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April 7, 2014

  • Posted To: MBS Commentary

    This week marks the first major intermission for the bond markets story in 2014. The first act was intensely sideways, leading to phrases like " serious monotony problem ." That observation was exactly one week ago today, in anticipation of a generally strong week of economic data and the prospects for NFP to finally be the thing that prompted a range break-out . Here's that chart...

April 4, 2014

  • Posted To: MBS Commentary

    If you missed it for some reason--and that's entirely possible on an NFP day--there was an important dark horse market mover today, just a short while after this morning's NFP release. When wires hit regarding the ECB modeling a €1 trillion QE program, a rally that had mostly run its course in bond markets, suddenly became reinvigorated. This might sound like a big leap of faith to...
  • Posted To: Mortgage Rate Watch

    Mortgage rates were significantly lower today , erasing a full week's worth of time spent moving higher in fits and starts. The main event was this morning's release of the Employment Situation Report. While the numbers were actually pretty decent, market participants were prepared for something even stronger--a fact that's evident in the recent willingness to push rates against their recent...
  • Posted To: MND NewsWire

    More potential buyers are out trolling the nation's neighborhoods for their dream homes. Unfortunately, they are finding little to look at and, even worse, they are finding higher prices than they expected. "People quite frankly came out and got sticker shock because they're coming out to shop now, or they came out in January and February to shop, and they picked up the price sheet and saw, 'Wow that's way more...
  • 11:30am

    Posted To: MBS Commentary

    Bond markets came into the session essentially unchanged after having held near the higher end of their recent range in the few days leading up to this morning's jobs report. The headline Nonfarm Payrolls came in at 192k versus a forecast consensus of 200k. But revisions added another +39k to the past 2 months. It's interesting to note that 192k+39k = 231k, which is right about where we...
  • 10:29am

    Posted To: Pipeline Press

    Once again the banking & mortgage industry makes headlines - for the wrong reasons . Poppi Metaxas, the former president and chief executive officer (CEO) of Gateway Bank, FSB, of Oakland, CA, has been indicted for bank fraud, bank fraud conspiracy, and perjury. Here you go . And she is not the only one looking at doing hard time in the Big House. Here's another bank executive...
  • Posted To: MBS Commentary

    Nonfarm Payrolls (NFP) is always the biggest potential market mover on any given month in terms of economic reports. FOMC Announcements, for instance, are not economic reports, and certainly can outshine NFP on occasion, but NFP certainly has more consistent potential . In other words, NFP is always a contender. A big beat or miss (of the actual numbers versus the forecast consensus) can always...

April 3, 2014

  • Posted To: MBS Commentary

    In one of today's updates for MBS live subscribers, I noted that bond markets continued to trade " as expected ." Where did those expectations come from? Earth-shattering conclusion : rates could have gone higher or lower today. While that much is obvious every day, the path taken can vary by the millisecond. Given that yesterday's weakness brought rates to the highest end of...
  • Posted To: Mortgage Rate Watch

    Mortgage rates barely budged today, but the little movement seen was positive on average. Keep in mind though, that means that some lenders were unchanged or slightly higher in rate, while a small majority was slightly lower. When adjusted for day to day changes in closing costs, rates were an equivalent of 0.01% lower today. The most prevalently quoted conforming 30yr rate for top-tier scenarios...
  • 11:46am

    Posted To: MND NewsWire

    The Consumer Financial Protection Bureau (CFPB) was assailed by Republican members of the House Financial Services Committee (FSC) and by two witnesses for what was termed "a culture of racial and gender discrimination and retaliation against its employees" at a hearing on Wednesday. The hearing, held by the Committee's Oversight and Investigations Subcommittee, heard testimony from a current CFPB Senior...

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