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 Mortgage News Daily
Lowest Prices Since 10am. Potential Reprices For The Worse - 16 hours ago
Posted To: MBS CommentaryAfter encountering support just over 100-26, MBS 4.5's rose to 100-29 alleviating some previous risk of a reprice for the worse. But moments ago, losses superseded those previous lows by about a quarter of a tick, bringing MBS back into a range that could elicit reprices for the worse. With the 10yr yield seeming to form a double top at 3.70, it's still possible that many lenders will not reprice for the worse given the already discussed factors of it being late in the day on a Friday, but more so than last post, the risks have increased for reprices to be more than merely isolated incidents. Act accordingly, but know that if next week's bond auctions are strong, we could be right back in the mix....(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates End Busy Week Above Lowest Levels of Year - 17 hours ago
Posted To: Mortgage Rate WatchMortgage rates backed up a few basis points yesterday after the Treasury announced the terms of next week’s auction supply. This announcement overshadowed several economic data releases that came in close to expectations. All lenders did reprice for the worse by the end of the day, this increased consumer borrowing costs anywhere from an 0.125 to a 0.25 in discount points. The best par 30 year fixed mortgage rate did hold in the 4.75% to 5.00% range after reprices though. After yesterday’s busy economic data calendar, the schedule was empty today. Reports from fellow mortgage professionals indicate lender rate sheets to be worse today. The par 30 year conventional rate mortgage has risen to the 4.875% to 5.125% range for well quailed consumers. There are still a few lenders offering...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Bonds Retreat Into The Close. Any Risk Of Reprices? - 17 hours ago
Posted To: MBS Commentary4.5's now down 3 ticks on the day at 100-27 10yr Note Yield up to 3.69 from intraday range around 3.66. No confirmation from stocks as major indexes all still in the red On of those minor sell-off's that might NOT lead to a reprice for the worse (yet) Even though it's disconcerting that the current downtrend in prices is leading us back toward the worst levels of the day, there are a few considerations that make this situation not so black-and-white. First of all, it's obviously Friday afternoon, and obviously after the technical bond market close at 3pm. The market doesn't really close at 3pm of course, but some feel it might as well. 3pm is when day over day levels are marked for comparison against each other. Volume and liquidity tend to die down between 3 and 5 unless...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fannie Mae Clarifies Timing of Delinquency Buyouts. How Does this Affect Rates? - 19 hours ago
Posted To: MBS CommentaryUgly AM got prettier as 4.5's made it back to unchanged at 100-31 10yr yields actually down a bp to 3.66 (were as high as 3.7 this AM) Potentially unseen lift from Fannie delinquency buyout release If trying to recover lost YSP from this AM, still safe to wait it out. Things looked pretty bad this AM as bonds opened much worse than even an extension of yesterday's weakness would suggest. Lockers rejoiced. Floaters readied their cyanide pills. But in the previous commentary, AQ discussed a chain of events starting with a stronger dollar that has resulted in MBS getting back to unchanged on the day after commodities led stocks lower. And though there is a bit of movement, we're now approaching that "out of the woods" time of day where prices will either level off as volatility...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Rates Recover as Dollar Rally Weakens Commodity Stocks - 21 hours ago
Posted To: MBS CommentaryRates are staging a lackluster comeback as commodities stocks battle a strong dollar. Adding some weakness is a continued lack of liquidity in the markets. Plus health care debate rages on....much uncertainty lies ahead. The dollar is rallying and energy shares are weighing down stocks. The S&P is -0.52% at 1159, but finding stable ground at 1160 support. Here is the S&P loserboard....Georgetown should be #1 on this list, but they were omitted because they are a college basketball team, not a stock. Still, I think we can make an exception. ....and 10s are feeling some bargain buying stock lever love. Back in the 24-hour sideways trend channel after a brief bump in yields. The FN 4.5 is now flat on the day at 100-31. This is a 9 tick improvement from the intraday low price print of 100...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Underwriter Compensation and Production; Mortgage Insurance Update; Fannie Mae Buyout Details - 22 hours ago
Posted To: Pipeline PressYesterday I overheard a snippet of a conversation between a father and his son, with the father trying to prove a point. "Son, how old are you?" His son replied, "Eight". The father said, "When I was your age, I was nine." Who were, and probably still are, the largest mortgage lenders/investors in 2009? There were no real surprises. HERE are the rankings Yesterday I mentioned underwriter compensation and production , and perhaps was somewhat misunderstood. First, let me go on record that I have nothing against underwriters, and in fact believe that as a group they are often under-appreciated, under-paid, over-pressured, and usually taken for granted. I received a few comments that I will certainly pass along. "I have been underwriting FHA loans for over 15...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Rates Higher as Trading Session Gets Off to Slow Start - 1 day ago
Posted To: MBS CommentaryGood Morning. How in the world does Georgetown lose in round 1?!?!?!? They aren't the only ones heading back to class early though. 13 seed Murray State beat 4 seed Vandy. Marquette, who was a five seed, couldn't get passed no.11 Washington. Notre Dame, the six seed lost to Old Dominion. Meanwhile, Nova just barely pulled out a nail biter against Robert Morris and New Mexico, who had their second lowest point total on the season, found a way to squeak one out against 14 seed Montana. Bracketology gets interesting from here...especially with the Hoyas down and out. Did you call any of these upsets? What shocker did you forecast for day 2? The econ calendar is quiet today, making secretive tourney watching that much easier...COUGH COUGH HERE IS THE LINK COUGH COUGH Both benchmark 10s...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Light Calendar Puts Market Focus on Politics - 1 day ago
Posted To: MND NewsWireStocks are in mixed after yesterday’s mixed session. A lack of significant data on today’s schedule implies trading could be light, but headlines should be active as former Federal Reserve chief Alan Greenspan prepares to deliver a 48-page paper entitled "The Crisis" to the Brookings Institution in Washington. According to the Financial Times, Greenspan will take issue with claims that the Fed’s interest rate slashing early in the decade caused the US housing bubble. While he will concede "that regulators underestimated the scale of the asset price bubble . . . he attributes the failing, among others, to overseas regulators, the US credit rating agencies, financial houses and mainstream economics," the FT reported. One hour before the opening bell, Dow...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Winning Streak Snaps As MBS Close At The Lows - 1 day ago
Posted To: MBS CommentaryGoing out at lows of the day with 4.5's down 3 ticks to 101-00 10yr Tsy at high yield of day just under 3.68 Moderate gains in Dow and Nasdaq, S&P unchanged Big raft of data + Treasury Supply was just a bit too bearish for bonds today Still... Not a huge affair in terms of volume. MBS about half of normal. Kind of a medium term chart tonight but a lot going on with MBS trends, so the discussion will be almost exclusively on the top section of the following chart: Many many colors in the MBS chart, eh? Here's what they are: WHITE LINE: can either be thought of as one of two things: pretty dang close to 101-00 or an inflection point over the past two weeks. Both are accurate. It's moderately supportive vs. the pessimism that the next two sets of lines seem to suggest YELLOW LINES...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
10 Days Left in Fed's MBS Purchase Program. What is Potential for Extension? - 1 day ago
Posted To: MND NewsWireThe Federal Reserve reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending March 17, 2010, the Federal Reserve purchased a gross total of $10.6 billion agency MBS. In that week the Fed sold $601 million mortgage-backeds (supported the roll), for a net total of $10.0 billion agency MBS purchases. This amount is unchanged from the previous three reporting periods. 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 financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. |
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