Fri, Nov 5 2010, 12:19 PM
Loan pricing is getting beat up. MBS prices are moving to new intraday lows. Reprices for the Worse are possible. Suntrust already went worse.
Fri, Nov 5 2010, 8:31 AM
The October Employment Situation Report has been released. Nonfarm payrolls grew by 151,000, this was much better than calls for a +60,000 print. The...
Fri, Nov 5 2010, 8:19 AM
Benchmark interest rates made an aggressive move lower yesterday and tocks rallied to their highest levels since before the crash of Lehman Brothers, ...
Fri, Nov 5 2010, 3:39 PM
We've spent most of our time lately celebrating accommodative and expansionary policies that push mortgage rates lower. The problem with this perspec...
Thu, Nov 4 2010, 12:11 PM
I have some good news to share. Lenders aren't holding back bps. The majors are going for it. Loan pricing is QEII-tastic today....
Thu, Nov 4 2010, 8:35 AM
Rate sheet influential MBS coupons are approaching record price highs. This should allow lenders to carefully inch back toward record low mortgage ra...
Thu, Nov 4 2010, 8:06 AM
The following Op-Ed was written by Fed Chairman Ben Bernanke and published by the Washington Post last night. Ben is clearly paving a new path in mone...
Thu, Nov 4 2010, 7:42 AM
Both benchmark interest rates and stock futures rallied in the overnight session. The 2s/10s yield curve is bull flattening but the long bond continue...
Thu, Nov 4 2010, 4:43 PM
Ok so the rally we enjoyed today was another step in the right direction. Our outlook seems to be playing out perfectly but we're not quite there yet ...
Wed, Nov 3 2010, 12:05 PM
To be sure everybody is up to date on what we should be expecting, I've pulled a few more comments from Ben's Jackson Hole speech. The comments below ...
Wed, Nov 3 2010, 8:59 AM
Mid-terms are done. The Reds took the House and the Blues maintained their stronghold in the Senate. The bond market will view this as a fiscal policy...
Wed, Nov 3 2010, 8:24 AM
Interest rates are rallying and U.S. equity futures are pointing slightly upwards following yesterday’s mid-term elections and ahead of the FOMC’s new...
Wed, Nov 3 2010, 7:29 PM
Remember our MND RateWatch motto? Play the range until the range plays you. Bernanke didn't play us and it doesn't seem like he intends to anytime soo...
Wed, Nov 3 2010, 3:08 PM
The FOMC has directed the Open Market desk to purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter ...
Wed, Nov 3 2010, 2:17 PM
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee ...
Tue, Nov 2 2010, 9:00 AM
Well, I don't know why I came here tonight. I got the feeling that something ain't right. I'm so scared, in case I fall off my chair. And I'm wonde...
Tue, Nov 2 2010, 8:47 AM
Benchmark interest rates are lower and the yield curve is flatter on Tuesday morning as the Federal Reserve begins its two-day monetary policy meeting...
Tue, Nov 2 2010, 4:12 PM
At 2:15pm tomorrow, the Federal Open Market Committee (FOMC) will release their policy statement. At 2:15pm we find out if Quantitative Easing becomes...
Tue, Nov 2 2010, 2:29 PM
I am seeing some volatility in the basis. MBS valuations are moving in an originator friendly manner. Besides the long bond, which appears to be catch...
Mon, Nov 1 2010, 12:56 PM
If you've been riding the float boat, now is not the time to be be pulling your hair out in panic. Remain calm, nothing has changed, QEII is coming an...
Mon, Nov 1 2010, 8:44 AM
Key Events in the Week Ahead Include: Mid-Term Elections, the FOMC Meeting, the Employment Situation Report, and Pending Home Sales.
Mon, Nov 1 2010, 3:59 PM
Mortgage rates had their little hissy fit and consumer borrowing costs moved to one month highs. But it was all part of the game. We anticipated this ...
Mon, Nov 1 2010, 1:53 PM
Plain and Simple: YES. If open market asset purchases push benchmark yields and mortgage rates lower, to the point where loan refinancing increases en...
Fri, Oct 29 2010, 8:30 AM
Plain and Simple: GDP data was on the screws. A few things stood out to me. Weakness in the housing market is VERY OBVIOUS....see the 29.1% decline in...
Fri, Oct 29 2010, 8:26 AM
Ahead of a deluge of data, domestic interest rates are improved. This follows the release of several discouraging reports on the international economy...
Thu, Oct 28 2010, 10:04 AM
We sniffed out the pain trade the day after $13 billion long bonds were met with poor demand. The pain trade is just about played out and benchmark in...
Thu, Oct 28 2010, 8:28 AM
The long end of the yield curve continued to weaken early in the overnight session but have since corrected back to yesterday's yield lows/price highs...
Thu, Oct 28 2010, 6:08 PM
The first step in revisiting record low mortgage rates was taken today. Selling in the long end of the curve stopped out, shorts were covered, prices ...
Thu, Oct 28 2010, 1:30 PM
lain and Simple: Overall, this 7-yr auction was very well received, and has pushed benchmark yields lower. It is definitely the best auction of the w...
Wed, Oct 27 2010, 12:32 PM
There is a great deal of nervousness regarding the outlook for interest rates as it relates to QEII. I expected this to happen.The bond market got ahe...
Wed, Oct 27 2010, 8:29 AM
Ahead of a $35 billion 5-year Treasury note auction, the 5-year note is -9/32 at 99-23 yielding 1.306% (+5.3%) and the 10-year Treasury note is -17/32...
Wed, Oct 27 2010, 4:15 PM
Plain and Simple: The bond market got way head of itself about QEII. The sugar high has worn off. However because it is a "trader's market" and a trad...
Wed, Oct 27 2010, 1:08 PM
10s are off their yield highs and "rate sheet influential" MBS coupons are off their intraday price lows....but both are generally bouncing around nea...
Tue, Oct 26 2010, 9:06 AM
"A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both composites saw a weakening in year-over-year figu...
Tue, Oct 26 2010, 8:20 AM
Benchmark interest rates backed up yesterday in a low volume trading environment. The move was short term in nature but clearly illustrates the idea ...
Tue, Oct 26 2010, 3:53 PM
Yuck. Mortgage rates are not heading in the right direction. In the past two days consumer borrowing costs on mortgage rate quotes at or below 4.25% h...
Tue, Oct 26 2010, 2:31 PM
This post is more of an FYI as opposed to an alert. If you're floating I would not recommend locking at this point in the retracement process. The lon...
Tue, Oct 26 2010, 1:05 PM
The bid to cover ratio, a measure of auction demand, was above average, the high yield was lower than the 1pm "When Issued Yield", direct and indirect...
Mon, Oct 25 2010, 11:27 AM
The bond market reacted counterintuitively to better than expected Existing Home Sales data this morning. Price are rising, trading volumes are low an...
Mon, Oct 25 2010, 8:40 AM
New & Existing Home Sales, S&P/Case-Shiller HPI, Treasury Auctions, Q3 GDP, Consumer Confidence,Durable Goods Orders, the MBA Convention, Fed/FDIC M...
Mon, Oct 25 2010, 5:32 PM
Loan pricing was initially improved over the rate/point quotes lenders were offering on Friday, however about halfway through the day the bond market ...
Mon, Oct 25 2010, 1:50 PM
Rate sheet influential MBS prices have fallen over 10 ticks in the last five minutes. REPRICES FOR THE WORSE ARE HIGHLY LIKELY
Fri, Oct 22 2010, 11:46 AM
The yield curve is bear steepening and "rate sheet influential" MBS coupons are in the red but well off the lows and outperforming benchmark guidance ...
Fri, Oct 22 2010, 8:38 AM
After a quiet overnight trading session, interest rates in the long end of the yield curve are moving higher and equity futures are heading sideways.
Fri, Oct 22 2010, 3:51 PM
The bond market continues to demonstrate a clear unwillingness to push interest rates any lower without hearing new guidance from the Federal Reserve ...
Thu, Oct 21 2010, 12:08 PM
Rate sheet influential MBS have recently benefited from a supportive supply/demand environment in the TBA marketplace. Those favorable conditions drie...
Thu, Oct 21 2010, 11:25 AM
After failing to breach 2.46% resistance yesterday, the 10 year TSY note is experiencing profit taking following a stale overnight session and better...
Thu, Oct 21 2010, 8:20 AM
Mortgages continued to trade well in a favorable technical environment yesterday. Read "favorable technical environment" as investor demand outpaces l...
Thu, Oct 21 2010, 3:42 PM
If you're getting closer to your closing date and need to lock in the terms of your loan before the November 3rd FOMC meeting, you have likely seen ra...
Wed, Oct 20 2010, 12:42 PM
"This is your central bank. This is your Federal Open Market Committee. This is your country. May we all hope that a kind providence will give us the ...
