Fri, Aug 21 2009, 2:39 PM
After spending most of the week trading over par, the "rate sheet influential" FN 4.5 MBS coupon has fallen back below 100-00. Lenders have repriced f...
Fri, Aug 21 2009, 1:30 PM
Equity markets are closing the week on an optimistic note as modest gains were extended after housing data bolstered sentiment and the Federal Reserve...
Thu, Aug 20 2009, 12:58 PM
Although secondary mortgage markets bounced around a wide range, mortgage rates held steady yesterday. At the start of the day, MBS moved considerabl...
Thu, Aug 20 2009, 12:42 PM
Markets shrugged off a weak labor report Thursday morning and opened flat, partly due to optimism following a hefty gain in Asian markets earlier in t...
Thu, Aug 20 2009, 12:25 PM
A harsh labor market continues to propel mortgage delinquencies at near record rates, an industry survey said Thursday. Though the level of delinquenc...
Thu, Aug 20 2009, 11:44 AM
Its definitely been a choppy morning in MBS world. 100-08 one minute, 100-00 the next. PARNERTIA just keeps pulling on FN 4.5 prices. Fortunately, jer...
Thu, Aug 20 2009, 8:31 AM
Its summer. Range Trading in low liquidity = More up down up down price action. FN 4.5 MBS prices in the 100-00 handle and 5.0s trading over 102-00 = ...
Thu, Aug 20 2009, 8:07 AM
A hefty 4.5% gain in China’s Shanghai stock index led to optimism in European markets today and now, before the open, US equity futures are looking hi...
Thu, Aug 20 2009, 5:46 PM
Despite some selling the the AM, summertime range-bound flows allowed prices to drift toward the higher end of that range. But that's really all this...
Thu, Aug 20 2009, 4:27 PM
The Fed's daily purchase average was $5.00 billion per day, an increase from last week's daily average of $4.08 billion per day. This is twice the amo...
Thu, Aug 20 2009, 4:06 PM
Best levels of the day, best levels of the week... But write the same sentence and substitute "worst" for "best," print the resulting sentence on a p...
Thu, Aug 20 2009, 3:08 PM
According to the Mortgage Bankers Association’s (MBA) Annual Mortgage Bankers Performance Report (formerly the MBA Cost Study series) the average loan...
Thu, Aug 20 2009, 2:57 PM
Mortgage rates dropped significantly during the week ending August 20 according to the results of the Primary Mortgage Market Survey released this mor...
Thu, Aug 20 2009, 2:01 PM
Summertime status quo seems to be the theme in the rates market. Ignoring the volatile story our charts tell, its been an uneventful day in secondary ...
Wed, Aug 19 2009, 11:05 AM
Activity in commercial real estate continued to decline in the second quarter, pushing activity to its lowest level in 15 years, an industry survey sa...
Wed, Aug 19 2009, 10:59 AM
Mortgage rates lost some ground after prices of mortgage backed securities moved lower following a stock market rebound yesterday. To remind readers,...
Wed, Aug 19 2009, 10:18 AM
The Standard & Poor Spotlight Report evaluating servicer performance looks at several aspects of operation. Data on call center operations and escrow...
Wed, Aug 19 2009, 9:48 AM
"Rate sheet influential " MBS prices have fallen 8 ticks off the morning highs. I know a few lenders already published rate sheets. BEWARE of a recall...
Wed, Aug 19 2009, 8:41 AM
The AM So Far...
* Almost half a point up on overnight equities sell-off
* What's bad for stocks is good for bonds (most of the time)
...
Wed, Aug 19 2009, 8:21 AM
There was nothing but good news in the Weekly Mortgage Applications Survey this morning. Average rates for a 30-year mortgage fell 23 basis points to ...
Wed, Aug 19 2009, 8:14 AM
Equity futures are once again tracking global markets. That was encouraging yesterday as stocks were recovering, but today is looking more like Monday...
Wed, Aug 19 2009, 5:29 PM
If it seems like discussions about "crossroads" and inflection points are commonplace, it's for several good reasons. In a general sense, it's the na...
Wed, Aug 19 2009, 3:31 PM
Ok, before you get your hopes up, the use of the word unimaginable was actually a literary device known as sarcasm. You see, under the conventions of...
Wed, Aug 19 2009, 1:16 PM
US equity markets opened lower this morning following a 4.3% fall in China’s Shanghai index, but 90 minutes into the session stocks were rallying. Wel...
Wed, Aug 19 2009, 1:03 PM
The stock lever's influence over the bond market has been quite obvious today. After reaching and intraday high of 100-11, we have fallen below 100-00...
Tue, Aug 18 2009, 12:52 PM
Prices of "rate sheet influential" MBS coupons are approaching reprice for the worse zone as the FN 4.5 is now 8 ticks (0-08) off morning price highs....
Tue, Aug 18 2009, 12:47 PM
News hasn’t been stellar this morning but markets are nonetheless recovering from the global sell-off yesterday. Three hours into the session, the S&P...
Tue, Aug 18 2009, 12:44 PM
Following a global sell in equities yesterday, prices of mortgage backed securities rose into a range not visited since late July. The rally in second...
Tue, Aug 18 2009, 10:44 AM
Yesterday we enjoyed a "flight to quality" induced Treasury rally which lead "rate sheet influential" MBS coupon prices considerably higher. Higher MB...
Tue, Aug 18 2009, 10:39 AM
Standard & Poor has compiled a spotlight report focusing on the performance of mortgage servicers. The report looks at a number servicing categories ...
Tue, Aug 18 2009, 10:36 AM
Banks were tightening loan standards and consumer demand for loans was softening during the second quarter, a central bank survey showed yesterday.
...
Tue, Aug 18 2009, 9:34 AM
A downturn in housing starts and building permits wasn’t what markets were expecting, but given how well the index had performed in the prior two mont...
Tue, Aug 18 2009, 9:01 AM
The former President and Chief Executive Officer of the Government National Mortgage Association (Ginnie Mae), Joseph Murin, and former Federal Housin...
Tue, Aug 18 2009, 8:36 AM
The AM So Far...
* Reconnection to fundamentals
* Data driving markets once again
* Tsy yields backed up big time overnight and this ...
Tue, Aug 18 2009, 8:23 AM
Yesterday’s global sell-off caused the S&P 500 to lose 2.43% in a single day, its worst performance in six weeks. Thankfully, US markets are looking u...
Tue, Aug 18 2009, 5:10 PM
If one were to look up a definition of range-trading in the Encyclopedia of MG and AQ's Frequently Used Market Jargon, there would not be a standard d...
Tue, Aug 18 2009, 4:31 PM
The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) today published the first repo...
Tue, Aug 18 2009, 3:56 PM
Hoping a rapid return to fundamentals and the more correlative connection they provide between bond prices and data has today been giving a cautionary...
Tue, Aug 18 2009, 1:45 PM
If you've already seen a reprice for the worse, and additional one here may not be that likely. Conversely, if you HAVE NOT yet received a reprice fo...
Mon, Aug 17 2009, 12:22 PM
Mortgage rates are inching lower as prices of mortgage backed securities continue to move higher today. To remind readers, mortgage rates are set by ...
Mon, Aug 17 2009, 11:19 AM
The S&P is holding at 980 after a considerable amount of panic selling this morning. The VIX, a read on market volatility, is 3.47 points higher...it ...
Mon, Aug 17 2009, 8:34 AM
After halting four weekly advances in the stock market on Friday, investors are rapidly extending market losses in pre-session trading Monday morning....
Mon, Aug 17 2009, 8:26 AM
The AM So Far...
* Risk averse trade taking over
* Overnight: Stocks Hurting, Dollar stronger, TSY futures Improved, Oil prices tick lower...
Mon, Aug 17 2009, 5:05 PM
As can be seen on the chart, MBS prices faded to black today just a tick under the 100-08 price from our aftertoon commentary. Even if they'd been a ...
Mon, Aug 17 2009, 3:59 PM
As MBS tick towards the close, we've pushed back into the middle (perhaps upper middle?) of the day's range. Risk of reprices for the worse are fadin...
Mon, Aug 17 2009, 3:57 PM
Builder confidence in the market for newly built, single-family homes rose one point in August to its highest level in more than a year, according to ...
Mon, Aug 17 2009, 1:52 PM
While benchmark TSYs are holding stable in the intraday range, the FN 4.5 is refusing to sustain higher prices. The FN 4.5 is feeling the effects of P...
Mon, Aug 17 2009, 1:37 PM
It’s been a brutal morning in the equity markets, not just in the US but globally. China’s Shanghai stock market plunged 5.8%, its worst daily loss si...
Fri, Aug 14 2009, 12:47 PM
Following weaker than expected data on retail sales and higher unemployment claims, consumer borrowing costs declined yesterday. Led by a post auctio...
Fri, Aug 14 2009, 12:34 PM
It's not out of the realm of possibilities to see a few of the more "jumpy" lenders take a few bps of YSP away based on the 8 tick drop that just occ...
