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December 2, 2014

  • Posted To: MBS Commentary

    There have been some fairly silly suggestions floating around as to why bond markets have been taking lumps today, and they're risky because they don't really seem silly at first glance. The two worst offenders here are oil and stocks. In other words, several big media stories have casually credited these two related markets as being the the reason that rates moved higher today. Again,...
  • Posted To: Mortgage Rate Watch

    Mortgage rates finally ended a 7-day winning streak today, moving higher for the first time since November 19th. The losses were not insignificant either, erasing the past 4 days of steady improvements. All that having been said, the bottom line could still be much worse. Some lenders are still competitively-priced at 3.875%, meaning a top tier borrower and scenario would be quoted 3.875% for a...
  • 12:53pm

    Posted To: MBS Commentary

    The easiest way to facilitate a mid-day update today will be to simply copy and paste a morning update from MBS Live . Before I do that, and because I know the following content isn't super tangible, here's a bullet point breakdown: Bond markets largely unchanged overnight, then began weakening into domestic hours Key culprit is corporate debt issuance which causes selling pressure in...
  • 12:28pm

    Posted To: MND NewsWire

    Total construction expenditures nationwide in October are estimated to have been at a seasonally adjusted annual rate of $971.0 billion. The Census Bureau said that this represented an increase of 1.1 percent from the September estimate of $960.3 billion and was 3.3 percent higher than a year earlier when total expenditures were at a rate of $939.9 billion. Total residential spending in October was at a rate of $...
  • 10:37am

    Posted To: MND NewsWire

    Half of the nation's states and the District of Columbia are now at or within 10 percent of the peak reached before the housing crisis brought home prices crashing down. In addition, CoreLogic says that nine states have now established price levels higher than their various 2005-2007 peaks. According to CoreLogic's October Home Price Index (HPI) report, home prices nationwide, including distressed sales, were 6.1...
  • Posted To: MBS Commentary

    Bond markets love to "hide behind" seemingly important calendar events that aren't actually that important. Those events draw in more participation and expectations about how others may be wanting to trade based on certain outcomes. For instance, if NFP is much weaker than expected, chances are there will be more than a few willing buyers of bonds on Friday morning. But alas! It...

December 1, 2014

  • Posted To: MBS Commentary

    Heading into today, we knew the recent run to low rates would be a risk from a corporate issuance standpoint. The Day Ahead noted: " Last week's run to recent rate lows could greatly accelerate issuance plans (corporations would like to lock in borrowing costs at low rates)." And that's turned out to be a key contributor to afternoon weakness as the corporate slate tops $20bln,...
  • Posted To: Mortgage Rate Watch

    Mortgage rates were exceptionally low this morning . In many cases, lenders' rate sheets were stronger than those seen early on October 15th, making this morning's rates the best in over a year and a half. As the day progressed, times became tougher for MBS (the "mortgage backed securities" that underlie rate movement). Fortunately for MBS, the epicenter of the bond market weakness was in...
  • Posted To: MND NewsWire

    The ghosts of originations past could still come back to haunt the housing industry according to a new report from Fitch Ratings. The company says that half of those borrowers who have loans in performing residential mortgage backed securities (RMBS) are facing increases in their mortgage payments over the next five years. Fitch says the mortgages that will be affected by increases are those with adjustable...
  • Posted To: MND NewsWire

    Could lower energy costs translate into a more lively real estate market? It seems logical - the less consumers must spend to keep their cars moving and their houses warm the more they can save toward or spend on owning a home. CoreLogic Senior Economic Molly Boesel takes a different approach to the question, one revolving around the cost of commuting, in an article in the company's blog Market Pulse. Boesel says...

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