Mortgage
Jul
Market Snapshot
Treasuries and mortgages opened better this morning following the technical break of key resistance levels yesterday. At 9:00 this morning the 10 yr note +6/32 at 3.44% and mortgage prices up 4/32. Yesterday the stock indexes took a big hit supporting the bond and mortgage markets. At 9:00 this morning stock indexes were lower again. [...]
Jul
Market Snapshot
At 10:00 the bond and mortgage markets are unchanged from yesterday’s closes. The DJIA -40. There are no economic reports today; the main driver for the bond market will rest with the $35b 3 yr note auction at 1:00. We expect the auction to be well bid, investors are moving to the lower end [...]
Jul
Market Snapshot
Not much in the way of economic data this week; the equity markets are still absorbing that the economy may not be on the recovery path that had been mapped recently. The June employment report sent many analysts back to the drawing boards to re-assess their more rosy outlooks. Non-farm job losses were over [...]
Jul
Market Snapshot
8:30 data sent stock indexes lower and some improvement in the rate markets; at 8:40 the 10 yr note traded +9/32 and mortgages +4/32. The DJIA futures was down 117 points. At 9:00 the 10 yr +8/32 at 3.52%, mortgage prices +6/32; the DJIA futures index -115. At 9:30 the DJIA opened -93, the 10 [...]
Jun
Market Snapshot
Mortgage prices started weaker this morning; at 9:00 eastern -.34 bps. The 10 yr treasury note yield at 9:00 up 7 BP to 3.54%, down 0.53 bps, as it failed to hold at its resistance level at 3.50% The Johnson Redbook chain store sales were down 4.3% yr/yr but fractionally better than -4.4% yr/yr [...]
Jun
Market Snapshot – UPDATE
This weeks economic calendar is compacted into three days instead of the usual five, with no reports due out on Monday and with the markets being closed on Friday ahead of the 4th of July weekend. Tuesday information on chain sores sales from ICSC-Goldman & Redbook, the S&P Case-Shiller Home Price Index (HPI), Chicago Purchasing [...]
Jun
Market Snapshot
Mortgage backed securities (MBS) prices continue to trade higher (rates lower) as signs emerged that foreign buyers are scooping up record amounts of U.S. debt speculating the economy’s recovery may be slow; FNMA 5.0% coupon 101.89bps, +6bps & FNMA 4.5% coupon 99.83bps, +6bps. MBS rallied last week as indirect bidders purchased 67% of the record [...]
Jun
Market Snapshot
Mortgage backed securities (MBS) prices are lower (rates higher) after yesterday’s substantial gains due to an enormously strong 7yr note auction that drew higher demand from indirect bidders (foreign central banks) than in previous auctions; FNMA 5.0% coupon 101.89bps, -3bps. Expectations that the Fed will keep interest rates low have increased; traders now see a [...]
Jun
Market Snapshot
Mortgage backed securities (MBS) prices are higher (rates lower) after yesterday’s volatile trading over the FOMC policy statement and before today’s Treasury auction of $27 billion in 7yr notes that completes the record $104 billion in borrowing; FNMA 5.0% coupon 101.58bps, +28bps and the high of the session. The Fed, encouraged by signs the recession [...]
Jun
Market Snapshot
Mortgage backed securities (MBS) prices are lower (rates higher), after three positive days, ahead of the FOMC policy statement due at 1115am pt and before the Treasury auction of $37 billion of 5yr notes; FNMA 5.0% coupon 101.20bps, -13bps and the low of the session. Today’s 5yr note auction is the largest sale of the [...]