As The Trading Day, And Year Draw To A Close, Uncertainty Remains
Thursday, December 31st, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pIt was a choppy day indeed on this last day of 2009. As per usual this week, much of that choppiness can be chalked up to much lower than normal volume. MBS and Tsy#39;s tanked early with the 4.5 down all the way to 99-14 and the 10yr actually cracking the 3.9 mark. But by the earlier-than-normal end of trade, both had recovered to levels slightly better than their weakest recent closes. That puts the 4.5 at 99-27, down only 3 ticks on the day and the 10yr note up 4.3 bps to 3.835. Previous support had been 3.85. Over the past two weeks, we#39;ve tried hard to impress upon you the degree to which this end of year trading may be completely meaningless as far as what lies ahead in 2010. The holiday season makes it tough also. It plays a much larger role than you might think in affecting volume…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126758.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126758/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126758″ width=”1″ height=”1″
Mortgage Rates Trend Upward
Thursday, December 31st, 2009Mortgage rates trended upward the last couple of weeks of December. December started with close
MBS LUNCH: Modest Recovery After Hitting 5 Month Yield Highs
Thursday, December 31st, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pAfter hitting 5 month yield highs early in the session, rates have made a modest recovery back towards their recent range. Prices are now heading sideways in quot;status quoquot; territory. Volumes are below average. The 10yr note is -0-14 at 96-04 yielding 3.849%. Illustrating the 5 month yield high… The FN 4.0 is -0-09 at 96-17 and the FN 4.5 is -0-05 at 99-24. Year end always makes me feel lazy for some reason. More to come later…I need to go back out. BOND MARKET CLOSES AT 2PM….(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126727.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126727/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126727″ width=”1″ height=”1″
Comparing Real Estate Market Interventions: United States vs. China
Thursday, December 31st, 2009pPosted To: a href=”/channels/community/default.aspx”Community Commentary/a/pI visited China in 2005 and 2007. In addition to seeing Shanghai and Beijing, I got an opportunity to see many historical sites, including Ping Yao. Ping Yao is 14th century well preserved walled city in the Shanxi Province of central China. At one time, it was the financial center of China during the Qing Dynasty. During my visit, I visited a couple of banks in Shanghai with one of my mortgage banking clients who speaks Mandarin. He acted as my interpreter as I quizzed the bank managers of the two banks. My objective was to get some information on if and how banks were providing financing for the rapid growing real estate market. At this time, there was a boom in condo construction in Shanghai and they were selling as high as 2 million dollars. The government had recently loosened up ownership…(a href=”http://www.mortgagenewsdaily.com/channels/community/126713.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126713/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126713″ width=”1″ height=”1″
Mortgage Rate Rally Short Lived. Rebate Reduced After Jobs Data
Thursday, December 31st, 2009pPosted To: a href=”/consumer_rates/”Mortgage Rate Watch/a/pMortgage rates improved for the first time in six sessions yesterday as mortgage backed securities price appreciations early in the day allowed lenders to boost rate sheet rebate. Mortgage rates are slightly worse this morning after a better than expected Jobless Claims report. The weekly jobless claims report totals the number of Americans who filed for first time unemployment benefits in the previous week. Included within this report are continuing claims and extended benefits claims. Continuing claims totals the number of Americans who continue to file for unemployment benefits (because they haven#39;t gotten a new job). Extended benefit claims totals the number of Americans whorsquo;ve used up their traditional benefits and are now collecting extended payments under recent government…(a href=”http://www.mortgagenewsdaily.com/consumer_rates/126685.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126685/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126685″ width=”1″ height=”1″
MBS MORNING: Jobless Claims Data Pushes Rates Higher
Thursday, December 31st, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pGood Morning on this last day of the decade. 10 years sure did go by fast didnt it? Remember the whole y2k computer crisis? People thought the world was going to end when 1999 rolled over to 2000. We dodged a bullet on that one huh? (note sarcasm) Just out of curiosity…how are you planning on referring to 2010? Two thousand and ten? Twenty-Ten? O-ten? Ten? I#39;m leaning towards quot;Twenty-Tenquot;…it sounds like something George Jetson might say. Jobless Claims data has been released…it was not bond market friendly. Initial Jobless Claims were WAY better than expected, falling to 432,000 from 454,000 last week. Consensus forecasts were calling for a read of 460,000 new claims. This is the lowest number of initial jobless claims since July 19, 2008. Continuing Claims also beat expectations…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126681.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126681/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126681″ width=”1″ height=”1″
The Day Ahead: Last Day of the Decade
Thursday, December 31st, 2009pPosted To: a href=”/news/”MND NewsWire/a/pItrsquo;s the final day of the decade and the Samp;P 500 and Dow each are likely to close the year with their biggest annual percentage gains in five years, two of the many signs that the worst of the financial crisis is over. Year to date the Samp;P 500 is up 24.7% while the Dow is 20.2%. The economy may not be in shambles anymore but itrsquo;s still far from good, and for anyone who needs a reminder the one data entry today, jobless claims, should helpfully provide a dose of reality. Two hours before the trading session begins, The Dow looks to open 13 points higher at 10,503 while the benchmark Samp;P 500 looks to open 2.75 points higher at 1,124.75. Commodities are also on the rise with WTI Crude oil trading 36 cents higher at $79.64 per barrel and Spot Gold up $12.48 to $1,105.38…(a href=”http://www.mortgagenewsdaily.com/12312009_day_ahead_jobless_claims.asp”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126664/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126664″ width=”1″ height=”1″
Property Values: The Numbers Still Say 30% Down 30% Left To Fall
Thursday, December 31st, 2009It’s very nice that values achieved a gain of .013% in October, but we still have a 30% fall ahead o
MBS CLOSE: 4.5 At Par Signals Profit-Takers
Wednesday, December 30th, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pMBS opened and traded the AM at their best levels of the day with Par on the 4.5 even couched in a supportive guise. But as the noon hour approached, it was back to yesterday#39;s closing levels for MBS as profit taking came, saw, and kicked a moderate amount of posterior right up until the auction. During the same time, Tsy#39;s opened with similar strength, and backed up even more than MBS relative to yesterday#39;s close of 3.81, but at just over 3.82, not by much. The pre-auction selling was not such an unfamiliar circumstance, but the lack of volatility thereafter was. Bonds rallied immediately followed the auction and never again came close to those weak points of the day. In fact, they put in level after miniature level of support as MBS pushed back to close at 99-30 with tsy#39;s…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126599.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126599/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126599″ width=”1″ height=”1″
MBS LUNCH: 7 Year Treasury Note Auction Results
Wednesday, December 30th, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pThe Treasury has successfully auctioned $32 billion 7 year notes YIELDS High 3.345 pct Median 3.290 pct Low 3.200 pct PRICE/ACCEPTANCES Price 99.411474 Accepted at high 55.69 pct Bid-to-cover ratio 2.72 AMOUNTS TENDERED AND ACCEPTED (dollars) Total accepted 32,000,037,100 Total public bids tendered 86,912,515,100 Competitive bids accepted 31,947,974,000 Noncompetitive bids accepted 52,063,100 Fed add-ons 948,398,600 Primary Dealer Tendered 63,093,000,000 Primary Dealer Accepted 15,563,767,500 Primary Dealer Hit Rate 24.7% of what they bid on Primary Dealer Total Award 48.6% of total auction Direct Bidder Tendered 3,901,000,000 Direct Bidder Accepted 2,113,784,500 Direct Bidder Hit Rate 54.2% of what they bid on Direct Bidder Total Award 6.6% of total auction Indirect Bidder Tendered 19,866…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126538.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126538/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126538″ width=”1″ height=”1″
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