Durable Goods Drop - 07/29/09 11:44 AM
The going is likely to be a little tougher for Uncle Sam as he brings $39 billion worth of supply to the credit markets today. The Treasury Department's auction of these 5-year debt obligations will conclude at 1:00 p.m. ET.
Lackluster results from yesterday's $42 billion 2-year notes amid below-average foreign … (0 comments)
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Consumer Confidence Drops - 07/28/09 12:08 PM
Uncle Sam is splashing around in the credit market today -- looking to borrow a record-setting $42 billion in the form of 2-year notes. The auction will conclude at 1:00 p.m. ET.
The majority of analysts (me included) believe the two-year note auction will go off without a hitch since its … (0 comments)
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Monday's News - 07/27/09 11:57 AM
Mortgage investors have absolutely no incentive to step in front of the government supply train coming down the tracks this week.
Uncle Sam will be in the credit markets every day through Thursday looking to borrow a record setting $115 billion. The first car load of supply arrives today in the … (0 comments)
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Homes Sales Rise Again - 07/23/09 12:15 PM
The mortgage market was staggered a bit by the Treasury Department's late morning announcement regarding the total size of next week's three-part borrowing spree. Uncle Sam will be in the credit market looking to borrow a record setting $109 billion in the form of 2-, 3- and 7-year notes. Next Tuesday … (0 comments)
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Rates Creep Down - 07/22/09 11:59 AM
Second verse ... same as the first.
Fed Chairman Bernanke told mortgage investors just what they wanted to hear yesterday when he promised the central bank has the will and the tools necessary to guide the economy out of recession without spurring inflation. He made those reassuring remarks during his semi-annual … (0 comments)
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Bernanke Passes Test - 07/21/09 11:37 AM
Well done Mr. Bernanke.
Mission accomplished - you brought congressional members up-to-speed on current monetary policy, you adequately answered questions regarding the mechanisms available to recover the enormous amount of stimulus that has been injected into the economy without spawning massive amounts of inflation, and you withstood the badgering of a … (0 comments)
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Monday - 07/20/09 11:49 AM
This morning's release of June's leading economic indicators put mortgage investors a little on the defensive as the day began. The index, designed to project economic trends six to nine months ahead, rose 0.7% last month. Most economists had anticipated a positive reading in the neighborhood of 0.5%. The index value … (0 comments)
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Friday's News - 07/17/09 11:52 AM
It is another lethargic, thinly traded day in the mortgage market. Surprising strength in this morning's June housing starts and building permits report was enough to give the sellers the edge as the day gets underway.
The Commerce Department said housing starts climbed 3.6% last month - driven higher by a … (0 comments)
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CIT Failure Helps Rates - 07/16/09 12:00 PM
The mortgage market is finding some interest rate friendly support this morning from news commercial lender CIT Group said talks with the government regarding a possible federal bailout have ended unsuccessfully.
The likelihood of another headline bank failure sent many stock investors scurrying for the relative safety of the Treasury and … (0 comments)
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Rates Move Up - 07/15/09 12:51 PM
It is another "dog day" in the mortgage market - featuring thin, listless trading activity. Mortgage interest rates are drifting incrementally higher, driven by slightly stronger-than-expected economic news and improved buying interests in the stock markets.
The mortgage market staggered out of the gate this morning when the Labor Department reported … (0 comments)
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Inflation Jumps - 07/14/09 12:15 PM
The mortgage market "took-one-on-the-chin" this morning as a surge in auto and gasoline sales during the month of June boosted retailers' performance beyond expectations -- while a measure of inflation soared by twice as much as projected -- bolstering hopes the economy is finally beginning a modest recovery.
The Commerce Department … (0 comments)
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Monday's News - 07/13/09 12:14 PM
Mortgage investors are squaring up positions and otherwise attempting to look busy as they await the release of the pivotal June retail sales report tomorrow morning at 8:30 a.m. ET.
The expected 0.4% gain in the headline sales figure will likely be largely discounted as a function of volatility related to … (0 comments)
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Next Week's Calendar - 07/10/09 11:40 AM
Thin summer trading conditions, uncertainty about the impact (or lack thereof) the government's current stimulus initiatives will have on the forward looking economic picture together with lame activity levels in the stock market are all combining to support steady to fractionally lower mortgage interest rates this morning.
The trajectory of mortgage … (0 comments)
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Another Slide! - 07/09/09 12:29 PM
Mortgage interest rates got a nice little nudge to lower levels following yesterday's solid 10-year Treasury auction. The Treasury Department will wrap-up this week's four-part auction schedule at 1:00 p.m. ET this afternoon with the sale of $11 billion of 30-year bonds.
Trading action in the mortgage market is thin with … (0 comments)
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Rates Slide - 07/08/09 12:26 PM
Fixed-income investors have been doing a pretty good job of absorbing all the supply the government has been pumping into the market place this week. Yesterday's 3-year note auction result was decent - just not as strong as at the previous auction of these securities.
Market participants are preparing for a … (1 comments)
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Mondays News - 07/06/09 11:55 AM
The macro-economic calendar is very thinly populated this week -- so the trend direction of mortgage interest rates will be largely influenced by the Treasury auction schedule and trading action in the stock markets.
The Treasury Department will conduct four auctions this week for the first time since they began issuing … (0 comments)
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Rates Slide! - 07/02/09 12:04 PM
Mortgage interest rates crept fractionally lower this morning as a weaker-than-expected June nonfarm payroll report showed the economy is still laboring through a deep recessionary trough. The Labor Department said employers cut 467,000 jobs last month. The June job losses were significantly greater than the 363,000 loss most economists had been … (0 comments)
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Wednesday News! - 07/01/09 12:00 PM
Mortgage investors are slogging through another day of relatively thin, indecisive trading action. The day's economic data was at best a "mixed-bag" - and did nothing to clarify likely mortgage interest rate direction.
On the mortgage market friendly side of the ledger the private ADP employment report showed notably weaker payroll … (0 comments)
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