ARCHIVED BLOG POSTS
2009
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Government announcements dominated the financial news this week. Updates on two major programs both were favorable for mortgage markets, and mortgage rates fell modestly during the week. The most highly anticipated news concerned Tuesday's speech from Treasury Secretary Geithner on the financial...
02/16/2009
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MBS prices are down -6/32 on Friday (FNMA 30-yr 4.5 at 100.24), below the initial price level at -2/32. February Consumer Sentiment came in lower than expected. The Dow is down 10 points. For the week, MBS prices rose about +14/32. MBS markets closed early at 2:00 et in observance of Presidents D...
02/16/2009
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MBS prices are down -6/32 (FNMA 30-yr 4.5 at 100.91), below the initial price level of unchanged. MBS prices remained in a narrow range today. January Retail Sales came in higher than expected. The 30-yr Treasury auction saw strong demand from foreign investors, but the yield was higher than expe...
02/12/2009
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MBS prices are flat (FNMA 30-yr 4.5 at 101.09), above the initial price level at -1/32. Favorable repricing was seen. The Trade Balance data had little impact. Investors retained a slim hope that Treasury Secretary Geithner would reveal more details today about the Financial Stability Plan announ...
02/11/2009
Fed Chief Bernanke testified before Congress. He answered questions about the Fed's actions, but he didn't elaborate on the Financial Stability Plan. The Senate passed its version of the fiscal stimulus plan, following the House vote last week. The next step is for the House and the Senate to cre...
02/10/2009
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MBS prices are up +16/32 (FNMA 30-yr 4.5 at 101.12), above the initial price level at +7/32. No economic data came out today, but there was a wide range of other financial news. The most highly anticipated news concerned an update from Treasury Secretary Geithner on the financial institution ass...
02/10/2009
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Despite weaker than expected employment data and a significant increase in Fed purchases of mortgage backed securities (MBS), mortgage rates rose a little during the week. Concerns about the potential increase in the supply of debt trumped these other factors. The House passed one fiscal stimulus...
02/07/2009
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MBS prices are down -1/32 (FNMA 30-yr 4.5 at 100.20), below the initial price level at -5/32. It was a volatile session. Despite weaker than expected employment data, MBS prices spent the day in negative territory. Concerns about the potential increase in the supply of debt were the primary facto...
02/07/2009
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MBS prices are unchanged (FNMA 30-yr 4.5 at 100.59), below the initial price level at +2/32. trading volume was unusually heavy and volatility continued. The January ISM Services index rose to 42.9, above the consensus of 39.0. The Dow fell 120 points. Tomorrow, Productivity, Jobless Claims, and...
02/04/2009
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MBS prices are down -16/32 (FNMA 30-yr 4.0 at 99.03), below the initial price level at -1/32, and at the low for the day. Unfavorable repricing was seen. MBS markets were hurt by a variety of factors. First, December Pending Home Sales rose 6% from November, above the consensus for no change. Pen...
02/03/2009
