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MBS Basics:   Part 1  |  Part 2  |  Part 3  |  Part 4  |  The Gut Flop
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    by AQ on January 06 2009, 2:08 PM
    Seeing some profit taking but we dont believe the selling has anything to do with the FOMC minutes... Fn 4.0-> +0-26+ to 100-30 Fn 4.5-> +0-26+ to 102-10 Fn 5.0-> +0-18 to 103-01+ Fn 5.5-> +0-19 to 103-12+ Fn 6.0-> +0-12 to 103-24 We have...
  • MBS UPDATE: Waiting on Reprices

    by AQ on January 06 2009, 1:47 PM
    After "sittin sideways" through the lunch hour...the rally as resumed. At this point we are expecting re-prices for the better, however in this brave new MBS world we are skeptical of lender's willingness/ability to participate in the "down...

    by AQ on January 06 2009, 11:41 AM
    Here is a snapshot of the stack... Fn 4.0-> +0-21+ to 100-24 Fn 4.5-> +0-22+ to 102-06+ Fn 5.0-> +0-18+ to 103-02 Fn 5.5-> +0-20 to 103-13+ Fn 6.0-> +0-12 to 103-24 The feverish pace has slowed to a sizzle but we are nonetheless drastically...
  • MBS ECON: Feverish "Down in Coupon" Pace

    by AQ on January 06 2009, 10:01 AM
    The NAR Pending Home Sales Index came in at 82.3, down 4.0% from October. This reading was weaker than even the worst of expectations and was the worst reading since EVER. The NAR blames "job losses and very weak consumer confidence". Factory...
  • MBS Morning: More Down in Coupon

    by AQ on January 06 2009, 8:50 AM
    Good Morning. It's a down in coupon day again.... Fn 4.0-> +0-12+ to 100-16 Fn 4.5-> +0-12+ to 101-29 Fn 5.0-> +0-09 to 102-24+ Fn 5.5-> +0-08+ to 103-02 Fn 6.0-> +0-06 to 103-18 There is word of real money buying this morning, no confirmation...
  • MBS Open: Split Stack

    by AQ on January 06 2009, 8:06 AM
    At the open.... Fn 4.0-> +0-00+ to 100-03+ Fn 4.5-> +0-03+ to 101-19+ Fn 5.0-> +0-00+ to 102-15 Fn 5.5-> +0-04+ to 102-30 Fn 6.0-> +0-02+ to 103-14+
  • MBS Update: Calling All Mortgage Professionals

    by AQ on January 05 2009, 10:38 PM
    DOWN IN COUPON IS THE THEME So the Fed is buying. I guess Hank and Ben are friends of MBS again. For now at least that is.... COUPON STACK (after close trades included) Fn 4.0-> +0-23+ to 100-03+ Fn 4.5-> +0-15+ to 101-16+ Fn 5.0-> +0-18 to 102...
  • MBS Update: Progressively More Positive

    by AQ on January 05 2009, 3:45 PM
    After a brief selloff, the 4.5 continued its slow climb but has since failed its first test of the intraday high of 101-19, this short term ceiling appears to be holding strong at this point. The 4.5 has sold off a bit since but, once again, this is nothing...
  • Monday 1/5...MBS back in the Triangle

    by Victor Burek on January 05 2009, 2:02 PM
    After a brief sell off, the 4.5's have managed to get back into the previously drawn triangle right at the interesection. Currently at 101-16 which is up 14 tick on the day. Risk of reprice to the worse are all but vanished.
  • MBS AFTERNOON: Below the triangle

    by Matthew Graham on January 05 2009, 2:09 PM
    Lenders that priced aggressively today may consider an eighth reprice for the worse. Yet others may still owe you a reprice for the better. So only those most sensitive of deals should consider locking. We've now seen just how powerful the impact...
  • MBS Update: Breaking Out

    by AQ on January 05 2009, 1:52 PM
    The 4.5 is breaking out of our intraday triangle....unfortunately to the downside. We dont see reprices for the worse at this point....just be aware the bid has gone sideways with a bias towards selling. If the bid continues to worsen we will post reprice...
  • MBS Morning: Exorcise the Demons!!!

    by AQ on January 05 2009, 11:10 AM
    Ok everyone get a good stretch, shake off the holiday haze and get back to your desk...vacation is over...the new year brings rejuvenated hopes for the beginning of the end....MORTGAGES TO THE RESCUE!!! The speculation that has slanted our outlook towards...
  • MBS MID-MORNING: Some Nominal Selling

    by Matthew Graham on January 05 2009, 10:22 AM
    Price action has had some "lagging spikes" as trades came in recently that were obviously either not accurate or from an earlier time today. Whether it's due to these spikes scaring buyers a bit or whether we just gained a little too quickly...
  • MBS BREAKING NEWS: Fed Purchases Start Today

    by Matthew Graham on January 05 2009, 9:21 AM
    No data on how much they are buying, but Fed says it has started to buy today. Tightening is blatantly apparent. Thanks for being patient during price declines late last week. This is what we are waiting for and this is why MBS are up better than half...
  • MBS MID MORNING: Welcome to January 2009, the month of fed buying

    by Matthew Graham on January 05 2009, 9:16 AM
    The "love" is being felt. 4.5's are up 17 ticks to 101-18. 4.0's are up 24 ticks to 100-04. Full morning post still to come...
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.01%
  • |
  • 15 Yr FRM 3.18%
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  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 108-13 (0-01)
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  • 30YR FNMA 5.0 110-22 (0-02)
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  • 30YR FNMA 5.5 111-20 (0-02)
Recent Housing Data:
  • Mortgage Apps 11.56%
  • |
  • Refinance Index 23.29%
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  • FHFA Home Price Index 0.67%