After going out in the 3.22 range last night, the benchmakr 10yr TSY note pushed higher out the gate this AM all the way up to 3.28% where support was found in unison with a modest decline in equities. Despite their recent fall, stocks have already shown potential support around their opening levels...
Our tension level remains high this morning as tactical day traders squeeze out every last drop of short seller profit in the belly of the curve all the way through the ultra long end. Spec long bond shorts and bear steepeners vs. 30s aren't expected to be unwound anytime soon but the 2s/10s portion...
10AM data is out. So much for a strong Chicago PMI number yesterday.... ISM came in on the screws but worse vs. the August print and the lowest read since November09. New orders and production declined, but inventories rose. I don't see this as a positive, I see it as businesses not finding enough consumers...
Mortgage rates were priced at the most aggressive levels of our era on Wednesday following a steady stream of disappointing housing data that sent stock indexes lower. Rates did back up a few basis points yesterday for what seemed like no reason besides rally exhaustion, but we got those losses back...
Mortgage rates are down. Mortgage rates are even lower! Mortgage rates are at new 2010 lows!! Mortgage rates are HIGHER!!! That's the most economical way to describe the directional movements of mortgage rates this week. Although the road was rocky (lots of reprice watching), mortgage rates generally...
Let's recap the week before discussing what happened today. MONDAY : Mortgage Rates Rise as Flight to Safety Reverses Course Mortgage rates rose after the European Union announced over the weekend an official plan to address growing debt problems in their member countries, specifically Greece, Portugal...
After a two day losing streak, mortgage rates found stable footing yesterday afternoon as a rally in the benchmark Treasury market helped move mortgage-backed security prices higher which allowed lenders to reprice mortgage rates for the bette. Our busy week of economic data and influential events comes...
For most of yesterday's trading session it appeared mortgage rates were destined to move higher. Benchmark Treasury yields and mortgage-backed security prices opened lower and held near their weakest levels of the year all the way into the 7-year Treasury note auction. Many lenders actually repriced...
Today we got the "final" read on Q4 GDP. I say "final" because this report will be revised for years to come, it just won't be highly publicized. The market was expecting Q4 GDP to come in around +5.9%. This would have been no change from the "preliminary" GDP print...
While benchmark Treasury yields moved slowly higher throughout the course of the week as our government auctioned debt to raise spending money, mortgage-backed securities managed to maintain a pretty consistent price range. After all was said and done and the auctions were behind us, mortgage rates were...