Mortgage Industry Anxiously Awaiting Fed Statement
Updated Oct. 9, 2013
Following Monday's fairly calm day, mortgage backed securities continued to trade in a holding pattern yesterday. At the beginning of the session, mortgage-backs were down as much as 8/32nds but fought back and were up 6/32nds at one point in the day. By day's end, MBS closed close to where the day...

Mortgage Rates Have Muted Reaction to FOMC Statement
Updated Oct. 9, 2013
Well the big event for the week and month came and went with no reaction. The FOMC meeting concluded yesterday with the release of their policy statement. No surprise announcements and the verbiage was little changed from last statement. Many a mortgage professional was hoping for some announcement that would...

Rates for the week
Updated Oct. 9, 2013
Last week was a good week for mortgage backed securities and consumer borrowing costs. In total MBS, improved by almost 100 basis points which helped to lower mortgage rates by 1/4 percent. Much of the improvement came on the day after the FOMC statement was released. It appears that after market participants had a...

Mortgage Rates Still Uncertain of Economic Outcomes
Updated Oct. 9, 2013
After making little to no ground during the holiday shortened work week, mortgage backed securities are still in search of clear direction. Last week MBS closed at the same level at which they opened on Monday, even a very poor Employment Situation report was unable to increase demand for "rate sheet...

Markets at Tipping Point
Updated Oct. 9, 2013
. Mortgage Rates Marginally Better But Still Range Bound Mortgage backed securities managed to post modest gains yesterday in very light trading. All markets, from stocks to treasuries, are at tipping points, in search of new direction. Is the recession over or are we doomed to stagnate? That is the questions...

Strong Auction Demand Drives Mortgage Rates Lower
Updated Oct. 9, 2013
Mortgage backed securities posted big gains yesterday following a surprisingly strong 10 yr Treasury note auction. The bid to cover ratio, a measure of demand, was 3.28 bids for every 1 awarded, the highest demand this year by far. Indirect bidders were awarded 44% of the issuance. For a recap of bid to cover and...

Mortgage Rates In Waiting Mode Again
Updated Oct. 9, 2013
Mortgage Rates In Waiting Mode Again Last week, progress was made in the mortgage market as Treasuries rallied and prices of mortgage backed securities moved higher. By week's end "rate sheet influential" MBS coupons improved in price by almost 0.50 discount points, bringing the par 30 year fixed rate...

Mortgage Rates Higher as Stock Market Awaits Earnings
Updated Oct. 9, 2013
After spending the majority of the session in a stable range yesterday, prices of mortgage backed securities lost their steadiness and ticked lower heading into the close forcing most lenders to re-price for the worse, increasing mortgage rates. The bond market sell off was a factor of the stock market moving...

Equities Rally Continue to Pressure Mortgage Rates
Updated Oct. 9, 2013
Mortgage backed securities had another losing day yesterday moving lower in price by .375 in discount. Many lenders did reprice for the worse as the losses held through close. The stock market is one of the driving forces behind bond market losses at the moment as bond traders are taking some of their cues about the...

Rates Roller Coaster Ride & Discussing FHFA's HVCC Comments
Updated Oct. 9, 2013
Rates Roller Coaster Ride & Discussing FHFA's HVCC Comments. Last week was a roller coaster ride for mortgage rate watchers. After a nice rally in the mortgage-backed securities market on Tuesday, the par 30 year fixed mortgage rate moved below 5.00% on Wednesday, however by Friday Treasuries and MBS...

Mortgage Rates Refuse to Remain Below 5.00%
Updated Oct. 9, 2013
Mortgage Rates Refuse to Remain Below 5.00% . Last week mortgage rates were up, then they were down, then they were up again, then on Friday they finally moved under 5% again. Following a successful auction of 7 year notes on Thursday and weaker than expected economic data on Friday many lenders repriced for the...

What Might Move Mortgage Rates This Week?
Updated Oct. 9, 2013
What Might Move Mortgage Rates This Week?. Mortgage rates continue to hold below 5% despite some better than expected economic data last week. As a general rule, better than expected economic data usually leads to higher mortgage rates while worse than expected data improves rates (that has not been the case...

Mortgage Rates Tick Higher After Stint at Summer Lows
Updated Oct. 9, 2013
Mortgage Rates Tick Higher After Stint at Summer Lows. After holding levels not seen since early this summer for over a week, mortgage rates are under some pressure to move higher. Yesterday, mortgage backed securities were lower in price which forced lenders to offer higher mortgage rates. The downward move...

Weak Jobs Data Helps Keep Mortgage Rates Near Four Month Lows
Updated Oct. 9, 2013
Weak Jobs Data Helps Keep Mortgage Rates Near Four Month LowsMortgage rates moved a few basis points lower yesterday after the  bond market experienced what AQ and MG refer to as a "forced rally". Stocks were selling the dollar was stronger and the market was generally nervous about a weak Jobs...

Weak Jobs Data Helps Keep Mortgage Rates Near Four Month Lows
Updated Oct. 9, 2013
Weak Jobs Data Helps Keep Mortgage Rates Near Four Month Lows. Mortgage rates moved a few basis points lower yesterday after the bond market experienced what AQ and MG refer to as a "forced rally". Stocks were selling the dollar was stronger and the market was generally nervous about a weak Jobs report after...

Mortgage Rates Move Higher After Bond Auction
Updated Oct. 9, 2013
Mortgage Rates Move Higher After Bond Auction. Following a somewhat disappointing 30 year bond auction yesterday, prices of mortgage backed securities plummeted and mortgage rates moved higher as lenders repriced for the worse. The economic calendar, like the previous four days of the week, is light today...

Mortgage Rates Higher Heading Into Busy Week
Updated Oct. 9, 2013
.  Mortgage Rates Higher Heading Into Busy Week The bond market is closed in observance of Columbus Day. While mortgage-backed securities are not being traded today, several lenders have published rate sheets and many originators are still working...so dont be afraid to contact your loan...

The Week a Head
Updated Oct. 9, 2013
  Monday's bond market has opened well in negative ground following early stock gains. The stock markets are showing early strength with the Dow up 97 points and the Nasdaq up 27 points. This pushes the Dow above the important 10,000 benchmark level yet again, but its ability to hold that level has come...

Should the FTHB Tax Credit Be Extended?
Updated Oct. 9, 2013
Mortgage Rates Teetering on Breakdown; Should the FTHB Tax Credit Be Extended?. Mortgage rates were pushed higher yesterday after benchmark Treasury yields moved higher, outside the well defined range that has kept rates relatively stable since August. New supply of Treasury debt combined with several...

FTHB Tax Credit Update: Supportive Words from Geithner and Donovan
Updated Oct. 9, 2013
.  While we generally try to avoid getting caught up in political poo throwing, we know many are anxiously awaiting news from Capitol Hill regarding the extension of the first time home buyer tax credit. Although there has yet to be definitive progress. Here are a few words of support from the Obama...