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While day trading occupied the minds of fixed income market participants yesterday, prices of mortgage backed securities managed to tick higher, despite considerable gains in stocks. Rates moved higher in the opening hours of the session, however as losses were recovered later in the day, several lenders...
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Last week ended basically where it began with prices of mortgage backed securities moving sideways near record highs and mortgage rates holding steady near six month lows. MBS traded in a very narrowing range as the week progressed which allowed lenders to publish base 30 year conventional mortgage rates...
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Following a somewhat disappointing 30 year bond auction yesterday, prices of mortgage backed securities plummeted and mortgage rates moved higher as lenders repriced for the worse. The economic calendar, like the previous four days of the week, is light today with only one report being released, International...
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The other day my boss commented that, "If every employee contributed half of their life savings to our firm, we'd be on the road to profitability!" I knew things were getting tough when they replaced "Bring Your Child to Work Day" with "Bring Your Child to do Work Day"...
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The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between August 13 and August 19, the Federal Reserve purchased a gross total of $26.640 billion agency MBS. After subtracting sales (providing liquidity/the roll) the Fed's...
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Last week mortgage rates were up, then they were down, then they were up again, then on Friday they finally moved under 5% again. Following a successful auction of 7 year notes on Thursday and weaker than expected economic data on Friday many lenders repriced for the better...bringing mortgage rates...
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Not too often do we see a MBS rally this much on a Friday. Currently, Mortgage-Backed Securities are up around half a point in price (the higher the price, the lower the yield) which has allowed most lenders to improve rate sheets this afternoon. As all things market-related tend to slow down the farther...
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The theme of the week continues. Mortgage rates move down, then move up, then down, then up again! Are you pulling your hair out? Mortgage backed securities were again unable to hold onto early morning gains following a less than expected read on Durable Goods orders. A very disappointing Treasury auction...
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In what has become a common occurrence of late, mortgage rates failed to hold below 5%. Following a sizable rally earlier in the week, mortgage backed securities prices fell nearly a full point yesterday. Consequently lenders were forced to reprice for the worse multiple times and mortgage rates moved...
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Mortgage backed securities and treasuries went on quite a rally yesterday following Ben Bernanke's first day of testimony on Capitol Hill. After opening to the downside, the fixed income sector started to gain momentum during Mr. Bernanke's testimony as he gave details on the Fed's expectations...