Wed, Sep 2 2009, 10:57 AM
If stocks go higher...expect too see profit taking in the rates market. If stocks keep bouncing around flat for the day, we still might see profit tak...
Wed, Sep 2 2009, 9:24 AM
As the new administration deliberates on what the government’s role should be in securing mortgage credit across the US, a national group of real esta...
Wed, Sep 2 2009, 8:18 AM
So far this AM
* ADP employment down 298k, more than expected
* Still, we're shocked ADP is even line 1 news
* Mortgage Banker's Asso...
Wed, Sep 2 2009, 8:15 AM
Equity futures are pointing slightly higher this morning, but the gains are far from comforting considering the S&P 500 slid 2.2% yesterday, led by 5....
Wed, Sep 2 2009, 8:05 AM
A slight hurdle was hit after many weeks of increasing demand for mortgage loans and new purchases, a housing industry survey said. Even with average ...
Wed, Sep 2 2009, 6:28 PM
Generally positive, with significant downside risks in the short-term, with more uncertainty than normal... That's how I'm about to describe the outl...
Wed, Sep 2 2009, 4:21 PM
I'm not happy about putting out this alert... It's the last hour of a low volume rally day and we're seeing losses that would justify reprices for th...
Wed, Sep 2 2009, 3:26 PM
The minutes from the most recent Fed meeting are out and though no measurable response is present in MBS, at the very least, it can be said that the p...
Wed, Sep 2 2009, 3:25 PM
A new study from Columbia University involving data from 700,000 mortgage loans found that loans originated by the bank were less likely to be delinqu...
Wed, Sep 2 2009, 2:55 PM
Much like Monday, early morning weakness in the fixed income sector was followed by a rally later in the day in spite of better than expected economic...
Wed, Sep 2 2009, 1:36 PM
Stocks have gone sideways after Tuesday’s major equity sell-off. Markets hardly moved when a private jobs report failed to match expectations, while ...
Tue, Sep 1 2009, 12:43 PM
After the initial knee jerk reaction to better than expected economic data, stocks rallied and the rates market sold off. However, shortly after marke...
Tue, Sep 1 2009, 11:15 AM
A key housing report that anticipates future sales posted its sixth straight monthly gain in July. The Pending Home Sales Index jumped 3.2% in the mon...
Tue, Sep 1 2009, 10:02 AM
Morning data is in....ISM Manufacturing 52.9 vs. 50.5 expected (48.9 previous), Pending Home Sales +3.2% vs. 2.0% expected (+3.6% previous), Construct...
Tue, Sep 1 2009, 8:47 AM
MBS has one supportive event behind (month end index extension) and three more ahead. BEWARE: Rate sheet influential will sell off fast if benchmark y...
Tue, Sep 1 2009, 8:30 AM
Regional reports from around the country have indicated that manufacturing conditions were improving in August, leading analysts to believe that today...
Tue, Sep 1 2009, 4:44 PM
We're finally getting enough confirmation to begin to question the summertime range. How appropriate that the successful retest of recent highs comes...
Tue, Sep 1 2009, 2:40 PM
At 1:23 PM we hit highs of the day at 100-26. Since then we're back down in a range that defines the lows of the afternoon which also coincide with t...
Tue, Sep 1 2009, 1:34 PM
Stock markets opened lower on Tuesday morning, jumped more than 1% on mostly positive data thirty minutes into the session, but in a complete reversal...
Tue, Sep 1 2009, 1:16 PM
Many mortgage lenders began yesterday with a conservative rates strategy after ealy weakness in the mortgage backed securities market. But as the day ...
Mon, Aug 31 2009, 11:40 AM
Annnnnnd we're back to the highs of the day. The FN 4.5 is currently +0-07 at 100-13. From the 20 some odd mainstream rate sheets we've seen...mortgag...
Mon, Aug 31 2009, 11:36 AM
Even though price action in the secondary market was choppy and economic reports were better than expected, conventional 30 year par mortgage rates he...
Mon, Aug 31 2009, 10:47 AM
The Mortgage Bankers Association has released their semi-annual report on the largest commercial and multi-family loan servicers. Wells Fargo/Wachovi...
Mon, Aug 31 2009, 10:08 AM
The FN 4.5 has fallen 6 ticks from a bid of 100-13 to 100-07. Currently the rate sheet influential FN 4.5 is +0-01 on the day after being as high as ...
Mon, Aug 31 2009, 8:48 AM
The Week Ahead... Supportive time of month for MBS. Massive index extension means increased demand for longer life MBS (RATE SHEET INFLUENTIAL). Impli...
Mon, Aug 31 2009, 8:47 AM
Optimism that the economy is recovering in the third quarter has allowed the benchmark S&P 500 to rebound by 52% since early March, but in the past we...
Mon, Aug 31 2009, 5:58 PM
With prices hovering nearly a half point over par in 4.5's, these are the best levels since 7/31/09 which closed a scant 5 ticks higher at 100-20. Be...
Mon, Aug 31 2009, 4:23 PM
Today's MBS rally was just too darn easy...speculative buying ahead of month index extension purchases added demand side support, then bid lists (BWIC...
Mon, Aug 31 2009, 1:38 PM
Any time charts start to take shapes similar to those seen above, reprices for the better are usually not far behind. One thing we continually mentio...
Mon, Aug 31 2009, 1:33 PM
Stocks have had a rough day in the final session of August. After a sell-off in China hurt investor sentiment in Europe, US equity markets opened lowe...
Fri, Aug 28 2009, 12:46 PM
I'm not exactly sure why, but even though we WRITE as if we expect price action like today's to occur, and even though it is getting to be less and le...
Fri, Aug 28 2009, 11:22 AM
Business at Fannie Mae was recovering mid-way through the summer, though the total value of its portfolio remains down nearly one-fifth, according to ...
Fri, Aug 28 2009, 11:19 AM
Mortgage rates continue to hold steady as prices of mortgage backed securities keep to a confined range. Economic data yesterday was as expected and ...
Fri, Aug 28 2009, 10:12 AM
Prior to the data release the FN 4.5 fell to an intraday low of 99-24. Usually this would warrant an MBS ALERT...but we didnt feel it was necessary, p...
Fri, Aug 28 2009, 8:31 AM
After ignoring logic all week, we hope the range doesnt breakdown as traders look to return "status quo" to the rates market. This could result yields...
Fri, Aug 28 2009, 8:27 AM
Stocks are looking to continue the rally from yesterday afternoon, with equity futures pointing upwards between 0.2% and 0.4%. Data at 8:30 could chan...
Fri, Aug 28 2009, 5:17 PM
Cat Stevens was so close... If he had but included the word "trader's," his uber-hit could be dusted off and added to the market theme song shelf. I...
Fri, Aug 28 2009, 3:35 PM
Although we would love nothing more than to tell you that the market will happily continue to trade in this narrow region...given the current "BETTER ...
Fri, Aug 28 2009, 1:49 PM
Instead of asking if we are stealing from future demand, maybe the better question is will there be any future demand? If you agree with ex-FHFA regul...
Thu, Aug 27 2009, 11:42 AM
Mortgage rates haven't moved much this week as prices of mortgage backed securities continue to bounce around a range. Yesterday's highlight was the T...
Thu, Aug 27 2009, 10:01 AM
Some of the lenders and servicers most closely associated with conditions that led to the subprime mortgage meltdown are now in line to receive billio...
Thu, Aug 27 2009, 9:47 AM
Considering that the opening commentary rather casually discussed a 10 tick drop in prices, it occurs to us that this might cause a certain level of c...
Thu, Aug 27 2009, 8:28 AM
* Mortgage Rate Negative outlook: holding this range in stocks makes it easier for market to accept these price valuations in the future.
* Mortg...
Thu, Aug 27 2009, 8:21 AM
Markets spent most of the day in a slumber yesterday, but just before the closing bell a small rally lifted equity indexes to just above par. This mor...
Thu, Aug 27 2009, 5:45 PM
Another uninspiring and underwhelming day where after the customary bit of "chop-chop" (as in choppy price movements?) gives way to a fairly predictab...
Thu, Aug 27 2009, 4:37 PM
Rates remained close to the summertime lows achieved during the previous week according to information released this morning by Freddie Mac. Both lon...
Thu, Aug 27 2009, 4:00 PM
From the influx of emails I received it appears many readers are reacting negatively to statements made by Richmond Fed Pres. Jeffrey Lacker this morn...
Thu, Aug 27 2009, 1:55 PM
This is one of those MBS UPDATE's that was conceived as just that: a simple update on how the post-auction trading is going. Shortly before beginning...
Thu, Aug 27 2009, 1:36 PM
At 1:30 the S&P is 0.44% lower to 1,023, while the Dow is essentially flat, -0.01% to 9,542, and the NASDAQ is -0.87% to 2006. On the debt side of the...
Thu, Aug 27 2009, 1:00 PM
The Treasury Department just auctioned $28 billion 7 year notes. This is the second consecutive auction at record size, July's being the first. In tot...
