Fri, Aug 7 2009, 8:30 AM
The only good news this AM is that Today's NFP was indeed the major guidance-giving, market-moving report we've been expecting. Bad News: it's not th...
Fri, Aug 7 2009, 8:21 AM
Employment indicators have been mixed this month but virtually all economists believe the labor market improved substantially relative to June, even i...
Fri, Aug 7 2009, 5:17 PM
When all was said and done today, the 4.5 coupon lost just 13 ticks after being as weak as 27 ticks down at one point this AM and 25 ticks down at a r...
Fri, Aug 7 2009, 3:49 PM
Treasuries and Stocks appear to have shown their hand for the day as the close of the stock market approaches. After 3 earnest attempts, the 10yr has...
Fri, Aug 7 2009, 3:12 PM
I use transparency as a weapon against the banks. I walk into a bank branch and snap a picture of their mortgage rates, on the lobby sign. I e-mail ...
Fri, Aug 7 2009, 1:33 PM
Activity remains quiet early in the afternoon hours on this summer Friday. The FN 4.5 has moved 11 ticks (11/32) off the lows of the day. Some lenders...
Fri, Aug 7 2009, 1:29 PM
Buoyed by the first reversal in the unemployment rate in 15 months, markets are up more than 1% on Friday, which will give the benchmark S&P 500 its f...
Thu, Aug 6 2009, 12:28 PM
Weaker than expected economic data on the services sector of our economy lead to a brief rally in mortgage backed securities yesterday. However, as t...
Thu, Aug 6 2009, 10:28 AM
Although this morning stocks moved lower as profit takers set out to time a top before tomorrow's NFP print, fixed income market participants have bee...
Thu, Aug 6 2009, 8:27 AM
The only major data coming out today is the weekly jobless claims report, a survey that hasn’t been too reliable recently due to seasonal adjustment i...
Thu, Aug 6 2009, 8:21 AM
The AM So Far...
* 4 ticks up on 4.5's. Currently at 99-14
* BOE announces surprise increase in QE, pound slides
* IF the dollar ben...
Thu, Aug 6 2009, 5:11 PM
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between July 30 and ...
Thu, Aug 6 2009, 5:09 PM
Although the give and take wasn't quite as drastic as yesterday's, once again we saw prices travel in a confined range with an almost symmetrical patt...
Thu, Aug 6 2009, 4:54 PM
Despite opening higher after a weekly labor report beat expectations, markets are in the red for a second consecutive day as retailers post lower resu...
Thu, Aug 6 2009, 3:46 PM
The Federal Reserve took a break from buying today. Servicers and Originators sold over $4bn "rate sheet influential" MBS today, $2bn of which was ...
Thu, Aug 6 2009, 1:53 PM
After two weeks of modest increases, mortgage rates drifted down during the week ended August 6 according to results of Freddie Mac's Primary Mortgage...
Thu, Aug 6 2009, 1:38 PM
The White House today responded to recent questions raised, among other places, by an article in today's Washington Post, about the potential phasing...
Thu, Aug 6 2009, 1:19 PM
James B. Lockhart, director of the Federal Housing Finance Agency announced on Thursday that he is leaving the agency. Mr. Lockhart has been director...
Wed, Aug 5 2009, 12:04 PM
In mortgage world, the "rate sheet influential" FN 4.5 has recovered early morning losses and rallied back up to yesterdays range. Although prices hav...
Wed, Aug 5 2009, 10:15 AM
Profit takers are out in stock markets this morning, leading TSYs rate sheet influential MBS prices higher. The Federal Reserve will be conducted coup...
Wed, Aug 5 2009, 8:45 AM
News from the labor market dominates the data front for the next few days, beginning with the ADP private employment report early this morning.
Th...
Wed, Aug 5 2009, 8:33 AM
The AM So Far...
* 4.5's down 10 ticks so far this AM...
* Insult to injury for TBW devotees...
* ADP employment "less bad"... Down...
Wed, Aug 5 2009, 8:20 AM
National mortgage rates moderated in the week ending July 31, spurring demand for new loans after a slump in the previous week, according to a weekly ...
Wed, Aug 5 2009, 5:21 PM
Overnight market movements saw MBS and Tsy's move to their worse levels since mid July. Shortly thereafter weaker than expected ISM data gave equitie...
Wed, Aug 5 2009, 4:06 PM
Early in the session stocks showed signs of weakness, allowing TSY and "rate sheet influential" MBS coupons an opportunity to rally to the highs of th...
Wed, Aug 5 2009, 3:03 PM
The S&P has broken the 1,000 price mark, unfortunately since the yield curve and MBS are taking directional guidance from the stock lever....the 10 y...
Wed, Aug 5 2009, 2:10 PM
This far into 2009 we've become almost spoiled by a pleasant lack bank failures among the most common names to the mortgage crowd. Chases TPO drama w...
Wed, Aug 5 2009, 1:47 PM
"TAYLOR, BEAN & WHITAKER MORTGAGE CORP. (“TBW”) RECEIVED NOTIFICATION ON AUGUST 4, 2009 FROM THE U.S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, FR...
Wed, Aug 5 2009, 1:36 PM
This morning, mortgage backed securities began to continue their recent trend of moving lower in price which tends to increase mortgage rates, however...
Wed, Aug 5 2009, 1:06 PM
Markets opened lower Wednesday after two labor reports before the bell were softer than expected, and when another report on the services sector faile...
Tue, Aug 4 2009, 12:33 PM
Following better than expected manufacturing data, domestically and abroad, Treasuries and Mortgage Backed Securities sold off yesterday, returning al...
Tue, Aug 4 2009, 11:05 AM
Further selling has been observed in the long end of the yield curve....pushing the 10 yr TSY note to an intraday high of 3.70%. Two attempts to recov...
Tue, Aug 4 2009, 11:05 AM
Pending Home Sales were expected to advance for the fifth straight month in June, but the gain was supposed to be meager. Instead, sales jumped 3.6% i...
Tue, Aug 4 2009, 10:02 AM
Following a better than expected Pending Homes Sales print (+3.6% vs. expected +0.6%), the 10yr TSY note yield rose 7bps from 3.58 to 3.65. Consequen...
Tue, Aug 4 2009, 8:25 AM
With the S&P 500 improving 1.5% yesterday, Sal Guatieri from BMO Capital Markets noted that the index has seen its best five-month performance since 1...
Tue, Aug 4 2009, 8:13 AM
Recap of Previous Session
* Big 'Ol Sell-Off yesterday following hit after hit from the "recovery monster."
* ISM and Construction Spendin...
Tue, Aug 4 2009, 5:02 PM
In case you missed the most recent commentary, start with that as there is no fundamental change to the price action between then and now. Additional...
Tue, Aug 4 2009, 3:57 PM
If you were here yesterday, then consider yourself excused from today... Although it would have been nice to know this before you came in I suppose.....
Tue, Aug 4 2009, 3:20 PM
Despite an uneven response across participating servicers, the Department of the Treasury is generally pleased with the progress achieved by the Makin...
Tue, Aug 4 2009, 1:06 PM
At our lowest point so far this AM, the 4.5 touched levels around 99-20 when one includes the more outlying type trades that we tend to see courtesy o...
Mon, Aug 3 2009, 12:08 PM
Beyond stop out selling...activity in the 10 yr TSY note has been somewhat subdued today. Here is a chart of the 10 yr TSY Sept. Futures contract. Not...
Mon, Aug 3 2009, 12:04 PM
The S&P 500 began August by touching the 1,000 mark for the first time since early November. Led by an unexpected gain in construction spending and a ...
Mon, Aug 3 2009, 11:58 AM
Last week mortgage rates were up, then they were down, then they were up, then on Friday they finally moved under 5% again. Following a successful auc...
Mon, Aug 3 2009, 10:09 AM
After the ISM manufacturing PMI number came in higher than expected (48.9 vs. 46.2)...the 10 yr TSY yield rose from 3.56 to 3.62 and the "rate sheet ...
Mon, Aug 3 2009, 8:28 AM
Recap Of Previous Session
* Very Stable, Very Nice Friday Rally took us nearly as high as we've been since Black Wednesday
* Stocks gained...
Mon, Aug 3 2009, 8:12 AM
This week is a busy one for the macroeconomy as markets and analysts will receive some of the first major indicators of how the nation is faring at th...
Mon, Aug 3 2009, 6:04 PM
Strong Chinese manufacturing data followed by a better than expected Eurozone PMI print coupled with "recession may be over" comments from Alan Greens...
Mon, Aug 3 2009, 2:45 PM
You would expect all hell to be breaking loose in TSYs given the dollar weakness and optimism in equities, however we are just kinda hanging out at th...
Fri, Jul 31 2009, 12:56 PM
Happy Friday...
This is simply a chart illustrating the continued rally in MBS and Treasuries. This puts us on the high side of this week's trend ch...
Fri, Jul 31 2009, 12:50 PM
Market reaction has been mixed since it was confirmed that second-quarter GDP contracted at a much slower pace than the in the prior quarter. The data...
