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Good day in terms of rates. We’re currently up 50 bps and are rebounding quite nicely. I read an 87 page report earlier today that rate hikes are most likely going to happen in June, so be on the lookout! The International Trade Report came in at $-36.4b, a little higher than its estimate. Currently, the 3-Year Note [...] The Chicago PMI report came in this morning at 60, versus the expected 54.9. What does this mean and how does it affect you? While this report shows the overall economic activity in the Chicago area, it is also seen as being representative of the overall economy (employment, inflation, etc). More orders in the manufacturing and non-manufacturing [...] Currently up 22 bps for the morning session, we’re seeing a little bounce back from yesterday’s losses. It’s still early so, I wouldn’t expect mortgage rates to open lower today, however, today is JAM PACKED with reports, and that could sway MBS in several directions. Here’s what’s on the menu for today: Personal Consumption Expenditures and Core [...] Just like yesterday, MBS is taking a beating again this morning. We’re currently down 31 bps, and we’re awaiting the Existing Home Sales report in about 15 minutes. The GDP (Gross Domestic Product) came in at 2.2%, lower than the expected 2.8% estimate which caused MBS to rise a little, but we are still in negative [...] Good afternoon, MBS is under the 50 day moving average (1st level of support) and down 22 bps. Rates will get bumped up a little bit this afternoon. Currently down around 12 bps, there are no economic reports coming out today. Yesterday was a decent day in terms of mortgage bonds, as we were in the green practically all day. Bernanke got voted in for a second term as Fed Chairman, and the Fed stated that they intended to keep rates low for an extended [...] by Adam Quinones The Treasury has sold $21 billion 9 year-11 month notes. Today’s auction was a reopening. “Reopening” means the Treasury is simply adding securities to an already outstanding issuance. Today’s auction adds to the November 10 issuance, which matures in November 2019. When the Treasury auctions a new note, the coupon rate is not known ahead [...] Hope you secured your mortgage rates on your financing this morning as I advised. Results on the 10 year note auction came back and they are pretty bad. If you have time, call your Texas mortgage lender and secure your rate ASAP! MBS is in the red since rates came out this morning. The auction results came back pretty good, but MBS got hit pretty hard. Currently up 16 bps for the day, however down 31 since morning rates came out which caused rates to go up earlier today. Hope you took the lock advice earlier! |
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