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  • MBS OP-ED: ARM Resets

    by Bill Berliner on March 25 2009, 5:23 PM
    It is interesting that after an initial downdraft, conforming fixed mortgage rates remain high relative to other rates (such as 10-year Treasury yields). Given the consolidation in the lending industry experienced over the past few years, loan pricing...
  • MBS ANNOUNCEMENT: A Treat For Readers

    by AQ on March 25 2009, 5:01 PM
    We are happy to announce that we are adding another educated and experienced perspective to our content line up.... In the process of publishing and moderating Mortgage News Daily we get the pleasure of observing some of the most informed and intellectual...
  • MBS UPDATE: Back In The Saddle Already!

    by Matthew Graham on March 25 2009, 3:42 PM
    Choppy Day, so who knows how long this will last, but we're already back to previous levels with 4.0's at 100-05 and 4.5's at 101-23, thus confirming the aforementioned minimal risk of reprices. More to follow if it's necessary.
  • MBS UPDATE: Ticking Down Just Slightly After Close

    by Matthew Graham on March 25 2009, 3:30 PM
    Stocks are on the move up since 3pm. Decreasing liquidity has given a bit of the advantage back to sellers at the moment. APRIL FN30 _____________________________ FN 4.0 -------->>>> -0-04 to 100-02 from 100-06 FN 4.5 -------->>>>...
  • MBS AFTERNOON: INTERESTING HOUR

    by AQ on March 25 2009, 1:45 PM
    Post auction MBS behavior has been quite interesting to say the least. A few reprices for the worse were noted and even a reprice for the better (perhaps that lender is getting nervous about their ability to fulfill/deliver their promised amount of loans...
  • MBS ALERT: REPRICE FOR WORSE POSSIBLE

    by AQ on March 25 2009, 1:02 PM
    THE UST5YR AUCTION DID NOT GO WELL...2.02 BTC...WEAKER THAN AVERAGE FOREIGN PARTICIPATION....HIGH YIELD = 1.849 which is 8bps higher than what the 5 yr TSY was trading at pre-auction. MBS DID NOT REACT WELL TO INCREASED TSY YIELDS...SELLING OF MORTGAGES...
  • MBS MID-DAY CHARTS

    by Matthew Graham on March 25 2009, 12:26 PM
    Here is the price action on the 4.0 MBS coupon and thrown in for good measure is the 10 yr tsy, both over the last two days, tick by tick. As you can see, MBS are tightening spreads a bit for reasons that have been and will be discussed in other blog...
  • MBS UPDATE: FED BUYING TSYs THIS AM

    by AQ on March 25 2009, 12:05 PM
    MBS is holding steady even as TSY yields fall in the belly of the curve (5s-7s-10s). The Fed began its TSY purchase program this morning which contributed to the brief (hopefully not brief ) increase in TSY prices and drop in yields. This means MBS/TSY...
  • MBS MORNING: SPREADS WIDER= TIME TO BUY

    by AQ on March 25 2009, 9:57 AM
    Ok I am done my morning musings and ready to work... It has busy session so far as mortgage bankers were quick to dispose of their supply early in the day. The Federal Reserve remains a steady demand side influence while non-tax payer funded accounts...
  • MBS OPEN: HIGHER RATES THUS FAR

    by AQ on March 25 2009, 8:09 AM
    MBS prices are down at the open after some overnight selling on the long end of the TSY yield curve. As TSYs sell MBS will too be under the same pressure (spreads tighter when TSY sell)...we welcome this as lower absolute prices helps to make room for...
  • MBS CLOSE: Uncle Ben Pulls Out The Check Book And The Crowd Swoons (but just slightly)

    by Matthew Graham on March 24 2009, 8:45 PM
    It was a 10 tick trading range today that was fairly lacklust and began leaking out into the early afternoon when the only sizeable headline event hit the wire. The Fed, in their recently adopted fashion, wasted no time in announcing an inception to their...
  • MBS UPDATE: MUTED RECOVERY

    by AQ on March 24 2009, 4:46 PM
    After the MBS sell off in the 1pm hour mortgages began making a slow and steady recovery back towards yesterdays 3pm closing marks. News that the TSY department will begin purchasing longer term TSY securities TOMORROW sparked an after hours rally in...
  • MBS AFTERNOON: SUPPLY AND DEMAND

    by AQ on March 24 2009, 1:56 PM
    The expensive stack is getting in our way!!! Remember when prices of MBS coupons skyrocket like they did last week the market will look to allow bids to cheapen up (and let MBS/TSY spreads widen). Take a fundamental supply/demand approach when trying...
  • MBS REPRICE ALERT: SELLING PRESSURE PICKS UP

    by AQ on March 24 2009, 1:16 PM
    REPRICE FOR THE WORSE A POSSIBILITY....more to follow APRIL FN30 _____________________________ FN 4.0 -------->>>> -0-10 to 99-30 from 100-08 FN 4.5 -------->>>> -0-08 to 101-21 from 101-29 FN 5.0 -------->>>> -0-08...
  • MBS UPDATE: NON FED BUYERS LIKE FULLER COUPONS...AGAIN

    by AQ on March 24 2009, 11:43 AM
    The short side of the MBS stack, your rate sheet coupons, has lost steam in its attempted recovery efforts since TSY yields began rising around 10am.... The fuller side of the stack, the profit takers money market account, continues to slowly outperform...
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.13%
  • |
  • 15 Yr FRM 3.29%
  • |
  • Jumbo 30 Year Fixed 3.92%
MBS Prices:
  • 30YR FNMA 4.5 108-04 (0-03)
  • |
  • 30YR FNMA 5.0 110-14 (0-00)
  • |
  • 30YR FNMA 5.5 112-12 (0-04)
Recent Housing Data:
  • Mortgage Apps -4.68%
  • |
  • Refinance Index -5.23%
  • |
  • Purchase Index -4.14%