Tue, Jul 20 2010, 9:08 AM
Stock futures are lower and interest rates are rallying after several key earnings releases failed to impress the markets. June Housing Starts and Bui...
Tue, Jul 20 2010, 8:11 PM
Mortgage rates have not been following the directional guidance of MBS prices lately. The best mortgage rates have been holding in the 4.375 to 4.625%...
Tue, Jul 20 2010, 1:52 PM
Just as they did yesterday, stocks are making a push higher as we head into the close. While the "flight to safety" is losing some of its luster as ri...
Mon, Jul 19 2010, 12:19 PM
Upon first inspection loan pricing looked better this AM, then I got a few more rate sheets and realized that wasn't the case. Two of the major lender...
Mon, Jul 19 2010, 10:57 AM
Rate sheet influential MBS just fell from the session highs to the session lows. The September FNCL 4.0 is -0-06 at 101-10. The FNCL 4.5 is -0-03 at 1...
Mon, Jul 19 2010, 9:06 AM
The events calendar in the week ahead focuses on the health of housing, the Federal Reserve's semi-annual report to Congress, a deluge of earnings, an...
Mon, Jul 19 2010, 4:48 PM
This BIG PICTURE uncertainty favors floating interest rates on a 45 day time line, but you better be ready to deal with added amounts of chopatility....
Mon, Jul 19 2010, 4:15 PM
After several days of behaving as if no other market existed, mortgage rates finally snapped back to reality today. Total consumer borrowing costs mov...
Fri, Jul 16 2010, 8:43 AM
Stock futures tanked after weaker than expected econ data, Treasuries are catching a FTQ bid and mortgages are playing follow the leader, albeit from...
Fri, Jul 16 2010, 3:22 PM
A well-qualified borrower, which is basically an applicant whose credit profile and loan terms do not trigger risk-based pricing adjustments (LLPAs),...
Thu, Jul 15 2010, 12:46 PM
Production MBS coupons are trading near session highs and lenders are repricing for the better.
Thu, Jul 15 2010, 8:48 AM
From a fundamental perspective, risk markets have taken this bearishly skewed data into consideration, but that's about as far as we can go with funda...
Thu, Jul 15 2010, 7:42 AM
Stocks have gained more than 7% over the past five trading days, but yesterday the Dow inched up just 0.04% while the S&P 500 fell 0.02%. After a mixe...
Thu, Jul 15 2010, 6:42 PM
Rate sheet influential MBS got their keister kicked by Treasuries today but price levels rose enough to give lenders a chance to reprice for the bett...
Wed, Jul 14 2010, 8:26 AM
Stocks are once set to open higher after Intel beat estimates with sales jumping by more than a third in the second quarter. The computer chip produce...
Wed, Jul 14 2010, 4:35 PM
Call me crazy but I think we've been witnessing a lender price war in the primary mortgage market.
Wed, Jul 14 2010, 1:33 PM
After the auction/Ahead of the FOMC minutes, traders are acting as if they expect to see bearish outlooks in the FOMC minutes.Stocks, which retested 1...
Tue, Jul 13 2010, 12:14 PM
Money is flowing out of bonds and into stocks ahead of the release of the 10-year Treasury note auction results.
Tue, Jul 13 2010, 8:31 AM
The stock market is set to open higher after Alcoa kicked off the second-quarter earnings season with better than expected results. One hour before th...
Tue, Jul 13 2010, 5:11 PM
The S&P rallied 1.54% today, extending it's winning streak to six days, benchmark Treasury yields closed at their highest levels in almost three weeks...
Mon, Jul 12 2010, 11:17 AM
Lenders who released pricing early this morning or desks that had extra juice built into rate sheets may reprice for the better. However, although st...
Mon, Jul 12 2010, 9:24 AM
The benchmark S&P 500 jumped more than 5.4% in last week’s holiday-shortened week. But the index remains about 3% off its 50-day moving average, accor...
Mon, Jul 12 2010, 5:48 PM
You won't notice a difference tomorrow. Lenders have been building loan pricing based on the August coupon for several weeks already, that's why I've ...
Mon, Jul 12 2010, 3:55 PM
Although the calendar has more to share in the week ahead, mortgage rates are still expected to take their directional guidance from the sentiment of ...
Mon, Jul 12 2010, 1:07 PM
Stocks are attempting to breakout of their recent range, benchmark interest rates are higher, the yield curve is steeper, and rate sheet influential M...
Fri, Jul 9 2010, 12:46 PM
The empty econ calendar, congressional vacation ,holiday shortened work week is coming to an end with little fanfare. Trading volumes are low and non-...
Fri, Jul 9 2010, 8:44 AM
The S&P 500 has gained 4.1%, or 42.2 points in the past two days. This morning stock futures are mixed. One hour before the opening bell, Dow futures...
Fri, Jul 9 2010, 4:50 PM
Risk On? Risk Off?
Although BIG PICTURE perspective has been the primary source of risk averse investing pessimism, the market is still dominated b...
Thu, Jul 8 2010, 9:45 AM
Stocks are apathetically maintaining recent positive progress. Regardless of a lack of investor participation and generally mixed reads on price actio...
Thu, Jul 8 2010, 8:09 AM
Equity futures are roughly flat this morning after a financial sector-led rally yesterday pushed the Dow up 274 points to beyond the 10,000 mark. Lit...
Thu, Jul 8 2010, 2:21 PM
Stocks are off week over week highs, the 10yr note is ticking back down toward 3.00%, and rate sheet influential MBS prices are approaching reprice fo...
Wed, Jul 7 2010, 11:43 AM
Typically, in weeks like this, the bond market and mortgage rates take their directional guidance from the general sentiment of the market. Stock mark...
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...
