ARCHIVED BLOG POSTS
2008
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MBS prices are up +8/32 (FNMA 30-yr 4.5 at 101.53), below the initial price level at =9/32 - many lenders repriced or are are issuing repices now. It was a volatile session with very light volume. Jobless Claims came in lower than expected. The Dow is up 80 points. The ISM index will be released...
12/31/2008
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MBS prices are down -8/32 (FNMA 30-yr 4.5 at 101.25), at the initial morning price level at -8/32. It was a quiet session. December Consumer Confidence fell to a record low reading of 38.0, below the consensus of 45.0. December Chicago PMI came in close to expectations. The Dow rose 180 points. J...
12/30/2008
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MBS prices are down +3/32 (FNMA 30-yr 4.5 at 101.50), below the initial morning price level at +11/32. Unfavorable repricing was seen. It was a quiet session in MBS markets until a late decline took place on very light volume. No economic data came out today. Tensions in the Middle East pushed oi...
12/29/2008
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MBS prices are down -9/32 (FNMA 30-yr 4.5 at 101.66), far below the initial price level at +19/32. Unfavorable repricing took place - a couple of times! No economic data came out today. MBS markets started with a significant rally, building on the momentum following yesterday's Fed announcement....
12/17/2008
Despite the fact that lowering short term interest rates usually results in higher long term rates such as mortgages, language in their statement prompted huge gains for Mortgage Backed Securities (MBS). The higher MBS securites go the lower interest rates will be. In a unanimous vote, the Fed ...
12/16/2008
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MBS prices are up +42/32 (FNMA 30-yr 4.5 at 101.94), far above the initial price level at +1/32, and at the high for the day. Today's CPI and Housing Starts data had little impact on MBS markets. The big move today took place after the Fed announcement at about 2:25 et, as MBS and stock markets p...
12/16/2008
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MBS prices are down -7/32 (FNMA 30-yr 4.5 at 100.62), down 5/32 from the initial price level. It was a quiet session. Industrial Production and the Empire State index came in close to expectations. The Dow fell 66 points. Tomorrow, CPI and Housing Starts will be released at 8:30 et. The Fed annou...
12/15/2008
Since the Fed announced a plan to purchase $500 billion of mortgage-backed securities on November 25, mortgage rates have moved progressively lower, and the trend continued this week. Conforming fixed-rate mortgage rates dropped to levels last seen in 2003. Weak Retail Sales data and low inflatio...
12/12/2008
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MBS prices are up +5/32 (FNMA 30-yr 5.0 at 101.81), above the initial price level at -2/32. It was a volatile session. The PPI and Retail Sales data came in close to expectations. Consumer Sentiment rose to 59.1, above the consensus of 55.0. The Dow rose 60 points. For the week, MBS prices rose +...
12/12/2008
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MBS prices are up +15/32 (FNMA 30-yr 5.0 at 101.38), far above the initial price level at -3/32. Favorable repricing took place. No economic data came out today. The spread between MBS and Treasuries narrowed, which pushed MBS prices higher. Treasuries posted small losses today. The 3-yr Treasur...
12/10/2008
