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  • MBS ALERT: Reprices for Worse Likely

    by AQ on July 15 2009, 12:18 PM
    REPRICES FOR WORSE LIKELY AS S&P MAKES NEW INTRADAY HIGHS AND YIELD CURVE STEEPENS. CURRENTLY 10 YR YIELD AT 3.58% AND FN 4.5 AT 99-08. THIS IS WELL BELOW PRICE LEVEL OF WHERE INVESTORS PUBLISHED RATE SHEETS. REPRICE FOR WORSE LIKELY....
  • MBS MORNING: Volatility Having Snowballing Effects on MBS

    by AQ on July 15 2009, 10:35 AM
    The bond market is definitely in defensive mode as equities blasted through several technical resistance levels this morning. Consequently there was strong selling of benchmark TSY notes this morning, so far 520K contracts have bee traded already...that...
  • MBS OPEN: Headline CPI Adds Fuel To The Fire

    by Matthew Graham on July 15 2009, 8:30 AM
    June CPI * Headline CPI = +0.7% (consensus = +0.6%) * CORE CPI (excludes food/energy) = +0.2% (consensus = +0.1%) * Year over year still down 1.4% * Year over year consensus right on the money with actual year over year core = +1.7% * Largest rise in...
  • MBS CLOSE: Technical Crossroads

    by Matthew Graham on July 14 2009, 5:47 PM
    If it seems that each new day brings a new fork in the road for MBS prices that reflects the theme of "waiting for guidance." As discussed, the reconnection between indicators, headlines, and securities prices continues. Whereas there were broad...
  • MBS AFTERNOON: Volatility Leads Rates Higher

    by AQ on July 14 2009, 3:36 PM
    Interest rate option volatility has increased a few bps this afternoon...leading to lower TSY note prices and higher benchmark interest rates (some profit taking in there too). This has occurred in healthy volume as I see 820K 10 yr contracts traded today...
  • MBS LUNCH: Narrowing Range, Off The Lows

    by Matthew Graham on July 14 2009, 1:03 PM
    The range of MBS prices continues to moderate with lower highs and higher lows. Whether you want to call this a triangle or a wedge or a wedgy triangly sort of thingy, the only way to do justice to the phenomenon is with the return of a not-so-old friend...
  • MBS MORNING: Classic Buy Rumor Sell News

    by AQ on July 14 2009, 10:30 AM
    In MBS world volume is apathetic at best. Yield spreads are slightly wider as the FN 4.5 is feeling the effects of a steeper yield curve and higher options volatility. Parnertia is however keeping prices close to 100-00...fixed income remains skeptical...
  • MBS OPEN: Data Hurts...

    by Matthew Graham on July 14 2009, 8:26 AM
    Last Session Recap * lost some on limited data * stock rally hurt tsy's * tsy spending gave pause * earning's season buzz mounting Early Trading * retail sales in at +.0.6% (consensus +0.5%) * PPI up BIG +0.5% CORE vs. consensus +0.1% * Big hurt...
  • MBS CLOSE: Bullish Stocks Make Sellers Out of MBS and Tsy's

    by Matthew Graham on July 13 2009, 5:11 PM
    This morning kicked off with everyone's favorite equities analyst Meredith Whitney out with some bullish comments on earnings. This set a positive tone for stocks for the rest of the day. Seeing as how further stock losses are one of the components...
  • MBS ALERT: Yet Lower...

    by Matthew Graham on July 13 2009, 3:19 PM
    Lenders that haven't already reprice for the worse may now be inclined to do so as we are at the lowest point of the last two sessions by a decent margin... Two important things to remember here: - this is not data driven and it is occurring after...
  • MBS ALERT: Benchmarks Lead Us Lower

    by AQ on July 13 2009, 2:40 PM
    Rate sheet influential MBS have been jolted from their range by a higher stock indices and a rise in benchmark yields. The FN 4.5 has fallen to 100-10 from 100-17, which would be enough reason for lenders to reprice for the worse. MBS/TSY spreads have...
  • MBS LUNCH: Oh No Stocks Are Rallying!!!

    by AQ on July 13 2009, 12:59 PM
    OH NO...stocks are rallying!!!!!Since stocks are trading higher on the day you would expect Treasuries and MBS to be selling off right? Nope. Not Happening. Pretty stable interest rate environment so far today, volume is light in the 10 yr sector as I...
  • MBS MORNING: Up in Coupon in Slow Trading

    by AQ on July 13 2009, 10:37 AM
    The FN 4.5 was choppy early on in the session, but has since found a range and is now taking directional guidance from the gyrations of the yield curve (and swaps).Mortgage rates are slightly higher from Friday as lenders await CONFIRMATION....(fall out...
  • MBS OPEN: Still More Questions Than Answers

    by AQ on July 13 2009, 7:53 AM
    Risk Aversion consumed the marketplace this week. Treasury yields fell as stocks weakened. The price of oil plummeted and the dollar lost ground on several currencies. The markets are in search of confirmation of these recent trends. This week market...
  • MBS AFTERNOON: Markets Set Up for Confirmation

    by AQ on July 10 2009, 2:30 PM
    Isnt it interesting that the S&P has moved to just about its weakest levels of the week (bearish) and the 10 yr has ticked down to its lowest yield of the week (bullish)? Thats for good reason...because markets are in WAITING MODE...LOOKING FOR GUIDANCE...
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.77%
  • |
  • 15 Yr FRM 3.05%
  • |
  • Jumbo 30 Year Fixed 3.58%
MBS Prices:
  • 30YR FNMA 4.5 108-19 (-0-01)
  • |
  • 30YR FNMA 5.0 110-18 (0-01)
  • |
  • 30YR FNMA 5.5 111-25 (-0-03)
Recent Housing Data:
  • Mortgage Apps -2.58%
  • |
  • Refinance Index 0.28%
  • |
  • Purchase Index -7.02%