MBS mid-day: with few things to look at, rates follow Stocks lower

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With no economic data major on the schedule and no titles change to respond to, bond markets were contained to follow stocks so far this morning.  Stocks are lower and the links are stronger.  There not much more to it than that.

This dynamic did not really begin until the national session.  Overnight trading was quiet as Japanese markets were closed for a holiday.  European trading was on the side of each side of the unchanged.  Stocks and bonds gives began to slide together just after 08.

MBS generally does a better job to follow the rhythm of the bills since Friday.  Fannie s 3.5 are the most relevant coupon rate sheets at the moment and they are in place nearly a quarter of a point on the day.

Priced below are delayed, note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing dated 21/07/14 11:35AMEST morning recalculate alerts and updates 10:47 : market bond Gains accelerate as Stocks Slide 09:01 : bond markets hold Gains by weekend as to intensify global Tensions Clayton Sandy : "spoke with more credit and they said this is transunion that reports all the lates." Says I need to update". Joon choi : "there is a surrogate of the PFS confirmed CR code" Clayton Sandy : "as someone has a bit of luck to get a reported short sale foreclosure update credit kind bed properly?" Discuss the MBS and mortgage markets on our dashboard streaming

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MBS MID-DAY: Bond Markets Romp to Best Levels Amid Risk-Off Trade

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Despite a much stronger-than-expected Philly Fed report, bond markets didn't lose much ground after 10am.  Earlier in the morning, weaker Housing Starts data helped strengthen an overnight rally.  The original strength is thought to be a factor of increasing geopolitical tensions between Russia and Ukraine.  That said, history suggests remaining skeptical of market movers that seem to be exclusively responsible for a surprise move.

Other factors in play include German Bund Yields making new all-time lows, and the shooting-down of a Malaysian passenger plane near the Russia/Ukraine border.

In the past half hour, Treasuries have stampeded to 2.476 and MBS have shot up another 5 ticks for 10 ticks improvement on the day.  Fannie 3.5s are currently up to 102-13. 

The Malaysian Airliner story is getting the lion's share of attention and credit for the market spikes, but we'd note that the initial wires came out before the move was underway.  Delayed reactions of this magnitude are uncommon, but technically possible. 

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/17/14 11:33AMEST Morning Reprice Alerts and Updates 10:08AM  :  Strong Philly Fed Data Reinforces Bounce Toward Weaker Levels 9:37AM  :  Bond Markets Stronger Overnight, and Another Boost From Weak Housing Data Matthew Graham  :  "Good question CH. The most recent turning point coincided with the release of June prepayment speeds, which surprised markets a bit (faster than expected). This occurred right in line with relatively strong MBS performance vs Treasuries and seems to have kicked off a move back to the other side of the spread range (which was pretty fast, but also in a range that's historically narrow at the moment)." Chris Hooker  :  "Anyone have any clue as to why MBS are underperforming TSY this week?" Matthew Graham  :  "RTRS- US JOBLESS CLAIMS FELL TO 302,000 JULY 12 WEEK (CONSENSUS 310,000) FROM 305,000 PRIOR WEEK (PREVIOUS 304,000)" Victor Burek  :  "wow...yet home builders were much more optimistic yesterday" Matthew Graham  :  "RTRS - US JUNE HOUSING STARTS 893,000 UNIT RATE, LOWEST SINCE SEPT 2013 (CONSENSUS 1,018,000) VS MAY 985,000 UNITS (PREV 1,001,000 UNITS)" Matthew Graham  :  "RTRS- US JUNE HOUSING STARTS -9.3 PCT VS MAY -7.3 PCT (PREV -6.5 PCT)" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS MID-DAY: Giving Back Some Gains; Mostly Uneventful; Some Reprice Risk

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Sometimes the 2nd day of a big geopolitical move will spiral into a volatile blaze of glory.  Other times, it's like today.

Bond markets are calmly marching to slightly weaker levels.  The same narrow trend has been intact all morning.  It began PERFECTLY in line with the 8:20am bond market "pit" open.  It was reinvigorated by stock market strength.  Global markets are simply trading in a "risk-on" direction (stock prices and bond yields higher) after yesterday's big "risk-off" move.

As expected, the recent underperformance of MBS is allowing them to stand stronger in the face of broader bond market weakness this morning.  For instance, MBS have given up just UNDER half of yesterday's gains while Treasuries have given up just OVER half of theirs.

Overnight, Treasuries were more volatile.  10yr yields made highs at 2.494.  10's are currently at 2.4836.  We'll be watching to see what happens if they make it back to that overnight high (also yesterday morning's low).  On a break higher, the next technical target would be 2.51.  More importantly, it would likely push MBS into widespread reprice risk territory.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/18/14 12:12PMEST Morning Reprice Alerts and Updates 11:21AM  :  ALERT ISSUED: On Shaky Ground; Negative Reprice Risk Looming 9:03AM  :  Bond Markets Weaker Overnight; Bouncing Back Into Domestic Session Josh Olson  :  "DC: Fannie Mae MRI guide states no more than 10%" Brent Borcherding  :  "JO, is there a specified reason the group owns the 30%. We have an investment condo in Chicago that the builder was required to keep 30% for rentals in a redeveloping neighborhood, it was part of the agreement with the city. Fannie approves the condos, on a case by case basis, if documented." Dan Clifton  :  "josh that should be fairly easy. at 80% you need a full review which is appraisal, condo questionnaire, budget, condo docs insurance, the max number of investment units is 49% on conventional for exisiting complexes" Joseph Moran  :  "first rate sheet of the day. basically no change" Josh Olson  :  "UW question: Condo purchase, Conv financing, 80% LTV, 808 credit, 183 units BUT 30% owned by investment group. Who will finance this loan?" John Tassios  :  "I agree with MG's post. today you will have buying today ahead of the weekend for safety. But, next week could be a snap back selloff too." Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS MID-DAY: Mostly Sideways After Inconsequential Data and Yellen's Round 2

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Ah round 2!  After a relatively civil and infinitely more relevant chat with the Senate Banking Committee, Fed Chair Yellen is now enduring what can only be described as a nauseating barrage of political grandstanding.  Making things all the more frustrating is the fact that there are a few good questions and collegial attitudes interspersed with the reckless stupidity. 

When congresspeople start talking out of orifices other than their mouths, markets tend to tune it out.  Today is no different.  There hasn't been any salient market reaction to anything said in the Yellen testimony so far today.  It's possible that could change, but certainly not guaranteed.  The only guarantee is that those who stick around to listen to the Q&A will just be angrier and sadder than they are now.

The morning's economic data didn't do much to move markets either, though if anything, it was slightly negative for bond markets.  Those negative impacts have been more than offset by weakness in stocks.  That's not to say that stocks and bonds must invariably be joined at the hip, but amid a lack of other forms of inspiration, bonds have been taking some cues from stocks as the latter responds to earnings releases.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/16/14 12:11PMEST Morning Reprice Alerts and Updates 11:10AM  :  Back to Unchanged Levels as Stocks Slide 9:05AM  :  Bond Markets Slightly Weaker After Neutral Overnight Session Dave Pressel  :  "good point Alan -- that happened to someone I know here in NJ -- 200K loan with BOA and the entire balance got dismissed. And here I am making all of my payments 7 days early on my mortgages....sheesh" Alan Craft  :  "Some asked for mods and were told by the banks to fall behind and then they robo foreclosed on them" Jason Zimmer  :  "robosigned or not, if you didn't pay your bills, does it matter?" Alan Craft  :  "I like the part about money going to consumers. Especially the victims of robosigning and the like" Matthew Graham  :  "RTRS - BANK OF AMERICA IS OFFERING $13 BILLION, TO BE PAID IN BOTH CASH AND CONSUMER RELIEF, BUT DOJ IS ASKING FOR BILLIONS MORE - WSJ CITING SOURCES BAC.N" Matthew Graham  :  "RTRS- U.S. JULY NAHB HOUSING MARKET INDEX 53 (CONSENSUS 50) VERSUS 49 IN JUNE" Matthew Graham  :  "RTRS - U.S. JUNE INDUSTRIAL OUTPUT +0.2 PCT (CONSENSUS +0.4 PCT) VS MAY +0.5 PCT (PREV +0.6 PCT)" Matthew Graham  :  "RTRS - U.S. JUNE PPI FOR FINAL DEMAND +0.4 PCT (CONSENSUS +0.2 PCT) VS MAY -0.2 PCT" Sung Kim  :  ""None of the recent movement in mortgage rates could be considered 'fast-paced,'"noted Matthew Graham of Mortgage News Daily." Sung Kim  :  "Mortgage volume tanks; Jamie Dimon bashes the FHA" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS mid-day: giving back some Gains. For the most part without incident; Some recalculate the risk

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Sometimes the 2nd day of a great geopolitical movement will degenerate into a volatile blaze of glory.  Other times, it's like today.

Bond markets walk quietly at slightly lower levels.  The same close trend was intact throughout the morning.  It started perfectly in line with the 08:20 open market bonds 'divide '.  He has been reinvigorated by the strength of the stock market.  The global markets are trading simply in a direction 'risk on' (price of the shares and higher bond yields) after "risk-off" big yesterday moved.

As expected, the recent underperformance of MBS is allowing them to stand stronger against the broader market bond weakness this morning.  For example, MBS gave up just under half of the gains of yesterday so that the Treasury bills have given up slightly more than half of them.

The day after, Treasury bills was more volatile.  high yields of 10 yr to 2.494.  10 are currently 2.4836.  We will watch to see what happens if they make it back to this high during the night (also the bottom of yesterday morning).  A highest break, the next technical target would be 2.51.  More important still, it would probably push MBS in territory likely to re-price generalized .

Priced below are delayed, note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing effective from 18/07/14 12:12PMEST morning recalculate alerts and updates 11:21 : alert issued: on shaky; Negative affect risk lurks 09:03 : Bond markets more low during the night; Bouncing Back in-house Session Josh Olson : "DC: Fannie Mae MRI guide indicates no more than 10%" Brent Borcherding : "OJ, is there a pattern specified for the Group holds 30%." We have an investment condo in Chicago that the constructor was required to maintain the 30% for rentals in a redevelopment district, he was part of the agreement with the city. Fannie approves condo projects, on a case by case, if documented." Dan Clifton : "josh which should be pretty easy. 80% you need a comprehensive review, which is the assessment, questionnaire of condo, budget, insurance condo docs, the maximum number of investment shares is 49% on existing complex classics " Joseph Moran :" first sheet of daily rates. "basically unchanged" Josh Olson : "question of UW: purchase of Condo, Conv, financing, 80% LTV, credit 808, 183 units, but 30% owned by the investment group. Who will finance this loan?" John Tassios : "I agree with the post by MG. Today, you'll have to buy today before the end of the safety week. But next week could be a massive sale of back snap too. » Discuss the MBS and mortgage markets on our dashboard streaming

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MBS MID-DAY: Mostly Sideways After Inconsequential Data and Yellen's Round 2

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Ah round 2!  After a relatively civil and infinitely more relevant chat with the Senate Banking Committee, Fed Chair Yellen is now enduring what can only be described as a nauseating barrage of political grandstanding.  Making things all the more frustrating is the fact that there are a few good questions and collegial attitudes interspersed with the reckless stupidity. 

When congresspeople start talking out of orifices other than their mouths, markets tend to tune it out.  Today is no different.  There hasn't been any salient market reaction to anything said in the Yellen testimony so far today.  It's possible that could change, but certainly not guaranteed.  The only guarantee is that those who stick around to listen to the Q&A will just be angrier and sadder than they are now.

The morning's economic data didn't do much to move markets either, though if anything, it was slightly negative for bond markets.  Those negative impacts have been more than offset by weakness in stocks.  That's not to say that stocks and bonds must invariably be joined at the hip, but amid a lack of other forms of inspiration, bonds have been taking some cues from stocks as the latter responds to earnings releases.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/16/14 12:11PMEST Morning Reprice Alerts and Updates 11:10AM  :  Back to Unchanged Levels as Stocks Slide 9:05AM  :  Bond Markets Slightly Weaker After Neutral Overnight Session Dave Pressel  :  "good point Alan -- that happened to someone I know here in NJ -- 200K loan with BOA and the entire balance got dismissed. And here I am making all of my payments 7 days early on my mortgages....sheesh" Alan Craft  :  "Some asked for mods and were told by the banks to fall behind and then they robo foreclosed on them" Jason Zimmer  :  "robosigned or not, if you didn't pay your bills, does it matter?" Alan Craft  :  "I like the part about money going to consumers. Especially the victims of robosigning and the like" Matthew Graham  :  "RTRS - BANK OF AMERICA IS OFFERING $13 BILLION, TO BE PAID IN BOTH CASH AND CONSUMER RELIEF, BUT DOJ IS ASKING FOR BILLIONS MORE - WSJ CITING SOURCES BAC.N" Matthew Graham  :  "RTRS- U.S. JULY NAHB HOUSING MARKET INDEX 53 (CONSENSUS 50) VERSUS 49 IN JUNE" Matthew Graham  :  "RTRS - U.S. JUNE INDUSTRIAL OUTPUT +0.2 PCT (CONSENSUS +0.4 PCT) VS MAY +0.5 PCT (PREV +0.6 PCT)" Matthew Graham  :  "RTRS - U.S. JUNE PPI FOR FINAL DEMAND +0.4 PCT (CONSENSUS +0.2 PCT) VS MAY -0.2 PCT" Sung Kim  :  ""None of the recent movement in mortgage rates could be considered 'fast-paced,'"noted Matthew Graham of Mortgage News Daily." Sung Kim  :  "Mortgage volume tanks; Jamie Dimon bashes the FHA" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS MID-DAY: Bond Markets Romp to Best Levels Amid Risk-Off Trade

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Despite a much stronger-than-expected Philly Fed report, bond markets didn't lose much ground after 10am.  Earlier in the morning, weaker Housing Starts data helped strengthen an overnight rally.  The original strength is thought to be a factor of increasing geopolitical tensions between Russia and Ukraine.  That said, history suggests remaining skeptical of market movers that seem to be exclusively responsible for a surprise move.

Other factors in play include German Bund Yields making new all-time lows, and the shooting-down of a Malaysian passenger plane near the Russia/Ukraine border.

In the past half hour, Treasuries have stampeded to 2.476 and MBS have shot up another 5 ticks for 10 ticks improvement on the day.  Fannie 3.5s are currently up to 102-13. 

The Malaysian Airliner story is getting the lion's share of attention and credit for the market spikes, but we'd note that the initial wires came out before the move was underway.  Delayed reactions of this magnitude are uncommon, but technically possible. 

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/17/14 11:33AMEST Morning Reprice Alerts and Updates 10:08AM  :  Strong Philly Fed Data Reinforces Bounce Toward Weaker Levels 9:37AM  :  Bond Markets Stronger Overnight, and Another Boost From Weak Housing Data Matthew Graham  :  "Good question CH. The most recent turning point coincided with the release of June prepayment speeds, which surprised markets a bit (faster than expected). This occurred right in line with relatively strong MBS performance vs Treasuries and seems to have kicked off a move back to the other side of the spread range (which was pretty fast, but also in a range that's historically narrow at the moment)." Chris Hooker  :  "Anyone have any clue as to why MBS are underperforming TSY this week?" Matthew Graham  :  "RTRS- US JOBLESS CLAIMS FELL TO 302,000 JULY 12 WEEK (CONSENSUS 310,000) FROM 305,000 PRIOR WEEK (PREVIOUS 304,000)" Victor Burek  :  "wow...yet home builders were much more optimistic yesterday" Matthew Graham  :  "RTRS - US JUNE HOUSING STARTS 893,000 UNIT RATE, LOWEST SINCE SEPT 2013 (CONSENSUS 1,018,000) VS MAY 985,000 UNITS (PREV 1,001,000 UNITS)" Matthew Graham  :  "RTRS- US JUNE HOUSING STARTS -9.3 PCT VS MAY -7.3 PCT (PREV -6.5 PCT)" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS MID-DAY: Bond Markets Remain Under Pressure on Slow Trading Day

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Asian, European, and domestic markets have all agreed: it's a quiet trading day.  The light volumes make for a situation where it doesn't take much doing to move trading levels.  The result is an amount of market movement that looks like any other day, while the underlying level of activity is quite a bit smaller.

Without any meaningful market-movers overnight, bonds took cues from equities as well as technical trading considerations.  In that regard, last week's positive momentum showed early warning signs of reversing by Friday and we have moderate follow-through on that reversal this morning.

Emphasizing the slowness and lack of trade-inspiring events, the fastest-paced movement of the day was brought on by mere observation of other trades.  As we sometimes discuss "traders watching other trades" can be a market mover in and of itself. 

This was the case around 10:30am today when several bigger trades in Treasury futures made for an additional move into weaker territory for Treasuries and MBS.  They've both since recovered most of that weakness however, leaving the day-over-day changes in just moderately weaker territory--about an eighth of a point in Fannie 3.5s and just under 2bps higher in 10yr yields.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/14/14 11:51AMEST Morning Reprice Alerts and Updates 10:44AM  :  ALERT ISSUED: Quick Move to New Lows; No Major Reprice Risk Yet 9:04AM  :  Bond Markets Slightly Weaker Overnight; Slow Session so Far Sung Kim  :  "who cares about the lawsuits unless it results in someone blowing up" Matthew Graham  :  "no, just the opposite. I feel nothing. Every time I see "big bank sued for x billion," I couldn't possible care any less." Raul Lopez  :  "Lol! I suppose you feel quite strongly about that MG!" Christopher Stevens  :  ""Government officials, frustrated by months of back-and-forth haggling, warned the bank that a lawsuit would be filed the next day. But hours before the deadline expired, the Justice Department put its plans on hold. News had leaked that afternoon, June 17, that the U.S. had captured Ahmed Abu Khatallah, a key suspect in the attacks on the American consulate in Benghazi in 2012. Justice Department officials didn't want the announcement of the suit against Citigroup—and its accompanying litany of alleged misdeeds related to mortgage-backed securities—to be overshadowed by questions about the Benghazi suspect and U.S. policy on detainees. Citigroup, which didn't want to raise its offer again and had been preparing to be sued, never again heard the threat of a suit. " Matthew Graham  :  "big bank financial crisis lawsuits are the most boring, tedious, inconsequential, staged, contrived, and useless acts of political theater I can imagine. " Raul Lopez  :  "Looks like his press conference was completely shrugged " Raul Lopez  :  "Citigroup settlement, a big one" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS MID-DAY: Yellen Testimony Brings Volatility, but No New Momentum

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As expected, today's congressional testimony from Fed Chair Yellen was, by far, the biggest market mover in the room.  The volume and movement at 10am dwarfed that of the 8:30am Retail Sales numbers.  All that having been said, the net effect is less than exciting and not at all far from yesterday's latest levels.

In other words, bonds were up and down following Yellen, but movement cancelled itself out.  There were no meaningful takeaways or surprises in the testimony or Q&A. 

Markets were ostensibly holding out for something more dovish in the initial remarks released at 10am.  When they didn't get it, bonds sold-off until hitting technical support at 2.57% in 10yr yields.  After bouncing there, MBS and Treasuries are both close to unchanged levels.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/15/14 12:36PMEST Morning Reprice Alerts and Updates 11:27AM  :  Holding Ground/Moderate Bounce; Reprice Risk Pulling Back 11:01AM  :  ALERT ISSUED: Negative Reprice Risk is Increasing 10:33AM  :  ALERT ISSUED: Back Into Weaker Territory as Yellen Q&A Begins; Lows of the Day 10:07AM  :  Back in Positive Territory As Yellen Testimony Begins 8:45AM  :  Bond Markets Weaker After Retail Sales Jeff Anderson  :  "Anyone else seeing clients hours cut vs layoffs? I have a loan closing Thur that almost wasn't. Due to seniority at the hospital someone moved to her department and forced a bump. Her and a co-worker literally had to go in to the back room to flip a coin to see who's hours were getting reduced from 40 to 32 hours. Been hearing that quite a bit lately. Crazy. Nice policy, but I guess it's better than layoffs." Matthew Graham  :  "I don't think it's funny at all AH. We have a vested interest in low rates, and thus an inherent cognitive bias that prevents truly objective analysis. It's in an originator's nature to root for lower rates and to analyze the data in the most rate-favorable light. " Andrew Horowitz  :  "its funny how with some reports you guys look to the internals to find the faults in the reports but on weaker reports you focus on just the headlines" Sung Kim  :  "huh? it's only good because it's not negative." Hugh W. Page  :  "Flip a coin. Heads - good Tails - bad" Sung Kim  :  "i am confused, are these retail sales numbers good?" Matthew Graham  :  "RTRS- US JUNE RETAIL SALES EX-AUTOS/GAS/BUILDING MATERIALS/FOOD SERVICES +0.6 PCT (CONS +0.5 PCT) VS MAY+0.2 PCT (PREV UNCH)" Matthew Graham  :  "but with "yeah buts"" Matthew Graham  :  "RTRS - US JUNE RETAIL SALES +0.2 PCT (CONSENSUS +0.6 PCT) VS MAY +0.5 PCT (PREV +0.3 PCT)" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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MBS MID-DAY: Mostly Sideways After Inconsequential Data and Yellen's Round 2

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Accéder aux indications plus précises en temps réel arrière mois TBA de Thomson Reuters et Tradeweb. En savoir plus MBS mi-journée : Principalement sur le côté après les données sans conséquence et de Yellen tour 2

Ah tour 2 !  Après une discussion relativement civile et infiniment plus pertinente avec la Commission bancaire du Sénat, Fed chaise Yellen est maintenant durable ce qui ne peut être décrit comme un nauséeuses barrage d'épater la Galerie politique.  Rendre les choses plus frustrant est le fait qu'il y a quelques bonnes questions et attitudes collégiales entrecoupées de la stupidité téméraire.

Lorsque congresspeople commence à parler d'orifices autres que leurs bouches, les marchés ont tendance à tune.  Aujourd'hui n'est pas différent.  Il n'y a aucune réaction du marché saillant à rien dit jusqu'à aujourd'hui dans le témoignage de Yellen.  Il est possible qui pourrait changer, mais certainement pas garanti.  Le seul garantir , c'est que ceux qui restez à l'écoute de le Q&A sera juste furieux et plus triste qu'ils le sont aujourd'hui.

Données économiques de la matinée n'a pas fait beaucoup pour déplacer les marchés non plus, mais si quelque chose, c'était un peu négative pour les marchés obligataires.  Ces effets négatifs ont été plus que compensée par la faiblesse des stocks.  Cela ne veut ne pas pour dire que les actions et des obligations doivent invariablement être rejoint à la hanche, mais au milieu de l'absence d'autres formes d'inspiration, obligations ont été prendre quelques repères à partir de stocks comme le dernier répond aux communiqués de gains.

Prix indiqué ci-dessous sont retardée, notez l'horodatage au fond. Tarification en temps réel est disponible par l'intermédiaire de MBS Live.Pricing à compter du 16/07/14 12:11PMEST matin recalculer les alertes et les mises à jour 11:10 : retour à des niveaux inchangés comme Stocks Slide 09:05 : Marchés obligataires légèrement plus faible après neutre nuit Session Dave Pressel : « bon point Alan--qui s'est passé à quelqu'un je sais ici dans le New Jersey--prêt de 200 K avec BOA et la totalité du solde a rejeté. Et ici je fais tous mes versements 7 jours tôt sur mon hypothèque... sheesh " Alan Craft :" Certains mods ont réclamé et a été racontée par les banques à se laisser distancer, puis ils robo saisis sur eux " Jason Zimmer :" robosigned ou pas, si vous ne faites pas de vos factures, est-ce important? " Alan Craft : « J'aime la partie de l'argent va aux consommateurs. En particulier, les victimes de robosigning et autres" Matthew Graham : « RTRS - BANK OF AMERICA offre $ 13 milliards, qui sera payé en RELIEF les liquidités et les consommateurs, mais le ministère de la justice réclame des milliards plus - Wall Street Journal, CITANT des SOURCES BAC.N" Matthew Graham :" RTRS - US juillet marché de l'immobilier NAHB INDEX 53 (CONSENSUS 50) contre 49 IN juin " Matthew Graham :" RTRS - U.S. INDUSTRIAL juin sortie + 0.2 PCT (CONSENSUS + 0.4 PCT) VS peut + 0,5 PCT (PCT PREV + 0,6) " Matthew Graham : « RTRS - U.S. JUNE PPI FOR FINAL demande + 0.4 PCT (PCT CONSENSUS + 0,2) VS mai -0,2 PCT" Sung Kim : "" aucune autre du mouvement récent taux hypothécaires pourrait être considérée ' fast-paced,' « noté Matthew Graham d'hypothèque News quotidienne. » Kim Sung : « Mortgage réservoirs de volume ; Jamie Dimon fêtes la FHA"discuter des MBS et des marchés du crédit hypothécaire sur notre tableau de bord en Streaming

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MBS MID-DAY: Holding Solid Gains With Help From Stocks and Europe

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With today continuing yesterday's tradition of offering very little by way of scheduled events, bond markets must look elsewhere for cues.  Actually, that's not really a fair conclusion considering bond markets haven't really been paying much attention to scheduled economic data in the first place.  So let's say this: with or without scheduled data, bond markets are taking cues from the same old places.

These include the stock market and European markets of late.  Both are being helpful today.  Stocks accelerated lower fairly quickly at 9:30am and European markets were supportive all night after weaker economic data.

MBS opened just slightly stronger and while they haven't been able to keep pace with the Treasury rally, they're still nearly a quarter point higher on the day.  10yr yields are testing an important technical level at 2.57.  If today is anything like yesterday in terms of European influence, the positivity could get more challenging after 12 noon when EU markets close.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/8/14 11:53AMEST Morning Reprice Alerts and Updates 10:04AM  :  Bond Rally Continues as Stocks Open Weaker; Europe Still Helping 9:06AM  :  Bond Buying Trend Continues Overnight and Into Domestic Session Matthew Graham  :  "stocks, Europe, range-trade (note the "range bounce" + "momentum bounce" ideas in the Day Ahead)." Jeff Anderson  :  "Gm, all. What's the big push from today?" Hugh W. Page  :  "Once we close below 2.47 and stay there for a bit I'll get a little more excited." Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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