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August 20, 2014

  • Posted To: MBS Commentary

    Bond markets have a secret. Or rather, we have to pretend like it's a secret in order to turn something very boring into something remotely interesting. But this way, at least if your friends and colleagues attempt to draw any overly-firm connections between market events and trading reactions, you can fire back with this: Bond markets have simply been bouncing back from Friday's strong...
  • Posted To: Mortgage Rate Watch

    Mortgage rates were higher for a third straight day as financial markets continue a measured correction from last Friday's volatility. At that time, headlines concerning Ukraine destroying a Russian armored convoy caused rates to move to their lowest levels in more than 2 months. Since then, it's been a steady march back in the other direction. Of the week's limited scheduled events, most haven't...
  • Posted To: MND NewsWire

    Realtors responding to a recent survey by the California Association of Realtors® (C.A.R.) reported that investors and investor sales are a shrinking part of their business. Investor transactions made up an average of 32 percent of sales Realtors reported in the survey, conducted in May of this year, down from 39 percent in the 2013 survey. Most respondents reported that they have one to three clients who are...
  • 11:25am

    Posted To: MBS Commentary

    MBS are outperforming Treasuries today and have been flirting with positive territory heading into the noon hour. Treasuries are still about 1bp higher than yesterday. Bond markets were weaker overnight, led primarily by London this time as the Bank of England's meeting minutes showed 2 votes for a rate hike . Other economic data in Europe and Asia was generally not bond-market-friendly. The...
  • Posted To: Pipeline Press

    The CFPB released a bulletin outlining expectations for mortgage servicers that transfer loans; bulletin includes information on how mortgage servicers should pay attention to new rules protecting consumers applying for loss mitigation help or trial modifications. The updated bulletin, which can be accessed here , replaces the CFPB's February 2013 guidance. The CFPB explains that...
  • Posted To: MND NewsWire

    As interest rates pulled back last week, refinancing drove mortgage application activity slightly higher . The Mortgage Bankers Association said that its Market Composite Index, a measure of application volume, increased 1.4 percent on a seasonally adjusted basis during the week ended August 15 and was up 1 percent on an unadjusted basis. Refinancing activity increased to a 55 percent share of mortgage...
  • Posted To: MBS Commentary

    Bond markets have endured 2 days of losses so far this week. Both days have also been prime examples of illiquid summertime trading. This simply means that there are few warm bodies at trade desks, fewer hours being worked, less interest in winning mental chess matches against other traders, and more interest in simply surviving to trade in the more liquid months ahead. The phrase "going...

August 19, 2014

  • Posted To: MBS Commentary

    Everything that happened in bond markets today, happened before noon. Whether this was a factor of European markets contributing to the volatility or simply another afternoon during August isn't readily apparent, but both likely contributed. Treasuries were slightly stronger in the overnight session. 10's and MBS were both back to yesterday's best levels at the open. The morning data...
  • Posted To: Mortgage Rate Watch

    Mortgage rates continued moving higher today after headlines suggested a chance for deescalation in Ukraine. It was the geopolitical risk in Ukraine that coincided with a strong move lower on Friday. Strong economic data also contributed to the weakness as a report showed Residential Construction rose at the fastest pace since November. Economic strength tends cause investors to sell bonds and...
  • 11:33am

    Posted To: MBS Commentary

    Relative to yesterday's exceptionally linear trading, prices have been much more volatile today. The overnight session was constructive for global bond markets with soft UK inflation data benefiting European and US bond markets. MBS opened 5 ticks higher and added to the gains ahead of the morning's economic data. The Consumer Price Index was right on target, but Housing Starts were...

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