ARCHIVED BLOG POSTS
2009
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Yesterday will be one of those I will remember in the mortgage industry. We basically went from4.875% to 5.5% in a matter of hours (see my Waterloo Rate alert below). Today mortgage backed securities (MBS) prices are higher (rates lower), recovering a portion of yesterday's losses, in volati...
05/28/2009
The bubble in the mortgage markets finally and with super hyper speed, blew up today. After holding and holding, while the 10 yr note rate climbed, mortgage rates jumped today to levels not seen in many months. We have been warning the mortgage markets couldn't hold on forever while treasury rate...
05/27/2009
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Mortgage backed securities (MBS) prices are higher (rates lower) in quiet range-bound trading as investors await todays Fed purchases of U.S. debt and the 11am pt release of the FOMC minutes from the monetary policy meeting in late April; FNMA 4.0% coupon 100.02bps, +7bps and the high of the sess...
05/20/2009
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Mortgage backed securities (MBS) prices fell (rates rose) for the first time in four days as reports show manufacturing contracted less than expected, easing speculation the economic recovery was weakening; FNMA 4.0% coupon 100.14bps, -17bps. The Fed bought debt three times this week, part of an ...
05/15/2009
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Mortgage backed securities (MBS) prices are higher (rates lower) as money flows out of the stock market and into less risky fixed-income assets, like MBS; FNMA 4.0% coupon 100.27bps, +16bps. Low interest rates and falling home prices are giving only a limited boost to home sales, according to Mor...
05/13/2009
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Mortgage backed securities (MBS) prices opened lower (-19bps) after Fed Chairman Bernanke's comments yesterday that he is encouraged by U.S. banks' plans to raise capital after government stress tests and with increased speculation the worst of the world wide recession may be over reducing demand...
05/12/2009
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Mortgage backed securities (MBS) prices opened strong (rates lower) but have since retreated as Fed Chief Bernanke testifies about the economic outlook before Congress's Joint Economic Committee and before the Treasury auctions $35 billion of 3yr notes later today; FNMA 4.0% coupon 100.19bps, +5b...
05/05/2009
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Mortgage backed securities (MBS) prices are lower (rates higher) for a 4th day in a row as credit markets thaw and speculation grows that the worst of the global recession may be over; FNMA 4.0% coupon 99.84bps, -19bps. Treasury plans to sell record amounts of securities, including $71 billion ne...
05/01/2009
