of the year, and through the 3pm close, 10yr Treasuries indeed experienced their lightest volumes since New Year's Eve. The light volumes gave way to weakness in benchmark yields today, but in the context of last week's "post-Italian election" range, it's just as much incidental as anything. It was far less to ask of 10yr yields to ebb higher toward the mid-point of that range than it was to break lower past the 1.84 technical floor. For their part, MBS limped along admirably, coming into the session roughly breaking even with Friday, losing a bit less ground than 10's, and holding at or above session lows at 103-17 in Fannie 3.0s. There were no significant pieces of data or economic events, and only ISM Non-Manufacturing tomorrow. Even so, we'd expect activity to build toward the end of the week, when the big-ticket events start hitting.
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Live Chat Featured Comments
Christopher Stevens : "REPRICE: 2:08 PM - Chase Better"
Christopher Stevens : "SV- was it a rejection? There was nothing out that would make the 10YR dip below 1.84 for any length of time today. I assume we will be in this holding pattern until at least Wed morning."
Matthew Graham : "I wouldn't read too much into it. Low volume, and nothing going on. It would mean more to see a big bounce on Thursday and/or Friday IMO."
Scott Valins : "big rejection of 1.84 today"
Christopher Stevens : "quite a pattern in the 3.0 today"
Oliver S. Orlicki : "stocks refuse to sell off"
John Tassios : "I saw that 60 Minutes report last night, Tim / Looks like China may have a 2007 type meltdown with all f this overbuilding"
Matthew Graham : "nice write-up on the whole thing in NYT just a bit ago actually: http://dealbook.nytimes.com/2013/03/04/chinas-push-to-cool-down-housing-raises-questions/"
Matthew Graham : "it's strangely juxtaposed with the overnight news that the Chinese government is taking new steps to keep buyers out of the market and keep prices down.'"
Chip Harris : "I saw that quite a few months ago. Must have been a replay. Pretty crazy stuff."
Tim McNerney : "anyone see 60 Minutes last night with thos CHINA created cities that have noone living in them...talk about a real estate bubble coming"
Sunny Singh : "pacunion has 1 point hit....check out rate sheet at pacuniondirect.com"
Michael Mitchell : "Quick Question- Does anyone have a lender that has a "half point hit" for flipped properties? I have lenders that do flips and lenders that don't- But no lender that has a hit..."
Mike Drews : "I have had that happen about 5 times Chip"
Chip Harris : "That possible? I thought that MDIA required full disclosure on all loans."
Chip Harris : "I have a borrower that is threatening to leave me because his current servicer says that can do a HARP loan for him without having to provide any income or assets and no need to even complate an application?"
Michael Brasher : "Scott- Yes on a conventional loan, we showed that every payment made was through business. our UW was ok with it some of the mi companies where not, we ended up using Radian as they accepted our UW decision. "
Scott Valins : "anyone had success getting a car payment ignore by showing paid through biz even though only had car for 7 months and therefore not long enough to show 12 payments?"