ARCHIVED BLOG POSTS
2009
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After falling to levels near historical lows, mortgage rates have held fairly steady for several weeks. Weak economic growth around the world and large Fed purchases of mortgage-backed securities (MBS) have helped keep mortgage rates low. The trigger for the recent decline in mortgage rates was ...
04/09/2009
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MBS prices are down -9/32 (FNMA 30-yr 4.0 at 99.69), below the initial price level at -5/32. Unfavorable repricing took place. A stock market rally pushed MBS prices lower. Demand was weaker than average for the 10-yr Treasury auction, which also hurt MBS markets. The Dow is up 200 points. For th...
04/09/2009
On March 18, MBS markets posted substantial gains after the Fed announced an expansion of its program to purchase MBS and a new program to purchase Treasuries. The FOMC minutes from that meeting released today provided a little more insight into the reasoning behind the Fed's decisions. Essential...
04/08/2009
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MBS prices are up +9/32 (FNMA 30-yr 4.0 at 100.00), above the initial price level at +1/32. Strong demand for the 3-yr Treasury auction helped MBS markets. Foreign investors purchased 39% of the total auction. Indications from the Fed that economic growth may be lower than expected also lifted MB...
04/08/2009
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MBS prices are up +9/32 (FNMA 30-yr 4.0 at 100.16), above the initial price level at +4/32. No economic data came out today. A 200-point decline in the Dow boosted MBS markets. Tomorrow, the FOMC minutes from the March 18 Fed meeting will be released at 2:00 et, and there will be a 3-yr Treasury ...
04/07/2009
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MBS prices are up +4/32 (FNMA 30-yr 4.0 at 99.88), below the initial price level at +2/32, and well below the high for the day of +6/32. No economic data came out today. MBS markets swung in a wide range on light volume. The Dow fell 40 points. Mortgage rates remained in the recent range with the...
04/06/2009