commentary: MBS RECAP: Surprising​ly Stable Rally. Waiting on NFP - 04/06/12 05:53 AM
MBS and Treasuries have both been eerily quiet today when viewed against the backdrop of yesterday's range.  Look at today only and things have still been pretty darn stable with Treasuries rallying from roughly 2.26 to 2.23, putting in some decent supportive bounces along the way, and Fannie 3.5 MBS rallying from 102-08 to 102-19.  We're still getting the impression that markets don't quite know what to do with themselves after yesterday's rout--almost as if they've shown up the NFP party too early and are waiting for the music to start before they move decidedly in one direction or another.
1:02PM  … (1 comments)

commentary: Mortgage Rates Improve Only Slightly After Rising Yesterday - 04/06/12 05:49 AM
Mortgages Rates improved only moderately today despite a stronger bounce back in underlying bond markets.  The Best-Execution Conventional 30yr Fixed Rate remains intact at 4.0%.  That means that the borrowing costs associated with yesterday's rate offerings will be slightly lower Today vs yesterday, but still significantly higher than Monday.  It continues to be the case that more than a few lenders will have issues hitting that 4.0% mark with a "no closing cost" loan after yesterday's sharp rise in rates. 
(read more about Best-Execution calculations). 
Today really reinforces one of the common quips about mortgage rates getting better much slower than … (0 comments)

commentary: MID-DAY: Recapturin​g Some of Yesterday'​s Losses - 04/06/12 05:44 AM
Bond markets continue to trade in better territory than yesterday's weakest levels. Most of the improvement was seen in the overnight session with some quick volatility leading up to and following this morning's ADP Employment report. At 209k private payrolls vs a 200k estimate, ADP didn't show enough of a divergence from expectations to move things in one direction or another. Bond markets seem to have their footing after reeling from yesterday's FOMC Minutes, but they haven't been able to muster additional gains from this morning. 2.24% and thereabouts has been very firm resistance for 10yr yields. MBS encountered the frequently … (0 comments)

commentary: MBS Commentary​] - With FOMC Minutes Out Of The Way, Employment Data In Focus - 04/06/12 03:46 AM
MBS went cliff-diving on Tuesday following the release of the FOMC Minutes from the 3/13/11 meeting. Interesting that it was the 3/13/11 meeting that initially marked the turning point for bond markets when 10yr yields broke north of 2.13. At that time, the run up to 2.40 was part of a perfect storm of the FOMC Announcement and surrounding events.
 
This time, we haven't sold off quite as much, but we also did most of the selling-off in a single hour as opposed to spaced over two days (check out the insane volume spike! Insane I tell you!). It was … (0 comments)

 
Nikitas Kouimanis, Nikitas Kouimanis 516 469 6262 (RBI Associates, Ltd)

Nikitas Kouimanis

Nikitas Kouimanis 516 469 6262

Jericho, NY

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