The FN 4.0 is currently -0-03 at 98-03 yielding 4.196% and the FN 4.5 is trading -0-04 at 100-22 yielding 4.418%. The secondary market current coupon is 4.374%. Here is a look at the FN 4.5 week over week chart... When looking for directional guidance we turn towards our benchmark big brothers with a...
The National Association of Realtors released Existing Home Sales data this morning. Think about the materials that go into building and maintaining a home....WOOD, STEEL, PLASTICS, WIRING, PIPING, CONCRETE, GLASS, ELECTRICITY, FURNITURE, CARPETING ,ELECTRONICS, APPLIANCES....LABOR. How about the commissions...
Mortgage rates are moving higher this morning as prices of mortgage backed securities have been led lower. To remind readers, as the price of MBS move higher lenders can offer lower mortgage rates and as the price of MBS moves lower, lenders are pressured to offer higher interest rates. The only data...
Last week consumers who were floating loans watched mortgage rates rise almost 0.25% by Friday. After touching five month lows in the previous week, better than expected economic data and corporate earnings reports pressured prices of mortgage backed securities lower which resulted in lender's raising...
The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurriedly sold their fixed income investments ahead of the FOMC statement. This led to MBS falling below the recent range and a few lender reprices for the...
Equity markets areheading into the weekend on an optimistic note as modest gains have been extended after housing data bolstered sentiment and the Federal Reserve chairman said a global recovery was underway. At 1:30, the benchmark S&P 500 was leading with a 1.66% gain 1,024 after hitting a 2009...
Existing Home Sales +7.2% higher. Annual rate 5,240,000 sales per year......much better than expectations for 4,890,000 sales per year. Stocks instantly shot higher and TSY prices plummeted. Consequently the FN 4.5 has fallen 12 ticks from 100-11 to 99-31. REMEMBER: trading flows are thin. pricing movements...
Sales of existing homes saw their first back-to-back increase in nearly four years last month, but while the percentage gain in May was encouraging, the actual level of sales was lower than expected due to downward revisions. The pace of all existing home sales rose 2.4% in May to 4.77 million, up from...
After dropping 3.06% to begin the week yesterday, S&P 500 futures are moderately higher before Tuesday’s opening bell. Twin releases from the real estate market will help determine if those gains can be extended upon. The monetary policy meeting from the FOMC begins this morning but no announcements...
Investor sentiment remains optimistic this morning after markets surged on Tuesday following a consumer confidence report that rose beyond all forecasts. European and Asian markets followed suit on Wednesday, with the Nikkei closing with a gain of 1.37%, the Shanghai up 1.71%, the German Dax up 0.13...