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...
Wed, Aug 26 2009, 12:59 PM
The Treasury Department has successfully auctioned $39 billion 5 yr notes. This is the second auction at this record size, July being the first. The b...
Wed, Aug 26 2009, 12:35 PM
Three economic reports this morning have confirmed that there are pockets of strength in the US economy, but markets are having none of it. Equities w...
Wed, Aug 26 2009, 11:41 AM
Mortgages rates made modest improvements after prices mortgage backed securities managed to rally for a second straight day yesterday. Although MBS pr...
Wed, Aug 26 2009, 10:51 AM
Data suggesting that the economy is experiencing a broad-based rebound continues to pile in this week, most recently in the housing market. New Home S...
Wed, Aug 26 2009, 10:11 AM
Is data driving the markets? Economic reports? Stocks are up and bonds have ticked down slightly. So does this mean that it was the better than exp...
Wed, Aug 26 2009, 8:38 AM
The AM So Far...
* Tsy futures were down slightly overnight, but have since met yesterday's lowest levels
* Durable Goods up 4.9 versus +3...
Wed, Aug 26 2009, 8:29 AM
Average rates for a 30-year mortgage moved upwards last week, but demand for loans ― refinancing or otherwise ― as well as purchases, continued to inc...
Wed, Aug 26 2009, 8:19 AM
Investor sentiment is cautious ahead of the Durable Goods release at 8:30 and the New Home Sales report at 10:00. Equity futures are looking slightly ...
Wed, Aug 26 2009, 5:25 PM
MBS levels and mortgage rates take a fair amount of guidance from the shape of the yield curve. My view is that changes in the shape of the curve, and...
Wed, Aug 26 2009, 3:37 PM
In the secondary mortgage market, volume was on par with the already low 30 day average. Trading flows, although balanced, once again reflected late s...
Wed, Aug 26 2009, 2:05 PM
After hitting intraday highs following the 5yr auction, rate sheet influential MBS prices fell 6 ticks (6/32) to the lows of the day. Although we are ...
Tue, Aug 25 2009, 12:44 PM
Mortgage rates are holding steady even as stocks continue to make new 2009 highs. After some early morning selling pressure yesterday, prices of mortg...
Tue, Aug 25 2009, 12:34 PM
Consumer confidence is improving and home prices are actually increasing, leading markets to push higher on Tuesday as investors feel more confident t...
Tue, Aug 25 2009, 11:38 AM
Fundamentals have helped restore status quo. Fundamentals have provided a feeling that the worst of the storm is behind us. But fundamentals are unabl...
Tue, Aug 25 2009, 9:47 AM
The National Association of Home Builders has closed its office for the entire week in an effort to cut expenses. The organization will also take an ...
Tue, Aug 25 2009, 9:42 AM
A bill currently before the House Ways and Means Committee would both extend the $8000 tax credit offered to first-time homebuyers beyond its current ...
Tue, Aug 25 2009, 9:41 AM
Home prices across the United States are beginning the process of stabilization, according to an industry survey that found price declines moderating ...
Tue, Aug 25 2009, 8:27 AM
Fed Chairman Ben Bernanke to be Reappointed. Statement from President Obama expected at 9AM. Wall Street likes this move as it keeps those familiar wi...
Tue, Aug 25 2009, 8:19 AM
The big headline this morning is that President Obama plans to keep Ben Bernanke as chairman of the Federal Reserve. “Mr. Obama's decision had become ...
Tue, Aug 25 2009, 5:00 PM
Even in the time that intervened our afternoon post and the close, MBS moved yet higher and tsy's yet lower. But just as we start passing out grains ...
Tue, Aug 25 2009, 4:49 PM
Solid real estate agent relationships are the cornerstone of any professional loan originator's business plan. While the mortgage industry has done a...
Tue, Aug 25 2009, 3:28 PM
The charts tell the same story that we set up for this AM in that the early data had little to no impact on trading action with auction providing the ...
Tue, Aug 25 2009, 1:38 PM
The Treasury Department just auctioned off a record $42 billion 2 yr notes (second auction at this amount). 92% was awarded at the high yield of 1.119...
Tue, Aug 25 2009, 1:01 PM
* High Yield of 1.119%
* 92.32 % taken at high yield
* Bid To Cover 2.68
* 48.6% indirect bid
Initial reaction in MBS is a SHORT s...
Mon, Aug 24 2009, 12:46 PM
With Japan’s Nikkei index posting its biggest one-day gain in more than three months, US equities opened higher on Monday and then extended those gain...
Mon, Aug 24 2009, 11:16 AM
While many market participants were enjoying time away from desks last week, we anxiously awaited some stability in the secondary mortgage market. Unf...
Mon, Aug 24 2009, 10:52 AM
After bouncing around a wide range last week, prices of mortgage backed securities returned to Monday's opening levels on Friday, forcing lenders to i...
Mon, Aug 24 2009, 8:48 AM
The AM So Far...
* Tsy Futures moving steadily downward since open. At 116-27 after being as high as 117-02. Friday's high was 118-19
* ...
Mon, Aug 24 2009, 8:38 AM
The week is beginning on a global wave of optimism with equities across Asia climbing, partly in response to Friday’s US existing home sales report, w...
Mon, Aug 24 2009, 5:08 PM
Although the day began on an ugly note with MBS reaching as low as 99-15, an early stabilization followed by some friendly news from the Fed and what ...
Mon, Aug 24 2009, 3:48 PM
In the absence of market moving data, benchmark TSY prices have ticked to the highs of the day. Gains were sparked after a round of short covering ear...
Mon, Aug 24 2009, 1:45 PM
Attention Freddie Mercury! Answer a question for us please. We occassionally mention not to place too much significance with trading that occurs on ...
Fri, Aug 21 2009, 12:57 PM
Mortgage rates continue to hold steady in a range near two month lows. Despite some selling pressure after stronger than expected morning data yeste...
Fri, Aug 21 2009, 12:10 PM
Although the bond market withstood negative fixed income fundamentals yesterday...today's trading flows dont tell a similar story. Back to "Whats good...
Fri, Aug 21 2009, 11:17 AM
Great news for the housing market gave equities a nice boost to a week of up and downs. Sales of Existing Homes in July soared by 7.2% in the month, p...
Fri, Aug 21 2009, 10:01 AM
Existing Home Sales +7.2% higher. Annual rate 5,240,000 sales per year. Data much better than anticipated 4,-890,000 sales per year. Stocks instantly ...
Fri, Aug 21 2009, 8:32 AM
10 yr Treasury futures hit 118-18 high overnight. Gains however lost early this AM after stock futures started to tick higher at 1AM est. TY currentl...
Fri, Aug 21 2009, 8:26 AM
Investor sentiment is positive as markets anticipate real estate data and a speech from Federal Reserve chairman Ben Bernanke. News from overseas has ...
Fri, Aug 21 2009, 5:05 PM
Over 100 years ago, a principle was suggested by Charled Dow which eventually became central to technical analysis. In fact, several principles sugge...
Fri, Aug 21 2009, 4:25 PM
The growth rate of Alt-A loan delinquencies remains uncomfortably high, but defaults are beginning to moderate, a new industry survey shows.
The Al...
