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MBS Basics:   Part 1  |  Part 2  |  Part 3  |  Part 4  |  The Gut Flop
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  • Now We're Rolling

    by Matthew Graham on April 30 2008, 6:51 PM
    Now we just touched 9/32nds improvement on the day, with the 5.5% coupon at 100-15. We would only have to hold this gain for a short time to see rate improvements (although lenders may be slow to release them).
  • Improving

    by Matthew Graham on April 30 2008, 6:49 PM
    We've now touched 100-12 on the 5.5% coupon which is the best it's been since early this morning. If we hold these levels, even for a little while, we may now begin to see improvements, but we'd have to hold steady at these levels.
  • Givething and Takething

    by Matthew Graham on April 30 2008, 6:29 PM
    the 4/32nds we got is gone again (for now). Certainly not time to think about locking yet, but still no improvements likely. The probable result of today's action is that we are going to see the big market movements in the next two days. FYI, 10 year...
  • Yawn...

    by Matthew Graham on April 30 2008, 6:25 PM
    The mighty maelstrom for which we had prepared is certainly proving to be a mild breeze. MBS back on the positive side to the tune of 3/32nds. Yet again, this is not enough for a reprice for the better. Fire up the BBQ, call up the track about that tee...
  • How Boring...

    by Matthew Graham on April 30 2008, 6:20 PM
    Still holding Steady! I suppose the boilerplate verbiage hasn't inspired buyers or sellers to take more action than the other. We have picked up about 4/32nds in the last 3 minutes, but it's far too soon to expect a reprice for the better. Whatever the...
  • Still holding steady

    by Matthew Graham on April 30 2008, 6:19 PM
    Very heavy trading, with 5/32nd swings taking place from second to second, however, it has not ticked down more that 1/32nd for more than 5 seconds. Stay on target...
  • .25 point cut - more of the same verbiage

    by Matthew Graham on April 30 2008, 6:16 PM
    expects inflation to moderate, but there is uncertainty. past monetary policy actions should help to foster moderate growth over time MBS is holding dead even currently day over day in very heavy trading.
  • Just to be aware as we move forward

    by Matthew Graham on April 30 2008, 6:09 PM
    If all else fails, or if there is some problem with either your or my internet connection, 10 year treasuries have been tracking well with MBS recently. This is no guarantee that they will after the FOMC announcement, but if, for whatever reason you don...
  • Down just a bit so far

    by Matthew Graham on April 30 2008, 3:24 PM
    MBS are down 3-4/32nds off their highs of the day. It's not guaranteed that you will see any price worsening because of this, but it is a possibility.
  • All Aboard!

    by Matthew Graham on April 30 2008, 1:34 PM
    Despite numerous pieces of data, trading is still calm before the FOMC announcement at 2:15PM Eastern. So with MBS holding steady overnight, and wild fluctuations in rates likely holding off until after 2:15pm, I'll issue your second boarding call for...
  • verbatim text of announcement

    by Matthew Graham on April 30 2008, 1:18 PM
    [14:16 US FED: Verbatim of April 30 FOMC Statement] Boston, April 30. The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 2 percent. Recent information indicates that economic activity remains...
  • Like a Kid In The Ocean...

    by Matthew Graham on April 29 2008, 7:11 PM
    I'm from Oregon, so those of you from warmer climates may not catch the analogy. When we were younger, no one would just walk out into the ocean. There would be a series of runs in followed by frantic dashes back out as our legs began to freeze. It was...
  • off the highs

    by Matthew Graham on April 29 2008, 4:55 PM
    we've lost about 4/32nds of ground since many lenders released pricing. Some potential reprices for the worse now.
  • Home Prices Continue to Fall, MBS improve again

    by Matthew Graham on April 29 2008, 1:12 PM
    Let's get straight to the news: Our favorite Home Price Index, Case-Shiller, released this morning, shows the sharpest decline in home prices since Robert Shiller created the index in 2001. Values were down 12.7% year over year. The dollar has strengthened...
  • No lock alerts to report

    by Matthew Graham on April 28 2008, 8:14 PM
    Prices have been steadily improving today on a nice even upwards curve. As such, there have been no lock alerts to report. Hopefully you have seen some decent reprices for the better. you should have gotten around a .25 improvement on the day. The next...
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.63%
  • |
  • 15 Yr FRM 4.12%
  • |
  • Jumbo 30 Year Fixed 4.54%
MBS Prices:
  • 30YR FNMA 4.5 104-02 (0-02)
  • |
  • 30YR FNMA 5.0 105-24 (0-01)
  • |
  • 30YR FNMA 5.5 106-31 (0-11)
Recent Housing Data:
  • Mortgage Apps -2.60%
  • |
  • Refinance Index -3.69%
  • |
  • Purchase Index -1.98%