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MBS Basics:   Part 1  |  Part 2  |  Part 3  |  Part 4  |  The Gut Flop
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  • Nose Dive

    by Matthew Graham on May 09 2008, 1:44 PM
    MBS prices are now in negative territory on the day, a huge swin from 10 minutes ago. If by some miracle you have rates already or have 24 hour lock ability. Lock 'em up. That's the safest play at least.
  • Good Morning and Good Morning

    by Matthew Graham on May 09 2008, 1:18 PM
    That was both a salutation and descriptive phrase for the MBS market. Trading is pretty heavy at the moment and we're anywhere from 4-7/32nds improved over yesterday bringing the 5.5% coupon the big leagues at 101-00. Just one economic release today,...
  • At the Highs of the Day

    by Matthew Graham on May 08 2008, 7:24 PM
    the 5.5% coupon is at 100-29 currently, which means we will be seeing a handful of the most aggressive lenders offering 5.5% 30 year fixed conforming at PAR or better. Reprices for the better should be coming if we hold over 100-28 for 30 more minutes...
  • Reprice Risk Waning

    by Matthew Graham on May 08 2008, 5:16 PM
    Even though the 5.5% coupon made it all the way down to 100-22, we pulled a bit and have leveled off around 100-25, which probably will prevent any reprices that have not already hit. I think, based on the graph that the secondary market will be looking...
  • off the highs of the day

    by Matthew Graham on May 08 2008, 3:53 PM
    the 5.5% had dropped from 100-29 down now to 100-24. This may prompt some lenders that priced aggressively or around the 11AM time frame to reprice for the worse very soon.
  • Insider Info

    by Matthew Graham on May 08 2008, 2:53 PM
    MBS are doing great this morning, with the 5.5% now at 100-25! But there is a caveat. The spreads between treasuries and MBS are starting to get a bit "gappy' with respect to recent weeks. With the dearth of Mortgage-related headline shockers, investors...
  • MBS Faring Well Despite Better Than Expected Data

    by Matthew Graham on May 08 2008, 7:38 AM
    It was a great day for MBS yesterday as a sell-off in stocks prompted bond buying. The 5.5% coupon finished the day at 100-23 which is almost enough profit margin to bring 5.5% at PAR within reach for many wholesalers (some of the more aggressively priced...
  • Now the News picks Up! (should be a volatile day)

    by Matthew Graham on May 07 2008, 12:21 PM
    With the stock market in a fairly good mood, numerous reports suggesting we may be pulling up from our economic nose dive, numerous reports on the way, and the ten year treasury rising faster than MBS in recent weeks, we have the makings for a very action...
  • after the bell.

    by Matthew Graham on May 06 2008, 8:13 PM
    Strong earnings out from Disney after the bell are causing selling in fixed income. More reprices for the worse could be coming soon. If you think this positive sentiment in stocks may continue into tomorrow, then tonight is a good time to lock, if you...
  • Slight Drop

    by Matthew Graham on May 06 2008, 4:32 PM
    the 5.5% coupon is down about 4/32nds from the highs which may prompt a mid-day reprice for the worse from most lenders that have already released rates this morning.
  • Slight Improvement Over Yesterday with Limited Data

    by Matthew Graham on May 06 2008, 1:14 PM
    The Only Scheduled Economic Releases for Today are Store Sales which have shown a week over week decline of .2% bringing the year over year change down to 2.3%, more signs of a weakening American Consumer. In a related release, the Redbook index showed...
  • Holding Steady For Now

    by Matthew Graham on May 05 2008, 4:36 PM
    Despite some ups and downs, MBS is steady currently with the 5.5% down 4/32nds on the day at 100-13. MBS are still tracking relatively well with treasuries and the stock market. This blog will not be updated for a while as you will just be able to look...
  • Some Rebound

    by Matthew Graham on May 05 2008, 3:02 PM
    With no economic data or mortgage related headlines of note, the stock market is exerting some forces on the MBS market. With the Dow down over 100 points right now, MBS have rebounded a bit with the 5.5% coupon back up 100-13. That's only an eighth in...
  • Starting to See Some Noise (the unpleasant kind)

    by Matthew Graham on May 05 2008, 2:07 PM
    This old economy of ours seems to think it is going to make a run at pulling out of this recession. The ISM Non-MFG Survey index leaped to an unexpectedly high 52.0, appreciably higher than the 49.3 expectation. In addition, stocks are paring their earlier...
  • Quiet Monday Morning for MBS

    by Matthew Graham on May 05 2008, 12:59 PM
    This will just be a prologue for the rest of the day. MBS is dead even on the day so far as we wait for the stock market to open and for the moderately important ISM non-manufacturing survey index. ISM is the only scheduled data for today, so the stock...
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.15%
  • |
  • 15 Yr FRM 3.90%
  • |
  • Jumbo 30 Year Fixed 4.07%
MBS Prices:
  • 30YR FNMA 4.5 104-07 (-0-00)
  • |
  • 30YR FNMA 5.0 105-18 (0-00)
  • |
  • 30YR FNMA 5.5 106-27 (0-00)
Recent Housing Data:
  • Mortgage Apps -2.47%
  • |
  • Refinance Index -2.02%
  • |
  • Purchase Index -2.63%