Mortgage Market Report - 08/31/09 10:54 AM
Market OutlookMonday, August 31, 2009 7:15 AMPrice Trend: NeutralPrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 100-07 (+1)GNMA 4.5 100-15 (+0)10yr Yield 3.453Today’s Economic Data (PST)Chicago PMI 6:45_________________________________________________________________Commentary:Treasuries and mortgages are mostly unchanged this morning. Global stock markets were off overnightwhich has provided some support for bonds. The only data released today was the Chicago PurchasingManagers’ index which is a measure of manufacturing in the Med-West. The report beat expectations with areading of 50 which is the dividing line between contraction and expansion. Once again, the “cash-forclunkers”program is being credited for the increase.The rest of the week is a busy one. Both ISM surveys, … (0 comments)

Mortgage Market Report - 08/27/09 09:59 AM
Market OutlookThursday, August 27, 2009 7:05 AMPrice Trend: NeutralPrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 100-09 (-1)GNMA 4.5 100-15 (-2)10yr Yield 3.433Today’s Economic Data (PST)GDP 5:30Jobless Claims 5:30_________________________________________________________________Commentary:Treasury and mortgage prices are close to unchanged after being down earlier this morning. Bonds reactednegatively to a better than expected revision to Q2 GDP. Economists expected that the revision would showthat the economy had contracted more than originally reported last month. Instead GDP remainedunchanged and personal consumption (consumer spending) was revised higher.Next up is the 7 ye Treasury auction later this morning. Yesterday’s 5yr auction went well and the consensusis that this 7yr will be … (0 comments)

Mortgage Market Report - 08/26/09 05:09 PM
Market OutlookWednesday, August 26, 2009 7:05 AMPrice Trend: PositivePrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 100-12 (+2)GNMA 4.5 100-17 (+2)10yr Yield 3.431Today’s Economic Data (PST)Existing Home Sales 7:00_________________________________________________________________Commentary:Bonds are pretty flat this morning. Durable goods orders were released early and were close toexpectations. The data was encouraging for the manufacturing sector of the economy. New Home Salesalso showed signs of a stabilizing economy as sales jumped and inventories declined. Sales have risen for4 consecutive months, but are still down 13.4% from one year ago.Later this morning, the Treasury will be auctioning $39B of 5 year notes. It is expected to be relatively wellreceived … (0 comments)

Wordless Wed - 08/26/09 05:06 PM

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Democratic states vs Republican - 08/24/09 06:04 PM
 
                Professor Joseph Olson of   Hamline University School of Law,   St. Paul ,   Minnesota , points out some interesting facts concerning the Presidential election:
Number of States won by: Democrats: 19    Republicans: 29   Square miles of land won by: Democrats: 580,000    Republicans: 2,427,000   Population of counties won by: Democrats: 127 million    Republicans: 143 million   Murder rate per 100,000 residents in counties won by: Democrats: 13.2    Republicans: 2..1       Professor Olson adds: "In aggregate, the map of the territory Republicans won was mostly … (0 comments)

Historians view of our country, Great read. - 08/24/09 05:52 PM
Take the three minutes to read this. Maybe he is wrong. What if he is right?   David Kaiser is a respected historian whose published works have covered a broad range of topics, from European Warfare to American League Baseball. Born in 1947, the son of a diplomat, Kaiser spent his childhood in three capital cities: Washington D.C. , Albany , New York , and Dakar , Senegal .. He attended Harvard University , graduating there in 1969 with a B.A. in history. He then spent several years more at Harvard, gaining a PhD in history, which he obtained in 1976. … (1 comments)

Mortgage Market Report - 08/20/09 10:44 AM
Market OutlookThursday, August 20, 2009 7:15 AMPrice Trend: NeutralPrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 100-04 (+1)GNMA 4.5 100-11 (+1)10yr Yield 3.478Today’s Economic Data (PST)Jobless Claims 5:30Leading Indicators 7:00Philly Fed 7:00_________________________________________________________________Commentary:Treasury and mortgage prices are fairly flat so far this morning. The release of economic data seemed tohave little impact on bond prices. The report that would seem to have had the most influence this morningwas the Philly Fed Survey. It indicated expansion in manufacturing for that region of the country for the firsttime in about a year. This is consistent with the Empire State Index which was released earlier this week.This news … (0 comments)

Mortgage Market Report - 08/06/09 01:05 PM
Market OutlookThursday, August 06, 2009 7:05 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 99-04 (-6)GNMA 4.5 99-07 (-6)10yr Yield 3.776Today’s Economic Data (PST)Jobless Claims 5:30_________________________________________________________________Commentary:The jobless claims report is the only data on the calendar today. Weekly claims dropped and continuingclaims rose. The 4 week moving average of claims declined slightly. This news did not have a significantimpact on the market which has been drifting lower since it opened. Yesterday’s session was extremelyvolatile with light volumes.This Week’s Economic CalendarDATE CST PERIOD RELEASE MED PREV ACTUALMON 9:00 JUL ISM Manufacturing 46.5 44.8 48.98/3 9:00 JUL ISM Prices Paid 51.5 50 55.09:00 JUN … (0 comments)

Mortgage Market Report - 08/05/09 11:13 AM
Market OutlookWednesday, August 05, 2009 7:15 AMPrice Trend: NeutralPrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 99-23 (-0)GNMA 4.5 99-28 (+1)10yr Yield 3.645Today’s Economic Data (PST)ADP Employment 5:15ISM Services 7:00Factory Orders 7:00_________________________________________________________________Commentary:It has been another extremely volatile morning in the bond markets. After being down by as much as 50basis points, MBS prices have recovered to unchanged. Prices were down early after encouragingemployment data was released in the form of the ADP employment report and the Challenger job cutsnumber. These losses were quickly reversed, however after the ISM Services index came in lower thanexpected. On Monday the manufacturing survey beat expectations and caused selling … (0 comments)

Mortgage Market Report - 08/03/09 11:32 AM
Market OutlookMonday, August 03, 2009 7:05 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 100-04 (-16)GNMA 4.5 100-09 (-16)10yr Yield 3.620Today’s Economic Data (PST)ISM Survey 7:00Construction Spending 7:00_________________________________________________________________Commentary:Treasuries and mortgages have given up all of Friday’s gains after the ISM survey was released. Theheadline reading of 48.9 is the highest level seen in 11 months. The index showed expansion in everycategory except inventories and employment although both of those areas improved from the previousmonth. Bonds were already down slightly before the report, but they really took a nose dive after therelease.There is a lot of data being released this week. The culmination … (0 comments)