ARCHIVED BLOG POSTS
2009
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MBS prices are down -3/32 (FNMA 30-yr 4.0 at 100.00), above the initial price level at -5/32. MBS markets extended the move lower which followed yesterday's Fed announcement. Today's economic data was mixed, but the stronger than expected Chicago PMI manufacturing report hurt MBS markets. The Dow...
04/30/2009
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MBS prices are down -7/32 (FNMA 30-yr 4.0 at 100.09), below the initial price level at -2/32. MBS markets stayed in a range until the release of the Fed announcement this afternoon. As expected, the Fed made no change in rates, and the statement held few surprises. According to the Fed, the econo...
04/29/2009
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MBS prices are down -7/32 (FNMA 30-yr 4.0 at 100.31), below the initial price level at unchanged. Unfavorable repricing was seen. Treasury markets posted sharp declines, which pulled MBS markets down. After a stronger than expected Confidence report and typical auction results, investors began to...
04/28/2009
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MBS prices are up +14/32 (FNMA 30-yr 4.0 at 100.53), above the initial price level at +5/32. Favorable repricing was seen. No economic data came out today. Concerns about the swine flu inspired a flight to safety, which lifted MBS and Treasury markets. The results of the 2-yr Treasury auction wer...
04/27/2009
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MBS prices are up +6/32 (FNMA 30-yr 4.0 at 100.06), above the initial price level at +1/32. MBS markets again outperformed Treasury markets. Weekly Jobless Claims came in close to expectations. March Existing Home Sales declined 3% to an annual rate of 4.57 million units, below the consensus fore...
04/23/2009
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MBS prices are down 1/32 (FNMA 30-yr 4.0 at 99.88), below the initial price level at +2/32. It was a quiet session. Treasury markets posted moderate losses. A Federal Housing and Finance Administration (FHFA) report showed that house prices increased 0.7% in February from January, and were down 6...
04/22/2009
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MBS prices are up +10/32 (FNMA 30-yr 4.0 at 100.03), above the initial price level at +6/32, and at the high for the day. Leading Indicators came in close to expectations. The financial sector led the stock market lower, which helped MBS markets. The Dow fell almost 300 points. Oil prices dropped...
04/20/2009
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Mortgage rates were steady for yet another week, holding near historical lows. The primary reason for their recent narrow range is that the outlook for two of the most significant influences on mortgage rates, inflation and demand, has hardly changed since the middle of March. Short-term inflatio...
04/17/2009
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MBS prices are down -9/32 (FNMA 30-yr 4.0 at 99.72), below the initial price level at -5/32, and at the low for the day. Consumer Sentiment came in higher than expected. Fed Chief Bernanke spoke about innovations in financial markets, but it had no impact on financial markets. Mostly, Treasury an...
04/17/2009
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MBS prices are up +9/32 (FNMA 30-yr 4.0 at 100.19), above the initial price level at +1/32. MBS markets rallied due to weaker than expected Retail Sales data and lower than expected PPI inflation data. PPI posted the largest annual decline since 1950. Both President Obama and Fed Chief Bernanke m...
04/14/2009
