Mon, Aug 30 2010, 12:02 PM
Rate sheet influential MBS coupons have rallied more than 8 ticks from where they opened at the session lows. The October delivery FNCL 4.0 is current...
Mon, Aug 30 2010, 7:38 AM
The first Friday of a new month is upon us, that means the official Employment Situation Report is just ahead. Because this data provides an in-dept...
Mon, Aug 30 2010, 3:56 PM
My point: after reprices for the better, loan pricing is 13.3bps better than it was last Monday (on average). In fact, loan pricing is just about as a...
Mon, Aug 30 2010, 3:44 PM
After a better than expected read on 2nd quarter GDP and a not so scary speech from the Federal Reserve Chairman, the 10 year Treasury note yield rose...
Fri, Aug 27 2010, 11:16 AM
Stocks initially sold to the lows of the week after Bernanke's speech flashed across wires but buyers were quick to take advantage of cheap prices. S&...
Fri, Aug 27 2010, 10:04 AM
FED PREPARED TO PROVIDE ADDITIONAL STIMULUS IF NECESSARY, ESPECIALLY IF OUTLOOK WEAKENS SIGNIFICANTLY
Fri, Aug 27 2010, 7:24 AM
The Commerce Department is due to release its second estimate of GDP at 8:30 a.m. The GDP data follows a series of disappointing reports on the housi...
Fri, Aug 27 2010, 4:22 PM
A brief market wrap and a few observations heading into the weekend...
Thu, Aug 26 2010, 10:48 AM
If you've been reading along over the past week you know I've been calling for the recent interest rate rally to reverse course. Poor housing data pr...
Thu, Aug 26 2010, 8:06 AM
Rate sheet influential MBS coupons are following benchmark Treasury prices higher ahead of Weekly Jobless Claims data at 830am. The October delivery F...
Thu, Aug 26 2010, 4:28 PM
Lender rate sheets were slightly worse than yesterday but nothing monumental. The best par 30 year fixed -conventional, FHA and VA- mortgage rate re...
Thu, Aug 26 2010, 1:13 PM
This was the best auction of the week. Indirect bidders were the primary source of auction demand. Indicating overseas real money buyers are still cha...
Wed, Aug 25 2010, 7:53 AM
Good Morning. Benchmark interest rates held onto yesterday's improvements in the overnight trading session as global equity markets extended their los...
Wed, Aug 25 2010, 6:51 PM
Much like yesterday, mortgage rates rallied early this morning following weak housing data. Much like yesterday, mortgage rates came under pressure in...
Wed, Aug 25 2010, 2:01 PM
FNCL 4.0s just fell from new record high prices, led by profit taking in the long end of the yield curve and localized weakness in the belly. With "ra...
Tue, Aug 24 2010, 10:00 AM
US JULY EXISTING HOME SALES 3.83 MLN UNIT ANNUAL RATE (CONS 4.70 MLN) VS JUNE 5.26 MLN (PRV 5.37)-NAR
Tue, Aug 24 2010, 8:35 AM
Stock futures are weaker and benchmark interest rates are experiencing a flight to safety ahead of what is expected to be another foul read on the hea...
Tue, Aug 24 2010, 5:44 PM
Although agency MBS greatly lagged benchmark Treasuries today, price levels rose enough for lenders to improve rebate (so they could work on filling t...
Tue, Aug 24 2010, 5:13 PM
The bond market must have seen this coming because interest rates were already in full on rally mode before the data was released. Although the 10 yea...
Mon, Aug 23 2010, 12:15 PM
Stocks have given back early session gains and "rate sheet influential" MBS coupon prices just hit new session highs. Loan pricing is 16.4bps worse on...
Mon, Aug 23 2010, 10:27 AM
Plain and Simple: it's any ones guess what mortgage rates do on a day over day basis, investing outlooks are extremely non-committal and recent behav...
Mon, Aug 23 2010, 8:46 AM
The data calendar is semi-busy in the week ahead but gets off to a slow start. Existing Home Sales, Durable Goods Orders, and New Home Sales highlight...
Fri, Aug 20 2010, 8:15 AM
The October FNCL 4.0 is currently +0-01 at 102-18. 4.0s are +106bps off the 10yr note, wider to start the day. I expect to see profit taking in TSYs a...
Fri, Aug 20 2010, 4:34 PM
From 10,000 feet, the story of the week was "Mortgage Rates Rebound from Losing Streak", but when you look closer I think the bigger story was "Mortg...
Fri, Aug 20 2010, 1:03 PM
We have yet to perform a thorough analysis on loan pricing this week. Now seems like a good time...
Thu, Aug 19 2010, 10:32 AM
Econ data surprised to the downside, stocks are selling through support levels, Treasury longs are reaffirming a "buy on the dips" bias, and rate shee...
Thu, Aug 19 2010, 7:59 AM
U.S. Treasuries traded sideways early in the overnight session but cheapened after the German Bundesbank raised their 2010 growth outlook from +1.9% ...
Thu, Aug 19 2010, 5:51 PM
After reprices, rate sheets are improved vs. offers yesterday. The best execution par interest rate remains in the 4.25% to 4.50% range for well quali...
Wed, Aug 18 2010, 11:40 AM
Stocks are super cheap vs. bonds, we get auction supply terms tomorrow from the Treasury (2s, 5s, 7s), and the econ calendar is thin for the rest of t...
Wed, Aug 18 2010, 8:40 AM
Markets are relatively calm this morning after equities climbed more than 1% Tuesday. One hour before the opening bell, Dow futures are trading 4 poin...
Wed, Aug 18 2010, 3:08 PM
Spurred on by a dramatic decline in benchmark debt yields, mortgage rates touched new lows last week. Actually I don't know if I should say mortgage...
Tue, Aug 17 2010, 11:58 AM
Equity markets are rallying out of oversold territory and benchmark interest rates are retracing gains that forced the long end of the curve even dee...
Tue, Aug 17 2010, 8:24 AM
Benchmark interest rates are higher and equity futures are rallying ahead of key housing, price level, and production data. In addition, the Treasury ...
Tue, Aug 17 2010, 3:44 PM
Following the release of Industrial Production data, stocks extended overnight gains and benchmark interest rates rose. This pressured mortgage backed...
Mon, Aug 16 2010, 8:41 AM
The week ahead brings new data on manufacturing, housing sentiment and construction, industrial production and producer costs. Last week, the Dow shed...
Mon, Aug 16 2010, 4:54 PM
On Thursday I said this rally has gone too far way too fast, but then on Friday positions were added and the curve rallied a little more. This continu...
Mon, Aug 16 2010, 4:22 PM
Look for mortgage rates to be indicative of competitiveness in the primary mortgage market. There are several factors that go into the determination o...
Fri, Aug 13 2010, 10:48 AM
10s are holding their bid as it appears the overbought status of the flatter yield curve has yet to draw out enough profit taking to deter supportive"...
Fri, Aug 13 2010, 10:22 AM
A packed schedule of economic data awaits skeptical investors this morning. Before the data, stocks are down for the fourth consecutive day even in li...
Thu, Aug 12 2010, 9:37 AM
Loan supply is on screens and mortgages are getting smashed in a "bid wanted" environment. Rebate should be worse to start the day.
Thu, Aug 12 2010, 8:46 AM
Markets are more stable this morning but it’s not yet clear if they are ready to recover from the steep losses on Wednesday which pummeled the Dow by ...
Thu, Aug 12 2010, 1:48 PM
Reprices for the worse are unlikely at the moment but I expect to see a retest of the recent interest rate rally in the near future, especially the po...
Wed, Aug 11 2010, 10:04 AM
The Fed is not ready to totally back out of the market yet! The "de minimis" manner in which they will conduct their operations suggests the Fed is se...
Wed, Aug 11 2010, 8:23 AM
Stock futures are weaker and interest rates are rallying, led by the long end of the yield curve. Ahead of Trade Balance Data...S&P 500 futures are -1...
Wed, Aug 11 2010, 5:57 PM
While mortgages definitely lagged Treasuries, mortgage rates improved again today. We are now seeing most lenders offer 4.25% on rate sheets and are e...
Wed, Aug 11 2010, 1:08 PM
The long-end of the yield curve is outperforming today. 2s/10s are another 6bps flatter at 218bps. 10s haven't lost a step since auction results flash...
Tue, Aug 10 2010, 8:56 AM
Investors are squeamish ahead of key productivity data this morning as well as this afternoon’s policy statement from the Federal Reserve.
Before T...
Tue, Aug 10 2010, 1:05 PM
Treasury just sold $34 billion 3s. The auction went well. There were 3.31 bids submitted for every one accepted by Treasury. The high yield was lower...
Mon, Aug 9 2010, 10:55 AM
August is the slowest month of the year in financial markets. Many participants have surrendered their Blackberry(s) and will be detached from reality...
Mon, Aug 9 2010, 9:13 AM
Equity markets are expected to open higher this week despite Friday’s weak employment report, and ahead of the Federal Reserve’s policy announcement T...
