Thu, Jul 30 2009, 1:48 PM
Some traditional post auction volatility has entered the scene. As stocks have continued to move higher and profits have been taken, we've seen a ret...
Thu, Jul 30 2009, 1:33 PM
After a two-day pause on Tuesday and Wednesday, markets are continuing the rally that began three weeks ago. Midway through Thursday, markets are up c...
Thu, Jul 30 2009, 1:02 PM
Mixed signals from the 7yr Auction results as the high yield was 6bps over current trading with 91% coming in at high. At face value, not so good, bu...
Wed, Jul 29 2009, 12:45 PM
It’s adding up to be a pretty bad day for markets as new orders for durable goods tumbled, demand for mortgage applications shrunk, the Chinese stock ...
Wed, Jul 29 2009, 11:59 AM
The roller coaster theme of recent weeks continues. Yesterday mortgage backed securities were unable to hold onto impressive early morning gains follo...
Wed, Jul 29 2009, 10:52 AM
Volatility is an angry animal...especially when the market is poking and prodding at a wide range of resistance and support levels. Dont get caught up...
Wed, Jul 29 2009, 8:44 AM
* MBS gained moderately yesterday despite drama
* Stocks were actually down. Wait... What?
* 2 yr auction not well received by bond market...
Wed, Jul 29 2009, 8:38 AM
Mortgage rates climbed for the second straight week, pulling down demand for mortgage applications, particularly for refinancing, according to a weekl...
Wed, Jul 29 2009, 5:08 PM
Pete Townshend certainly seemed like he was confident about something in one his more popular songs... Perhaps when we ask ourselves "Who" knows what...
Wed, Jul 29 2009, 2:37 PM
Following the crappy 5 yr note auction....the long end of the yield curve sold off and "rate sheet influential" MBS prices ticked considerably lower. ...
Wed, Jul 29 2009, 1:31 PM
I posed Jeff's question to the National Association of Mortgage Brokers and they responded with an invitation to the national membership committee. O...
Wed, Jul 29 2009, 1:14 PM
Putting another 10 minutes between us and the auction has allowed more of the characteristic volatility to play out. See below that the 10 yr immedia...
Wed, Jul 29 2009, 1:02 PM
We'll get charts to you momentarily, but at a 1.92 Bid to cover and continuing underwhelming foreign support, the 5yr auction that just went off did n...
Tue, Jul 28 2009, 12:52 PM
Reports from fellow mortgage professionals are indicating that mortgage rates are improved this morning. The par 30 year conventional rate mortgage i...
Tue, Jul 28 2009, 12:40 PM
Housing data was positive this morning but markets are reeling from mixed earnings reports and weak consumer confidence. Ninety minutes into the sessi...
Tue, Jul 28 2009, 10:34 AM
Although a rally has ensued on the long end of the yield curve and prices "rate sheet influential" MBS coupons are moving higher....the FN 4.5 is up 1...
Tue, Jul 28 2009, 10:25 AM
Home prices across the nation improved for their fourth consecutive month in May but remain about 17% lower than one year ago, according to the S&P Ca...
Tue, Jul 28 2009, 8:19 AM
* Horrible volume yesterday, no data, and market waiting for today's auction
* MBS outperformed treasuries
* Tsy's Lost Big, MBS just a few ...
Tue, Jul 28 2009, 5:05 PM
That's right... It's a trader's world...
Let's take a look at why we say that and what happened this AM. What did we have? Some very minor overn...
Tue, Jul 28 2009, 3:42 PM
In MBS world, volume was yet again below average. Originator selling was minimal...anything that was offered up was easily absorbed by the Fed, helpin...
Tue, Jul 28 2009, 1:56 PM
The FN 4.5 current coupon has fallen from the 100-00 intraday high alllllllll the way back to 99-16....just one tick higher than yesterday's going out...
Tue, Jul 28 2009, 1:06 PM
High Yield - 1.08, 4 ticks higher than WI
21.59% at high yield, which lessens the impact of the 4bp tail
2.75 Bid To Cover - Not Bad Not Good
...
Mon, Jul 27 2009, 11:58 AM
Markets jumped in the minutes after the New Home Sales report posted its biggest one-month leap in eight year, as of noon in Monday’s session all thr...
Mon, Jul 27 2009, 10:46 AM
The morning began with great news for the housing market. Sales of new single-family homes shot up 11% in June ― the biggest one-month jump in eight y...
Mon, Jul 27 2009, 10:46 AM
In the MBS market, trading flows are quiet. This implies mortgage-backs will take their directional guidance from the gyrations of the yield curve...w...
Mon, Jul 27 2009, 8:36 AM
* Decent Data and Boomy Stocks Brought The Pain Last Week
* Another round of auctions coming this week contributed as well
* Negative Tsy se...
Mon, Jul 27 2009, 8:06 AM
Housing data and Treasury auctions totaling $115 billion dominate the calendar between Monday and Thursday, but the big news this week will be the fir...
Mon, Jul 27 2009, 5:19 PM
Know how much you guys hate sell-off days? That's about how much we hate days like today when nothing happens, prices are rangebound, there is no vol...
Mon, Jul 27 2009, 3:55 PM
TSYs and Mortgages have both remained range bound all afternoon as the market awaits midweekTSY auctions. Beyond early morning commotion volume in bot...
Mon, Jul 27 2009, 2:28 PM
Despite being several months into what equates to the de-construction and re-building of the mortgage industry...there seems to be a distinct lack of ...
Mon, Jul 27 2009, 1:24 PM
Last week was roller coaster for mortgage backed securities. After a nice rally on Tuesday and Wednesday which brought the par 30 year fixed rate mor...
Mon, Jul 27 2009, 1:19 PM
"Low Volume" is actually insufficient to describe today's apathy. Even against the backdrop of recent summer weeks--where volume has been characteris...
Fri, Jul 24 2009, 11:19 AM
With stocks sending mixed signals and TSY supply on the calendar next week..."WAIT AND SEE" mentality prevails. Looks like we are setting up to end th...
Fri, Jul 24 2009, 11:02 AM
In what has become a common occurrence of late, mortgage rates failed to hold below 5%. Following a sizeable rally earlier in the week, mortgage back...
Fri, Jul 24 2009, 8:35 AM
* If you had a nickel for every time you'll hear "fresh supply concerns" today...
* Tsy borrowing needs $115bln vs expected $111 plus all manner ...
Fri, Jul 24 2009, 5:15 PM
The week began quiet and without guidance as markets waited for much-needed clues to come from Bernanke in his semiannual report to congress on Tuesda...
Fri, Jul 24 2009, 3:52 PM
These are all things you will not have to worry about on an afternoon such as this, plagued by not one, but three of the accelerants stoking soporific...
Fri, Jul 24 2009, 1:27 PM
Trading flows are slow as market participants make an early attempt at the exits. The 10 yr TSY yield has been in a 2bp range all day while the FN 4.5...
Fri, Jul 24 2009, 1:20 PM
Federal Reserve chairman Ben Bernanke made it clear earlier in the week that the central bank wouldn’t be taking the punch bowl away any time soon, bu...
Thu, Jul 23 2009, 12:34 PM
Home buyers and refinancers waiting and hoping for a return of record low rates suffered a setback this week as fixed rates reversed a three-week down...
Thu, Jul 23 2009, 12:18 PM
Mortgage rates ticked lower yesterday after mortgage backed securities rallied on Tuesday. However, yesterday weakness in fixed income began to snowba...
Thu, Jul 23 2009, 11:46 AM
First-time homebuyers and the sales of distressed properties helped drive the pace of Existing Home Sales up for the third consecutive month in June. ...
Thu, Jul 23 2009, 10:53 AM
As stocks have kicked into overdrive with the Dow cresting 9000 and the S&P flirting with 970's, the 10yr Tsy has backed up to the 3.6's and 4.5's are...
Thu, Jul 23 2009, 9:36 AM
The S&P, Dow, and NASDAQ have all opened to the upside. As stocks futures ticked higher, the long end of the yield curve (TSYs) began to show weaknes...
Thu, Jul 23 2009, 8:38 AM
* Jobless Claims rose to 554k from 522k last week. Estimates called for 560k.
* Continuing claims continued to decrease (from 6.32 to 6.225 mln)...
Thu, Jul 23 2009, 5:22 PM
As reactions to the economic data gradually improved and were compounded by next week's tsy supply being announced at $115 bln versus an expected $111...
Thu, Jul 23 2009, 5:12 PM
The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financ...
Thu, Jul 23 2009, 3:04 PM
Illustrating the buying and selling behavior of market participants at specific price points. What is currently considered cheap? What price levels ar...
Thu, Jul 23 2009, 1:52 PM
Though 99-19 has provided great support all day, in the past few minutes we've broken through by a big enough margin that not only may lenders be cons...
Wed, Jul 22 2009, 12:30 PM
With Federal Reserve chairman Ben Bernanke singing the same tune to the Senate that investors heard from the House yesterday, market attention is focu...
