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MBS Basics:   Part 1  |  Part 2  |  Part 3  |  Part 4  |  The Gut Flop
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  • MBS slide after home sales data

    by Matthew Graham on March 24 2008, 2:07 PM
    Existing home sales posted a long-forgotten gain of 2.9% to 5.03 million, unexpected news, and higher than the expectation of 4.85 million. Stocks are rallying on the news and bonds are sliding. If you already received rates this morning, locking may...
  • Pre-Open News: Unfriendly to MBS

    by Matthew Graham on March 24 2008, 12:53 PM
    As mentioned on Friday, in the absence of economic reports, "headlines" are moving the MBS and futures markets in early trading. Recall that last week, we ended on a high note with the MBS holding it's gains from Thursday despite a rally in the Dow on...
  • Going Into The Weekend

    by Matthew Graham on March 20 2008, 5:53 PM
    Lots to consider... It doesn't appear rates will get worse by the end of the day, but it is also not a strong probability of improvements (though some lenders have repriced for the better, most won't. Feel free to float up until your lock cutoff and then...
  • No Locks Yet

    by Matthew Graham on March 20 2008, 3:24 PM
    If you haven't locked already, don't. I know that those of you with access to bond pricing may be seeing negative numbers currently, and though they did bounce down for a moment, the live feed shows both 5.0 and 5.5 coupons holding steady at even on the...
  • Keep Hope Alive

    by Matthew Graham on March 20 2008, 2:38 PM
    I hate to say it (and jinx it), but the market is almost behaving predictably today! Haven't seen that in a while. So as stocks have halted at a 100 point gain, the losses in MBS have stopped. We're currently holding even on the day, which is a good sign...
  • Be Alert

    by Matthew Graham on March 20 2008, 2:04 PM
    Philly Fed survey was released better than expected, but down almost 5% nonethleess. LEI was released in line with expectations confirming our recessionary trend. We will have to carefully watch the market's reaction to these numbers. When releases are...
  • Looks Like Floating Was A Good Idea (part 2)

    by Matthew Graham on March 20 2008, 12:51 PM
    With the LEI (leading economic indicators) report and Philly Fed Survey yet to be released this morning, it is still too early to say definitively, but MBS look to improve again today on worse than expected economic data. The Jobless Claims number was...
  • looks like floating was a good idea

    by Matthew Graham on March 19 2008, 7:15 PM
    potential reprices for the better now. in additional news the FHLB is working on a proposal to allow greater investment into MBS. This news is not out yet, but stay tuned for more details. The Dow tanked, which, as discussed would be a likely indicator...
  • another heads up

    by Matthew Graham on March 19 2008, 5:15 PM
    FNMA 5.5% just ticked down under the 101-04 line, which it has done three times today. If your lender already repriced today, they are not likely to worsen, but if they did not reprice yet, locking is the safer choice. We'll probably avert the reprice...
  • Heads up 12:43 PM EDT

    by Matthew Graham on March 19 2008, 4:43 PM
    We've seen several sharp swings today of more than 4/32nds with each swing. I was about to issue another reprice warning, but we ticked back up 4/32nds in the time it took me to open the window. Keep sitting tight. If you can't monitor this website for...
  • Turned the corner

    by Matthew Graham on March 19 2008, 3:57 PM
    After a steep slide from 11AM -11:30, we've now turned the corner and have come back to 101-06 on the 5.5% coupon. If you didn't lock in, you can float until we get some more data.
  • Bonds Sliding a Bit

    by Matthew Graham on March 19 2008, 3:34 PM
    Some lenders may reprice for the worse. Stay tuned for more.
  • MBS Feeling Better After A Rough Night Out With Uncle Ben

    by Matthew Graham on March 19 2008, 1:46 PM
    It was a rough afternoon for MBS to a certain extent yesterday. Compared to their cousin, the 10 Year Note, they fought off the onslaught of the stock rally very well, but ended up losing quite a bit of ground nonetheless. We've recouped about half of...
  • back down again

    by Matthew Graham on March 18 2008, 8:24 PM
    With the dow up 420, bonds were forced to sell off with the FNMA MBS down again in the 100-22 range.
  • Opportunists Buying

    by Matthew Graham on March 18 2008, 7:37 PM
    We're already starting to see signs of the MBS picking itself up by its boot-straps. We're almost back to the floor we feel through earlier at 101-01. I'll update you by the end of the session to let you know if the trend continues.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.78%
  • |
  • 15 Yr FRM 3.43%
  • |
  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 105-06 (0-02)
  • |
  • 30YR FNMA 5.0 106-24 (-0-06)
  • |
  • 30YR FNMA 5.5 107-21 (-0-12)
Recent Housing Data:
  • Mortgage Apps -2.18%
  • |
  • Refinance Index -7.75%
  • |
  • Purchase Index 0%