Posted To: MBS Commentary
Narrowing Ranges... That's been a bit of a theme leading up to NFP. The end of December through Tuesday was a pretty good run in which the 4.5 made it from the mid 99's all the way to trade in the mid 100's for more than just a split second. Similarly, tsy's dropped 10bps from around 3.85 to 3.75. But in the last 2 days, we've… Continue readingFrom the category archives:
Mortgages
MBS CLOSE: FOMC Minutes Leave Bonds Neither Higher Or Lower
Posted To: MBS Commentary
Here's a look at the week so far: Note the narrowing ranges in both MBS and Tsy's... FOMC minutes didn't pack much of a punch today, at least not as far as one might be able to infer from the chart. If you tried hard, you might chalk up as much as a quarter point of MBS improvement to post-minutes trading, but you'd be ignoring the… Continue readingMBA Sees Distress in Q3 Commercial Real Estate Data
Posted To: MND NewsWire
The Mortgage Bankers Associates (MBA) notes that, while some economists may have declared that the recession technically ended with the third quarter, its effects are still plaguing the real estate industry. The Association's Quarterly Databook for the period ended September 30 shows that the commercial real estate market has yet to show many signs of recovery from the downturn. The report states that vacancy rates rose… Continue readingPrivate Equity Groups Investing in Mortgage Operations
Posted To: Community Commentary
Many of us start the new year with an array of New Year Resolutions – losing weight, exercising more, finishing a project at home, etc –, but most of us just fall into our same old habits. At the end of the year we are still out of shape and have yet to complete the kitchen remodel. It’s easy to sit on our arm chair and… Continue readingAs The Trading Day, And Year Draw To A Close, Uncertainty Remains
Posted To: MBS Commentary
It was a choppy day indeed on this last day of 2009. As per usual this week, much of that choppiness can be chalked up to much lower than normal volume. MBS and Tsy's tanked early with the 4.5 down all the way to 99-14 and the 10yr actually cracking the 3.9 mark. But by the earlier-than-normal end of trade, both had recovered to levels slightly… Continue readingMBS CLOSE: 4.5 At Par Signals Profit-Takers
Posted To: MBS Commentary
MBS opened and traded the AM at their best levels of the day with Par on the 4.5 even couched in a supportive guise. But as the noon hour approached, it was back to yesterday's closing levels for MBS as profit taking came, saw, and kicked a moderate amount of posterior right up until the auction. During the same time, Tsy's opened with similar strength, and… Continue readingMBS CLOSE: Slow At First, Gains Accelerate Into Close
Posted To: MBS Commentary
It took a while for markets to decide just what to do after the 5 year auction results at 1pm. Whether there was any actual level of "indecision" present is unknown and perhaps unimportant. More likely, what we see in today's charts is the effect of a "short covering opportunity" being exercised amidst the generally duration-positive month end trading sessions. Talk about "duration-positive!" Whoo... 2s v… Continue readingMBS CLOSE: More Losses, and More Reason Not To Care
Posted To: MBS Commentary
I just wanted to add my two cents into the "grade the auction" requests AQ received earlier while I was nobly battling a nasty little holiday stomach virus my son was kind enough to bring home (and losing miserably). You see, I think that the stomach virus has done the same thing to the attendance at his pre-school as the holiday season is doing to participation… Continue readingMBS CLOSE: Please Ignore The Charts On Your Way Out
Posted To: MBS Commentary
It's that time again folks... Another year of fun in the MBS market draws to a close and we are left with but a few trading sessions between now and 2010, and even those sessions can't promise any meaningful participation or movement. We don't want to tell you to tune out for the rest of the year, but--well actually we DO WANT to tell you that… Continue readingMBS MORNING: Reprices for the Worse Possible
Posted To: MBS Commentary
I am in a really goofy mood this morning. Unfortunately this state of mind is making its way onto paper via sarcasm. Please see the Mortgage Apps story for more on that... At 1am the Treasury announced the terms of month-end debt supply. $44,000,000,000 in 2s go off on MONDAY December 28 $42,000,000,000 in 5s to be auctioned on TUESDAY December 29 $32,000,000,000 in 7s will… Continue readingMBS OPEN: GDP Slightly Worse Than Expected, Bonds Don’t Care
Posted To: MBS Commentary
MBS and Treasury prices continue their down-trending ways this AM. 4.5's are off 6 ticks at the moment to 100-12 and the 10yr is up in yield to a hefty 3.73. No major reaction in stocks however which continues a trend of decelerating gains that followed the sun around the globe last night (Asia Strongest, Europe a bit lighter gains, Domestic futures slightly positive). Bottom line… Continue readingMBS CLOSE: Little Changed In The PM, Little Changed This Week
Posted To: MBS Commentary
More ranges, more pivot points, more trends, more chopatility, more uncertainty, more of EVERYTHING you've come to know and love about 2009. The conclusive tone is used here because nothing changes, nothing will change, and nothing CAN change until some time into the new year. That's it. It's done folks... 2009 is but a fading memory as of 5pm today. The FOMC statement was our last… Continue reading