Mon, Sep 28 2009, 1:04 PM
US equities were quick out of the gate on Monday morning. In just a few hours stocks have came close to erasing all of last week’s losses. As of 1pm, ...
Fri, Sep 25 2009, 12:53 PM
Mortgage rates moved lower a few basis points yesterday after prices of mortgage backed securities steadily appreciated throughout the day. At 5pm, MB...
Fri, Sep 25 2009, 12:17 PM
We're now at the point where we're prepared to get confirmation from the yield curve. The bottom of the yield range for the 10yr tsy is around 3.30 w...
Fri, Sep 25 2009, 10:47 AM
New home sales increased for the fifth straight month in August, but the 0.7% gain didn’t match the median estimate of +1.6%. The annual pace of sales...
Fri, Sep 25 2009, 9:24 AM
Good Morning. The Yield Curve is flatter and rate sheet influential MBS coupons are trading slightly higher in price. Stocks are weak worldwide. The d...
Fri, Sep 25 2009, 8:13 AM
Equity futures are looking slightly up in anticipation of some major data releases this morning. Global markets have been mixed, while the US$ is stro...
Fri, Sep 25 2009, 5:01 PM
MBS CLOSE AT A GLANCE
* thus ends an unofficial supportive week in which MBS shot up the better part of a full point since Monday's close.
...
Fri, Sep 25 2009, 3:40 PM
I got an email on Wednesday inquiring about a pipeline strategy for a medium sized branch lender. They do some mandatories, but are generally best ef...
Fri, Sep 25 2009, 1:48 PM
Something had to be done to pique your interest. Sure the S&P is up 5-6 points off the lows of the day, but the effect on bonds has been anything but...
Fri, Sep 25 2009, 1:06 PM
Weak orders for durable goods and a soft advance in new home sales have contributed to a lackluster performance in equity markets today. While a boost...
Thu, Sep 24 2009, 11:17 AM
The FN 4.5 MBS coupon has formed an aesthetically pleasing trend channel this morning, progressively achieving higher highs and setting lower lows. Cu...
Thu, Sep 24 2009, 10:49 AM
The National Association of Realtors said sales of existing homes fell 2.7% in August, pushing the annual rate to 5.10 million units from 5.24 million...
Thu, Sep 24 2009, 10:47 AM
The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurri...
Thu, Sep 24 2009, 8:43 AM
Good Morning. The rate sheet influential FN 4.5 MBS coupon is mostly unchanged on the day to slightly improved this morning. Stocks have reacted posit...
Thu, Sep 24 2009, 8:13 AM
The sharp sell-off in yesterday’s final hour hurt investor sentiment around the globe and contributed to general uncertainty about near-term prospects...
Thu, Sep 24 2009, 5:06 PM
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 bullishnes...
Thu, Sep 24 2009, 3:19 PM
Someone snuck into bond market central today and stole the volatility right out from under our noses. Afternoon trading ranges have adhered beautiful...
Thu, Sep 24 2009, 1:56 PM
All three equity indexes have extended yesterday’s late day weakness into today. After a modest open, the S&P is trading near the lows of the day, dow...
Thu, Sep 24 2009, 1:02 PM
The Treasury Department has successfully auctioned $29 billion 7 year notes at a high yield of 3.005% vs. the 1pm WI of 3.033%. 30.22% of the bids wer...
Wed, Sep 23 2009, 11:09 AM
RANGE BOUND RANGE BOUND RANGE BOUND!!!!! The FN 4.5 has traded as low as 100-11 and as high as 100-18....trading flows are all quiet ahead of the FOMC...
Wed, Sep 23 2009, 10:49 AM
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mort...
Wed, Sep 23 2009, 8:40 AM
The mortgage market is in "wait and see" mode ahead of the FOMC statement. The 10yr Treasury note is at the high side of the recent range, currently t...
Wed, Sep 23 2009, 8:39 AM
Stocks are flat and the US dollar is nearing 2009 lows as the Federal Reserve prepares to release its monetary policy statement this afternoon. It’s a...
Wed, Sep 23 2009, 8:06 AM
Mortgage rates fell below 5% for the first time since mid-May last week, leading to increased appetite for refinancing, new loans, and purchases, an i...
Wed, Sep 23 2009, 5:18 PM
We're sorry, we know the constant RANGE BOUND RANGE BOUND RANGE BOUND can be frustrating at times...but look at the bright side, at least we didnt bre...
Wed, Sep 23 2009, 4:31 PM
Upon release of an upbeat communiqué from the Federal Reserve’s Open Market Committee, equity indexes jumped up to 11-month highs and the dollar weake...
Wed, Sep 23 2009, 3:02 PM
When Federal Reserve chairman Ben Bernanke called the recession “very likely over” last week, there was some talk about whether his colleagues on the ...
Wed, Sep 23 2009, 2:17 PM
So far, getting the expected bounce from a neutral to potentially bond friendly FOMC statement. As we discussed, most pre-statement concessionary sel...
Wed, Sep 23 2009, 1:02 PM
* $40 bln in 5 year notes
* 2.47 high yield with 40% taken at high yield
* significantly higher than WI yield
* Bid to Cover - 2.4
...
Tue, Sep 22 2009, 12:13 PM
The US dollar continues to weaken after a pause on Monday, boosting appetite for dollar-denominated commodities and pushing share prices up. Crude oil...
Tue, Sep 22 2009, 12:11 PM
Home prices bottomed out in the second quarter but prices are not rising as quickly as forecasters had assumed, an industry survey said Tuesday.
T...
Tue, Sep 22 2009, 11:23 AM
The dollar is weaker, oil is more expensive, gold has traded up to $1,019 after falling below $1,000 yesterday, and stocks are testing new 2009 highs....
Tue, Sep 22 2009, 10:48 AM
After holding steady near the top of the current trading range, mortgage backed securities came under selling pressure yesterday afternoon as stocks r...
Tue, Sep 22 2009, 8:48 AM
MBS trading flows are expected to slow as the two day FOMC meeting begins today. Thus, MBS price action will be left at the mercy of the gyrations of ...
Tue, Sep 22 2009, 8:29 AM
The Federal Reserve’s Open Market Committee begins its two-day monetary policy meeting today. Investors expect policy to remain accommodative well int...
Tue, Sep 22 2009, 4:55 PM
You might notice the title of today's MBS CLOSE doesn't include "MBS CLOSE." Considering AQ's afternoon commentary pretty much covers it for today an...
Tue, Sep 22 2009, 3:19 PM
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 g...
Tue, Sep 22 2009, 1:02 PM
* High Yield of 1.034
* 27.16% taken at high
* WI yield was around .967
* Bid To Cover 3.23
* Indirect Bid of $19.18 bln out of $...
Mon, Sep 21 2009, 11:32 AM
The FN 4.5 is trading +0-07 at 100-22 yielding 4.378% and the FN 4.0 is +0-10 at 98-07. Friday afternoon price weakness did not carry over into today...
Mon, Sep 21 2009, 11:21 AM
Following a downturn in equity markets across the globe, US stocks opened sharply lower on Monday morning. A fifth straight advance in the Leading Eco...
Mon, Sep 21 2009, 8:45 AM
Global stocks are mostly lower. Dollar stronger, Oil cheaper (under $70 barrel), Gold cheaper (under $1,000). No US econ data. US stock futures lower...
Mon, Sep 21 2009, 8:30 AM
Equity markets across the globe are in sell-mode this morning, leading the US futures market to point to a lower opening while the US dollar is showin...
Mon, Sep 21 2009, 5:03 PM
Trying to find meaningful topics of conversation on interest rates beyond the customary treatment of the technical trading range is a tall order. Alt...
Mon, Sep 21 2009, 2:42 PM
Price levels in both MBS and tsy's are getting "testy" (in the sense that both are testing their most significant resistance levels of the month. But ...
Mon, Sep 21 2009, 1:23 PM
It was an up and down week for mortgage backed securities last week. Despite better than expected economic data, MBS didn’t give up too much ground ...
Mon, Sep 21 2009, 1:21 PM
Although anything over 100-12 leaves us in the long term horizontal range, albeit on the low-side, any time we cross the lows of the day, reprices are...
Fri, Sep 18 2009, 12:54 PM
The main headline this morning doesn’t come from the markets, which are mixed on light trading, but from the Treasury, which closed its guarantee on m...
Fri, Sep 18 2009, 11:51 AM
While stocks have moved aimlessly higher and lower today, the bond market has continued to chop around its recent range. The 10 yr note hit 3.37% over...
Fri, Sep 18 2009, 10:28 AM
Officials from four federal departments and agencies and attorneys general of 12 states met in Washington on Thursday to discuss what was termed an "e...
Fri, Sep 18 2009, 8:35 AM
Recap of Previous Session:
* healthy rally for MBS and tsy's with 4.5 fannies up 16 ticks (half a point)
* All this despite better than ex...
