Mortgages

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Mortgages Rates rose slightly today after hitting their lowest levels since late February yesterday. While that leaves yesterday and 4/10 as two best days for mortgage rates over the past month and a half, today's offerings are still better than those from the week ending 4/6. The net effect leaves the Best-Execution Rate for 30yr Fixed Conventional Loans between 4.0% and 3.875% depending on the scenario. This has been the case for almost two weeks now. (read more about Best-Execution calculations ). As the current week progresses, we continue seeing reinforcement of last week's analysis noting a relatively indecisive attitude in bond markets including the MBS (Mortgage-Backed-Securities) that most directly influence rates. Both MBS and Treasuries have recently carved out fairly narrow ranges...()

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MBS Live : MBS Morning Market Summary Bond markets, including MBS are generally weaker today vs yesterday but MBS and Treasuries have both seen decent supportive bounces at technical levels. For MBS, the odds-on favorite for an intermediate-term pivot point is 103-10. Prices briefly hit that level in the wake of this morning's scheduled Fed "Twist" buying. 10yr yields continue to find support in the mid 2.01's, which is a noticeable pivot point stretching back to April 9th. Volume and volatility are fairly light in the big picture, those prices have fluctuated fairly rapidly between highs and lows today. The range in MBS has been exceedingly narrow at 103-16 to 103-10, the latter consequently suggests itself as a good indication of growing reprice risk with "early lenders" considering it on...()

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MBS Live : MBS Afternoon Market Summary Two days in and the week continues to live up to its uninspiring expectations. Having made it to stronger recent levels yesterday, bond markets already showed signs of turning around before pushing to more aggressive levels. Today merely stood as a mild continuation of that reversal. Even though MBS prices were somewhat choppy at times, in the bigger picture, that choppiness was well contained within a narrow range. This leaves us in more neutral position heading into tomorrow's data-less day. MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live. FNMA 3.5 103-11 : -0-05 FNMA 4.0 105-14 : -0-04 FNMA 4.5 106-30 : -0-03 FNMA 5.0 108-17 : -0-02 GNMA 3.5 104-28 : -0-05 GNMA...()

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There may be some sort of pattern developing here... In terms of volume and volatility, Monday's domestic session was dead, or perhaps undead. Yes, it was some sort of zombie session where 10yr yields and MBS prices alike roamed the countryside in a sleep-like trance, looking for brains, but ultimately getting upstaged by a more dynamic hero. This zombie movie casts Tuesday's trading in hero role with huge volume and a wider, more volatile range. But it was back to zombies yesterday, only more of them this time... So we can only surmise that today's trading session must shift back into something other than a boring sideways grind if it's to keep with spirit of the genre. After all, I'm pretty sure the formula is as follows: some zombies, hero defeats some zombies, more zombies show up (see...()