Thu, Jul 9 2009, 8:48 AM
MBS prices are noticeably lower this morning as TSY traders take profits and flight to safety trades are unwound (stocks looking to move higher) plus ...
Thu, Jul 9 2009, 6:53 PM
In light of AQ's most recent post, we'll keep this one short and more focused on charts. If down days get you, well... down, then this is for you. J...
Thu, Jul 9 2009, 5:09 PM
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS).In the four trading days between July 2 and Ju...
Thu, Jul 9 2009, 3:35 PM
Plain and Simple: the market is stuck again...stocks are range bound after being oversold (short term) and benchmark TSYs have corrected from being a ...
Thu, Jul 9 2009, 1:39 PM
Following the 30 yr bond auction, rate sheet influential MBS coupons have traded in a volatile range as the 10 yr TSY attempts to show its intention t...
Thu, Jul 9 2009, 1:19 PM
When the wire first hit (which we get a bit before the public site is updated), I was concerned that the tail of 3-4 bps would be perceived as a negat...
Thu, Jul 9 2009, 1:01 PM
High Yield of 4.303%, was trading at about 4.28 before auction.
67% at high yield (the lower the better considering the 4-5 bp tail)
Bit to cove...
Wed, Jul 8 2009, 12:09 PM
Stock markets have been quite volatile this morning: the major indexes managed to stay positive in the first ninety minutes of trading but at 11 am al...
Wed, Jul 8 2009, 11:01 AM
Prices of "rate sheet influential" MBS coupons will be skittish of any benchmark sell offs, nervous about letting profits sit too long (yes profit tak...
Wed, Jul 8 2009, 10:45 AM
As I stated in yesterday’s blog, continued improvements in prices of mortgage backed securities (as price goes higher, rates go lower) will require f...
Wed, Jul 8 2009, 9:18 AM
Demand for mortgage loans rebounded just before the holiday weekend, even as the average rate for a 30-year mortgage failed to improve, according to a...
Wed, Jul 8 2009, 8:30 AM
Last Session Recap
* 3yr auction sees decent demand offset by a higher than expected yield
* reactions were mixed until stocks sold late d...
Wed, Jul 8 2009, 5:56 PM
If we were to provide you simple list of closing MBS prices over the last 6 months--say a page for each month--and you lost the page corresponding to ...
Wed, Jul 8 2009, 5:01 PM
Although active participants in mortgage fraud may have subsided,until jobs start getting created again and the demand for housing returns we will mos...
Wed, Jul 8 2009, 3:07 PM
As you can see, the previously discussed 877-878 (ish) level in the S and P has indeed served as a bit of resistance for the time being. However, the...
Wed, Jul 8 2009, 1:10 PM
The net result for both treasuries and MBS is a huge positive. BE AWARE, that treasuries will get the spotlight today, and potentially even through t...
Wed, Jul 8 2009, 1:01 PM
more to follow, but all you need to know for now is the high yield on the 10 yr auction was 3.365 percent, and 86% at high.
Prepare to get your fac...
Tue, Jul 7 2009, 12:02 PM
Mortgage backed securities managed to post modest gains yesterday in very light trading. All markets, from stocks to treasuries, are at tipping poin...
Tue, Jul 7 2009, 11:25 AM
Despite some optimism a few hours before the bell, markets opened lower once the first of two weekly retail sales reports came in with disappointing f...
Tue, Jul 7 2009, 10:32 AM
We are definitely seeing better rate sheets this morning. However we dont want you to get too excited about an MBS rally as the two most "rate sheet i...
Tue, Jul 7 2009, 8:33 AM
MBS OPEN: Prices Head Back to 100-00 and 102-00.. TSYs weaker. Stock Futures Higher. Oil Recovering. TSYs range bound between 3.50- 3.60. MBS takin...
Tue, Jul 7 2009, 5:49 PM
* MBS spend two days above PAR in 4.5's for the first time since may (and 102-00 for 5.0's)
* Stocks at lowest levels since May (almost since Apr...
Tue, Jul 7 2009, 3:14 PM
s TSY rates move lower and the curve flattens, the duration of "rate sheet influential" MBS coupons is reduced. This allows certain MBS holders to mov...
Tue, Jul 7 2009, 1:57 PM
The American Bankers Association's (ABA) today released Consumer Credit Delinquency data. The ABA report said that the composite ratio, which tracks d...
Tue, Jul 7 2009, 1:42 PM
After regaining basically all of the post auction price losses, we're now back down to post-auction lows. Hopefully we see a range established here t...
Tue, Jul 7 2009, 1:11 PM
All three of the most watched components are slightly weaker than expected. Markets had their hopes up for a higher BTC than the 2.62 seen following ...
Tue, Jul 7 2009, 1:03 PM
Savvy, ahead-of-the-curve type lenders may reprice for the worse here. The auction results are apparently not quite what the markets were expecting. ...
Mon, Jul 6 2009, 11:33 AM
This morning "talking heads" are spending much of time debating the extent to which the marketplace a "baked in" a recovery into stock prices. Guests...
Mon, Jul 6 2009, 11:24 AM
After making little to no ground during the holiday shortened work week, mortgage backed securities are still in search of clear direction. Last week...
Mon, Jul 6 2009, 10:50 AM
The only data release for the day was the ISM-Non Manufacturing Index, but markets shrugged it off and extended their losses even though it came in hi...
Mon, Jul 6 2009, 8:37 AM
Monday Morning's Opening post which recaps some of the salient events from the previous session which was the thursday before a a 3 day weekend that i...
Mon, Jul 6 2009, 5:12 PM
The only real piece of scheduled data today was the ISM Non-manufacturing index. It didn't do much to move markets. In fact, MBS had a fairly calm, ...
Mon, Jul 6 2009, 4:00 PM
I will say this about the activity that DID OCCUR today though....early in the session benchmark yields were moving higher and it was looking like TSY...
Mon, Jul 6 2009, 2:01 PM
MBS improves ahead of 3 yr note auction. We dont expect the FN 5.0 to make much progress into the 102-00 price handle though. Regardless of that agres...
Thu, Jul 2 2009, 12:13 PM
Price of mortgage-backed securities progressively moved higher as the day wore on yesterday, after all was said and done loses from the prior day were...
Thu, Jul 2 2009, 11:23 AM
The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contra...
Thu, Jul 2 2009, 10:16 AM
The MBS trading environment remains defensive. Market participants still broadly prefer to avoid extension risk heavy "down in coupon" strategies as t...
Thu, Jul 2 2009, 8:28 AM
MBS OPEN: NFP IN! -467k. Previous Revised Down as Well!.
MBS and tsy's react by initially improving. 10 yr heading to 3.5./ MBS up 4-5 ticks. ...
Thu, Jul 2 2009, 8:16 AM
Markets are edging lower ahead of the 8:30 release of Nonfarm Payrolls. A lot is hanging on this report as many forecasts for the economy are dependen...
Thu, Jul 2 2009, 5:16 PM
closing post for NFP thursday before the 4th of july weekend.
5.0's ticked up a bid after the book close, 4.5's ticked down. the 10yr went sideways ...
Thu, Jul 2 2009, 3:06 PM
After reaching an intraday high of 102-06, the FN 5.0 has moved back to its long standing resistance 102-00 price level. Meanwhile, the other "rate sh...
Thu, Jul 2 2009, 1:22 PM
On Thursday July 2nd, following the release of weaker than expected NFP, MBS continue to rally in a relatively stable pattern. Tsy's are following a ...
Wed, Jul 1 2009, 12:02 PM
Wed, Jul 1 2009, 10:54 AM
Wed, Jul 1 2009, 10:53 AM
Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overal...
Wed, Jul 1 2009, 5:52 PM
The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Ma...
Wed, Jul 1 2009, 5:28 PM
Preparing for NFP on 7/1/09 The market has been in a relatively sidways pattern since the much anticipated FOMC statement which helped continue to cal...
