Wed, Jul 7 2010, 8:28 AM
Equity futures and benchmark interest rates are both moderately lower this morning ahead of a light day with no significant data. Global stocks fell a...
Wed, Jul 7 2010, 5:43 PM
Stocks started the session today trading slightly in the red, which helped keep benchmark bond yields low and allowed lenders to improve mortgage rate...
Tue, Jul 6 2010, 12:53 PM
Most lenders took down pricing indications when MBS were bid 6-10 ticks lower than current levels. While some desks may reprice for the better, the F...
Tue, Jul 6 2010, 9:43 AM
I will say the same thing about this round of MBS sales rhetoric that I said about the Fed's first few attempts to breach the subject: selling MBS hol...
Tue, Jul 6 2010, 8:48 AM
Equity futures are on the rise this morning after stock markets changed tone from last week and rallied globally. The holiday-shortened week ahead is ...
Tue, Jul 6 2010, 4:47 PM
Not much in the way of scheduled data to move the markets this week. Typically, in weeks like this, the bond market and mortgage rates take their dire...
Fri, Jul 2 2010, 10:38 AM
Mortgages are trading in light volume with minimal supply on screens. The range trade is obvious. The August delivery Fannie Mae 4.0 MBS coupon is -0-...
Fri, Jul 2 2010, 8:30 AM
Stock futures trade higher initially but are currently back to pre-NFP levels. The 10yr note has rallied 2.6bps lower to 3.929%. The August FNCL 4.0 i...
Fri, Jul 2 2010, 8:07 AM
The general media thought last month’s Nonfarm Payrolls / Employment Situation report was bad, but June’s report promises to be much worse. Thanks to ...
Fri, Jul 2 2010, 6:41 PM
"This country will not be a good place for any of us to live in unless we make it a good place for all of us to live in." Theodore Roosevelt
Fri, Jul 2 2010, 6:06 PM
It really didn't. Not today at least. It did yesterday though, and Monday, and Tuesday, and Wednesday. After a streak of worse than expected economic ...
Thu, Jul 1 2010, 10:04 AM
A flurry of data just flashed...it was disappointing
Thu, Jul 1 2010, 8:06 AM
Equity futures are flat this morning ahead of key labor, manufacturing, and housing data. Ninety minutes before the opening bell, Dow futures are down...
Thu, Jul 1 2010, 6:35 PM
f you're floating you should be conscious of this observation, especially if you're writing a note rate close to par. These mortgage rates are the mos...
Thu, Jul 1 2010, 5:38 PM
The par 30 year conventional rate mortgage remains in the 4.375% to 4.625% range for well qualified consumers but borrowing costs were slightly higher...
Wed, Jun 30 2010, 11:58 AM
Overall, these observations imply uncertainty is the only certainty in the marketplace. While this is to be expected ahead of a major economic event (...
Wed, Jun 30 2010, 8:06 AM
Equity futures are looking for a brighter open this morning after the European Central Bank said it would lend 171 banks a total of €131.9 billion for...
Wed, Jun 30 2010, 6:15 PM
This week, the Federal Reserve Bank of New York Open Market Trading Desk (the Desk) began conducting a limited amount of agency mortgage-backed securi...
Wed, Jun 30 2010, 4:32 PM
The relentless mortgage rate rally continued yesterday. Lenders were seen offering the most aggressive loan pricing of our lifetime, again, as stocks ...
Tue, Jun 29 2010, 11:39 AM
Upon inspection, it looks like loan pricing is more aggressive today than it was last Wednesday. Are my spreadsheets lying to me or is that an accurat...
Tue, Jun 29 2010, 9:02 AM
The April S&P/Case-Shiller Home Price Index has been released. Data was better than expected. Stock futures and interest rates really didn't react to...
Tue, Jun 29 2010, 8:17 AM
Equity futures are tracking global stocks sharply lower this morning as investors await key housing price data and results from a consumer confidence ...
Tue, Jun 29 2010, 6:43 PM
Lets review recent events. As euro crisis contagion exhausted itself in May, stocks began to rise from long-term support levels. Short covering led to...
Mon, Jun 28 2010, 8:28 AM
Equity futures are trading higher after G20 leaders pledged to cut government deficits and decided to drop a 2012 deadline for banks to adopt more str...
Mon, Jun 28 2010, 5:15 PM
The 10 year note is all set for a test of 3.00% and S&Ps are ready to see how strong 1070 support really is....if this trade plays out overnight into ...
Mon, Jun 28 2010, 5:00 PM
Just like last week, the economic calendar in the week ahead is not jammed packed but it does contain a couple of influential data points. The most im...
Mon, Jun 28 2010, 1:19 PM
Did you notice how aggressively lenders were priced this morning? A few rate sheets were over 50 bps better on 4.625, 4.50, and 4.375% notes! While mo...
Fri, Jun 25 2010, 10:01 AM
Don't be surprised if secondary marketing is a little under the weather today. You will likely experience modest delays as lock desks are now sorting ...
Fri, Jun 25 2010, 8:12 AM
Equity futures are pointing higher this morning after the House and Senate agreed to a final version of what’s being called the the biggest regulatory...
Fri, Jun 25 2010, 4:39 PM
If we're really headed for a double dip, interest rates will surely move lower. I'm just not sure how much further mortgage rates can fall though...
Fri, Jun 25 2010, 4:34 PM
The first release of lender rate sheets was interesting. MBS prices opened basically unchanged vs. closing levels yesterday, but loan pricing was much...
Thu, Jun 24 2010, 12:09 PM
With MBS prices hitting new highs on a daily basis, lock desks and traders have able to get away with being under hedged. While this strategy works ou...
Thu, Jun 24 2010, 8:43 AM
4.0 MBS coupons traded yesterday. This means 4.25% mortgage rates were available on rate sheets. I heard of a market being made in 3.50s but that is p...
Thu, Jun 24 2010, 8:12 AM
Following a dizzying 33% drop in new home sales yesterday, plus a more dovish statement from the Federal Reserve, investors have become worried about ...
Thu, Jun 24 2010, 4:39 PM
Mortgage rates rallied to new all-time lows yesterday following a few disappointing housing headlines. While it has been no secret to housing industry...
Thu, Jun 24 2010, 1:26 PM
The 7-year note auction went well...but benchmark yields are still on the rise. I would characterize the behavior of the 10yr note as "indecisive cons...
Wed, Jun 23 2010, 9:59 AM
Sales of new single-family houses in May 2010 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly today by t...
Wed, Jun 23 2010, 8:44 AM
Lenders are delaying the release of loan pricing until the market makes a directional move around 10am. If New Home Sales disappoint, stocks will turn...
Wed, Jun 23 2010, 8:29 PM
MBS prices are at all-time highs (AGAIN) and I think we can officially say mortgage rates are priced at their best levels ever. If not, we're pretty d...
Wed, Jun 23 2010, 2:30 PM
The FOMC Statement has been released. The subtle alterations made to the statement were skewed to the bearish side of the BIG PICTURE storyline. This...
Wed, Jun 23 2010, 1:00 PM
This was a brutal auction! Blame the flight to safety yesterday...this issue was too expensive! The August Fannie Mae 4.5 MBS coupon lost 4 ticks in p...
Tue, Jun 22 2010, 10:32 AM
10:00 22Jun10 RTRS-US MAY EXISTING HOME SALES 5.66 MLN UNIT ANNUAL RATE (CONS 6.12 MLN) VS APRIL 5.79 MLN (PRV 5.77)-NAR
10:00 22Jun10 RTRS-US MAY EX...
Tue, Jun 22 2010, 8:08 AM
The "Keep It Simple Stupid" theory seems to be the most fitting method of market watching these days. Investment horizons are short and while particip...
Tue, Jun 22 2010, 5:57 PM
Mortgages traded to new record price highs today. The low production volume origination environment continues to support favorable "rate sheet influen...
Tue, Jun 22 2010, 1:32 PM
If you are hoping for reprices you should be watching the August FN 4.5 MBS coupon (and the 4.0), which is currently +0-08 at 102-27. It is possible t...
Mon, Jun 21 2010, 12:37 PM
The mixed messages offered by the market in previous weeks have evolved into no messages. In June, we've witnessed irrational interest rate reactions ...
Mon, Jun 21 2010, 5:21 PM
Thinking forward, because loan officers are closing their loans (pull-through!) and commitment buckets aren't losing much water (salable loan paper), ...
Mon, Jun 21 2010, 4:18 PM
Although the economic calendar isn't jammed packed in the week ahead, the data and events on the ballot carry more potential to move interest rates. W...
Fri, Jun 18 2010, 7:34 AM
Plain and Simple: the recent stock market rally has yet to grow legs of its own as forced buying has led the indexes higher. This leaves equities susc...
Thu, Jun 17 2010, 10:34 AM
The majors published pricing pretty early this morning...when production coupons were at lower levels. Since then stocks have pulled a complete 180. S...
