Yesterday, following a better than expected read on Manufacturing and Pending Home Sales, benchmark rates backed up and prices of mortgage-backed securities moved lower, forcing several lenders to reissue new rate sheets with lower prices, therefore increasing consumer borrowing costs. The economic calendar...
Yesterday, prices of mortgage backed securities managed to regain some of the losses suffered at the end of last week which allowed lenders to offer better mortgage rates. After the closing bell, Intel reported better than expected earnings which caused a selloff in Treasury futures. Selling then intensified...
It's not so much that the past three days have been remarkably good for MBS prices, but rather that an extended period of relatively stable bullishness that began in August merely made it two ticks higher than previous. In other words, this isn't so much about something unique happening versus...
Recap of Yesterday $40bn 5yr TSY auction stops out at 2.47% high yield. 3bps tail of 1pm "When Issued" yield. 2.4 Bid to Cover FOMC says “Economic activity has picked up following its severe downturn”, keeps short-term interest rates at exceptionally low levels “for an extended...
$40bn 5yr notes have been auctioned and the FOMC statement is behind us....and THE RANGE HOLDS!!!! Pre-FOMC statement the 10yr yield rose as high as 3.51% (100 day moving average). Post-FOMC statement the 10yr fell 12 bps to 3.40%, where resistance was run into at the 50% retracement of Sept.9 yield...
This will be brief... RANGE BOUND RANGE BOUND RANGE BOUND!!!!! HAHA..its somewhat comical at this point. Over the past month, "the range" has kept 10yr yields bouncing back and forth between 3.37 and 3.50...and more recently 3.44 and 3.50. Its been almost too easy...so easy it makes nervous...
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mortgage-backed securities did manage to move marginally higher following a successful auction of 2 year Treasury notes, which saw the highest demand in over...
Activity in the rates market has slowed following the 2yr note auction....even before then there wasnt much to discuss. This was expected as traders get flat (exit positions) ahead of the FOMC statement tomorrow. Here is a rundown of market action... Rate sheet influential mortgage backs are essentially...
( This Paragraph Appended at 12:05 PM: Prices have fallen 8 ticks in less than 10 minutes. Potential Reprices for the worse, but this has not taken us out of the range-bound channels we've been discussing recently as we are exactly at 100-12. This is 3 ticks down on the day and any trading sentiment...
After holding steady near the top of the current trading range, mortgage backed securities came under selling pressure yesterday afternoon as stocks rallied off intraday price lows. Several lenders repriced for the worse as MBS losses held into to the close. Despite the price decline of MBS and maringal...