mortgage backed securites: Mortgage Market Update for Friday July 25, 2008 - 07/25/08 08:24 AM
Bonds had a nice rally yesterday and closed above a key level of resistance. In order for confirmation of a technical break through the next trading day needs open above that as well......well bonds did not and they have given back 70% of yesterday's gains already. The headline number of durable goods … (4 comments)
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mortgage backed securites: A Week of Rising Rates - 07/18/08 09:01 AM
Mortgage Bonds have traded lowered for 4th straight session today losing just shy of 200 basis points over that period. To get a rate quoted on Monday a client would now have to pay 2 points on their loan if they did not lock and wanted that , that is scary.
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mortgage backed securites: Mortgage Market Update for July 16th, 2008 - 07/16/08 07:45 AM
CPI was hotter than expected which is inflationary and bad for mortgage bonds.
CPI was estimated at .7% and came in at 1.1% year or year is 5%
Core CPI, ex -food and -engergy, was estimated at .2% and came in at .3% year or year it is 2.4%
… (0 comments)
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mortgage backed securites: The Crisis of Confidence - 07/13/08 09:03 PM
The Crisis of Confidence....that's probably the best way to describe it.
Friday was a crazy day in the financial markets being headlined by the potential failure of the government sponsors agencies (GSEs), Fannie Mae and Freddie Mac. At the start of Friday it was reported the government could take over these agencies over … (2 comments)
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mortgage backed securites: Mortgage Market Update for Wednesday July 9th, 2008 - 07/09/08 06:13 AM
Bonds have been on a wild ride this week trading significantly lower until a sharp turn around Monday afternoon followed by a big rally yesterday, opening at their low and closing just off their high. The 30 year fixed rate is at it's best level in just over a month.
Bonds and stocks … (0 comments)
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mortgage backed securites: Mortgage Rate Update for June 23rd, 2008 - 06/23/08 05:45 PM
This week is about about Wednesday and what the Fed is going to do. It would be an absolute shock if they chose to raise rates to begin the fight on inflation. Wall Street is most interested in what the statement is going to say about the issues and their views, … (2 comments)
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mortgage backed securites: Mortgage Rates for June 20, 2008 - 06/23/08 05:06 AM
Bonds were off 3 bps on the day this Friday, aftering stalling out and not being able to break up the upward resistance line for the 3 consecutive day. There was not economic released and the down did finish off down over 200 points and the S & P finished down … (0 comments)
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mortgage backed securites: Mortgage Market update June 19th, 2008 - 06/19/08 09:49 PM
Rates were down modestly today 22 bps on the day. Bonds tested both the closest support and resisitance levels and closed right in the middle of it....meaning we are in another tug of war with the bulls and the bears going into next week's Fed meeting. From a technical standpoint bonds are … (3 comments)
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mortgage backed securites: Mortgage Rate Update for June 17th, 2008 - 06/17/08 05:26 PM
CPI was in line with expectations and PPI was a bit hotter this morning. Mortgage Bonds seems to have drawn a line in the sand for now and are attempting a reversal. We finished up 50 bps on the day closing right inbetween a dual layer of resistance. Bonds are also … (2 comments)
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mortgage backed securites: Mortgage Market Update Friday the June 13th, 2008 - 06/13/08 10:52 PM
Well it is official......the bond market is fearful of inflation. Some decent CPI numbers came out this morning but that was overshadowed this afternoon by the word no bullish bond trader wants to here........INFLATION is here and rising......well on the flip side it is quite obvious with the cost of food … (1 comments)
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mortgage backed securites: Market Update for June 12, 2008 - 06/12/08 08:32 AM
Mortgage Bonds are down 38 bps this morning as of 920am EST. Stock futures are up and oil is down which is leading to bond deterioration. Retail sales were released this morning and came in better than expected for May and better than they were in April, very good news for … (0 comments)
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mortgage backed securites: Market Update for June 10th, 2008 - 06/11/08 07:28 AM
On a technical note, mortgage bonds are down 5 straight session at 216 bps points....rates have rose to the 6.625% area on a conventional 30 year fixed. Bonds are oversold, which generally indicates that the buyers will be back and drive prices back up. When bonds drop suddenly they … (0 comments)
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mortgage backed securites: Market Update June 10th, 2008 - 06/10/08 06:12 AM
Mortgage Backed Securities had a wild day yesterday. Off 81 bps at the low but did rally to close at a support level see chart below noting the circled red candlestick representing yesterdays trading day(amazing how that works)
Bernanke spoke yesterday about inflation believing the sluggish growth of our … (2 comments)
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mortgage backed securites: Market Update June 9th, 2008 - 06/09/08 07:19 AM
Mortgage Bonds are taking a beating off this morning by 59 bps early bouncing off a resistance level and now are sitting down on a level of support. No economic data released today. Retail Sales is out Thursday which should be a market mover. Oil went up $16 a barrell on Thursday and Friday. … (0 comments)
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mortgage backed securites: Mortgage Rate Update for 6/6/2008 - are we in a Recession??? - 06/06/08 07:18 AM
Non-farm payrolls estimated -60,000 actual -49000 (better than expected...good news for the economy bad for mortgage rates)
Unemployment numbers estimated 5.1% actual is 5.5% (huge jump of .5% last time this happened was in 1986.....THIS IS A HUGE NUMBER PROBABLY CATCHING UP TO WHATEVER EVERYONE WAS EXPECTING)
Unemployed workers surged by … (0 comments)
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mortgage backed securites: Mortgage Rate Update for June 5th, 2008 - 06/05/08 11:08 AM
Mortgage Bonds are down again today after breaking through the 200 day moving average yesterday afternoon. Initial jobless claims where lower than expected this morning and the umemployment rate is released tomorrow and given the inconsistentcy of this number recently we will remain in a LOCK. Should be a big … (0 comments)
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mortgage backed securites: Mortgage Market Update for June 4th, 2008 - 06/04/08 09:19 AM
Mortgage Bonds are trading lower this morning and surprise, surprise they are sitting right on the 200 day moving average. On Monday bonds broke through and closed above the 200 DMA and did trade below it yesterday but closed in positive territory at the end of the trading day. Technically … (0 comments)
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mortgage backed securites: Mortgage Rate Update for June 3rd, 2008 - 06/03/08 08:25 AM
Mortgage bonds are trading -6 bps this morning with no economic data on the docket for today. Fed chairman Bernanke is speaking this morning about the economy and he could move markets, other than that bond trading will be driven by the stock market (stocks up bonds down vice versa)
… (2 comments)
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mortgage backed securites: Mortgage Rate Update for June 2nd, 2008 - 06/02/08 07:43 AM
Mortgage bonds are up 22 bps this morning. After the selloff Friday afternoon, pricing should be right inline with the Friday morning rate sheets. Just 9 bps higher and bonds hit the strong resistance level at the 200 day moving average. Wait and see what rates do after the ISM number is released … (1 comments)
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mortgage backed securites: Mortgage Rate Update for May 30th PCE and Bulls v. Bears - 05/30/08 08:42 AM
Mortgage Bonds are up 41 bps as of 910am this morning. Core PCE, Personal Consumption Expenditures without food and energy, was released this morning in line with estimates, inflation is still under control. Year or Year PCE is 2.1% slightly above the Fed's target range of 1-2% but this the Fed … (0 comments)
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