Mortgage Rates Appreciably Lower After Geopolitical Headlines

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Mortgage rates moved more decisively lower today, though not for any stable or happy reasons.  Such is often the case with interest rates.  As economic conditions worsen or as terrible events around the world fuel demand for bonds, prices of those bonds rise, causing rates to drop.  This was the case today for US Treasuries as geopolitical events rocked markets.  Mortgage-backed-securities (the bonds most directly responsible for mortgage rates) tend to move in the same direction as Treasuries.  Today was no different, but with geopolitical headlines moving markets, Treasuries get more of the benefit because they're a more readily available "safe-haven" asset.

The events in question include the shooting down of a Malaysian airliner near the Ukraine/Russia border as well as the inception of an Israeli ground-based assault on Gaza.  There were other considerations in play today, but these were the biggest.  The net effect was strong and steady improvement in bond markets and several instances of mortgage lenders revising rate sheets lower during the day.  The gains leave 4.125% as the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios.  The ability for rates to remain this low or move lower is limited only by the geopolitical strife to continue escalating.  Once it stagnates or improves, rates are likely to snap back higher.  Even then, we have yet to see a move outside the 2-month range.

Loan Originator Perspective

"The Malaysian Jet incident today created a bit of geopolitcal risk helping bonds and therefore mortgage rates improve today. On a technical basis we've moved nicely down to a floor in pricing but it appears we've been unable to break through this floor to prove this rally has more legs. Given that, I believe short term closings should stronglyconsider locking to reap the gains we've experienced. Folks with a longer term to closing can likely keep a floating with a cautious and attentive stance and a close connection to your loan officer." -Hugh W. Page, Sen. Mortgage Consultant, Capital Partners Mortgage

"FLOAT--Treasuries have moved towards 2014 lows, and Mortgages are trailing, slowly, behind. If treasuries simply hold these levels we'll see rates improve. As always, though, be ready to lock if momentum changes quickly." -Brent Borcherding, www.brentborcherding.com

"News of the Malaysian airliner being shot down over Ukraine has sparked a flight to safety trade where investors sell stocks in favor of bonds. The news helped push the benchmark 10 year note to the bottom of our recent range at 2.47 which has been very solid resistance. I have been saying the last few days to float the highs and lock the lows....however, we just received breaking news of a ground invasion of Gaza by Israel forces. This news has pushed the 10 year even lower. At this point, lenders will be very slow to pass along the improvements. Even though we are at the best levels in quite some time, I would recommend to float overnight to allow lenders additional time to pass along these improvements. " -Victor Burek, Open Mortgage

Today's Best-Execution Rates

30YR FIXED - 4.125
FHA/VA - 3.75%
15 YEAR FIXED -  3.375%
5 YEAR ARMS -  3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

The hallmark of 2014 so far has been a disconcertingly narrow range in rates.  Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower. As of June, rates were officially lower year-over-year, but that's due to rates' path higher in 2013.  The current path in 2014 remains sideways.  European markets continue to play a nagging role in the background, generally helping rates in the US remain lower than they otherwise might be.  From a wider point of view, we're in limbo, waiting for the first significant move away from the narrow range.  A rally into late May stood a chance to act as this break, but rates have since returned to what were previously the lower limits of the 2014 range. As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution' (that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method).  Chief Operating Officer, Mortgage News Daily / MBS Live A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

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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Mortgage Rates Appreciably Lower After Geopolitical Headlines

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Mortgage rates moved more decisively lower today, though not for any stable or happy reasons.  Such is often the case with interest rates.  As economic conditions worsen or as terrible events around the world fuel demand for bonds, prices of those bonds rise, causing rates to drop.  This was the case today for US Treasuries as geopolitical events rocked markets.  Mortgage-backed-securities (the bonds most directly responsible for mortgage rates) tend to move in the same direction as Treasuries.  Today was no different, but with geopolitical headlines moving markets, Treasuries get more of the benefit because they're a more readily available "safe-haven" asset.

The events in question include the shooting down of a Malaysian airliner near the Ukraine/Russia border as well as the inception of an Israeli ground-based assault on Gaza.  There were other considerations in play today, but these were the biggest.  The net effect was strong and steady improvement in bond markets and several instances of mortgage lenders revising rate sheets lower during the day.  The gains leave 4.125% as the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios.  The ability for rates to remain this low or move lower is limited only by the geopolitical strife to continue escalating.  Once it stagnates or improves, rates are likely to snap back higher.  Even then, we have yet to see a move outside the 2-month range.

Loan Originator Perspective

"The Malaysian Jet incident today created a bit of geopolitcal risk helping bonds and therefore mortgage rates improve today. On a technical basis we've moved nicely down to a floor in pricing but it appears we've been unable to break through this floor to prove this rally has more legs. Given that, I believe short term closings should stronglyconsider locking to reap the gains we've experienced. Folks with a longer term to closing can likely keep a floating with a cautious and attentive stance and a close connection to your loan officer." -Hugh W. Page, Sen. Mortgage Consultant, Capital Partners Mortgage

"FLOAT--Treasuries have moved towards 2014 lows, and Mortgages are trailing, slowly, behind. If treasuries simply hold these levels we'll see rates improve. As always, though, be ready to lock if momentum changes quickly." -Brent Borcherding, www.brentborcherding.com

"News of the Malaysian airliner being shot down over Ukraine has sparked a flight to safety trade where investors sell stocks in favor of bonds. The news helped push the benchmark 10 year note to the bottom of our recent range at 2.47 which has been very solid resistance. I have been saying the last few days to float the highs and lock the lows....however, we just received breaking news of a ground invasion of Gaza by Israel forces. This news has pushed the 10 year even lower. At this point, lenders will be very slow to pass along the improvements. Even though we are at the best levels in quite some time, I would recommend to float overnight to allow lenders additional time to pass along these improvements. " -Victor Burek, Open Mortgage

Today's Best-Execution Rates

30YR FIXED - 4.125
FHA/VA - 3.75%
15 YEAR FIXED -  3.375%
5 YEAR ARMS -  3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

The hallmark of 2014 so far has been a disconcertingly narrow range in rates.  Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower. As of June, rates were officially lower year-over-year, but that's due to rates' path higher in 2013.  The current path in 2014 remains sideways.  European markets continue to play a nagging role in the background, generally helping rates in the US remain lower than they otherwise might be.  From a wider point of view, we're in limbo, waiting for the first significant move away from the narrow range.  A rally into late May stood a chance to act as this break, but rates have since returned to what were previously the lower limits of the 2014 range. As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution' (that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method).  Chief Operating Officer, Mortgage News Daily / MBS Live A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

Mortgage Rates Continue Higher After Yellen Testimony

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Mortgage rates moved slightly higher again today.  Fed Chair Janet Yellen provided her semi-annual testimony to the Senate Banking Committee this morning.  The financial markets that underlie mortgage rates saw quite a bit of volatility during the testimony, but it ultimately canceled itself out.  This left the secondary mortgage market in roughly the same position as it was earlier in the morning.  Unfortunately, that position was a bit weaker than yesterday's latest levels which were, themselves, the weakest of the day. 

In other words, after the smoke cleared, today's market movements confirmed yesterday's weakness, pushing rates higher.  That said, none of the recent movement in mortgage rates could be considered "fast-paced."  Today's increase just barely begins pushing the boundary between 4.25% and 4.125%.  By the end of last week 4.125% was more prevalent as a conforming 30yr fixed rate quote for the best possible scenarios.  After these past two days of weakness, 4.25% is more prevalent than it was, but hasn't taken the spotlight yet.

Loan Originator Perspective

"We're still close to recent lows, and without at any compelling data on the horizon, I think locking is a very conservative decision--an approach that I would very likely embrace. Until we make a decided move out of this range, I'd float at the highs and lock at the lows." -Brent Borcherding, www.brentborcherding.com

"If you can tolerate the risk, I think floating all loans overnight is the way to go. It appears we have some good support just overhead on the benchmark 10 year note at 2.57. Float the highs, lock the lows. " -Victor Burek, Open Mortgage

Today's Best-Execution Rates

30YR FIXED - 4.125- 4.25%
FHA/VA - 3.75%
15 YEAR FIXED -  3.375%
5 YEAR ARMS -  3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

The hallmark of 2014 so far has been a disconcertingly narrow range in rates.  Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower. As of June, rates were officially lower year-over-year, but that's due to rates' path higher in 2013.  The current path in 2014 remains sideways.  European markets continue to play a nagging role in the background, generally helping rates in the US remain lower than they otherwise might be.  From a wider point of view, we're in limbo, waiting for the first significant move away from the narrow range.  A rally into late May stood a chance to act as this break, but rates have since returned to what were previously the lower limits of the 2014 range. As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution' (that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method).  Chief Operating Officer, Mortgage News Daily / MBS Live A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

MBS RECAP: Weaker Trend Intact after Retail Sales and Yellen Testimony

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As far as today's market movers are concerned, Retail Sales was dwarfed by Yellen, but most of the reaction to Yellen cancelled itself out.  In other words, Retail Sales accounted for the only decisive push into weaker territory this morning.  Yellen accounted for bigger moves but deposited trading levels right where they had been after Retail Sales.

The damage was anything but severe with Fannie 3.5s not even down an eighth at the moment and 10yr yields up less than a bp.  That said, yesterday was more decisively weak and today's more active session now acts as a sort of confirmation of that weakness. 

This keeps the pressure on bond markets from a technical standpoint in that the possibility of a reversal back to the higher end of the rate range is still alive.  The saving grace was that 10yr yields bounced nicely at 2.57, which is not only a well-traveled inflection point, but also the mid-point for a few technical studies.  Bottom line, staying under 2.57 keeps hope alive.

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 4:42PMEST Today's Reprice Alerts and Updates 4:06PM  :  Ongoing Weakness Heading Into Last Hour; MBS Still Off Lows 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 Matthew Graham  :  "depends what you're wanting your boundaries to represent. Definitely 2.66 is important on the high end. On the bullish side, there are more choices. 2.47 and 2.40 are long-term and fairly epic. But some people look at 2.47-2.51 as "2.5" and call it good. In general, it's hard to argue with that stance as trading has been compartmentalized between 3.0 and 2.5 for the most part since mid 2013" Andrew Haynes  :  "im looking at a long term range of 2.43-2.65 and short term of 2.61-2.51 does that sound about right MG?" Michael Mitchell  :  "Hey Guys- What Lender (Retail, correspondent, Wholesale) is still doing Interest only on Jumbo?" Andy Pada, Jr.  :  "i read something like 66%" Christopher Stevens  :  "anyone know Chase drop in mtg business year over year" 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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Gain access to the most accurate real-time back month TBA indications from Thomson Reuters and Tradeweb. LEARN MORE MBS MID-DAY: Mostly Sideways After Inconsequential Data and Yellen's Round 2

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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Mortgage Rates Continue Higher After Yellen Testimony

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Mortgage rates moved slightly higher again today.  Fed Chair Janet Yellen provided her semi-annual testimony to the Senate Banking Committee this morning.  The financial markets that underlie mortgage rates saw quite a bit of volatility during the testimony, but it ultimately canceled itself out.  This left the secondary mortgage market in roughly the same position as it was earlier in the morning.  Unfortunately, that position was a bit weaker than yesterday's latest levels which were, themselves, the weakest of the day. 

In other words, after the smoke cleared, today's market movements confirmed yesterday's weakness, pushing rates higher.  That said, none of the recent movement in mortgage rates could be considered "fast-paced."  Today's increase just barely begins pushing the boundary between 4.25% and 4.125%.  By the end of last week 4.125% was more prevalent as a conforming 30yr fixed rate quote for the best possible scenarios.  After these past two days of weakness, 4.25% is more prevalent than it was, but hasn't taken the spotlight yet.

Loan Originator Perspective

"We're still close to recent lows, and without at any compelling data on the horizon, I think locking is a very conservative decision--an approach that I would very likely embrace. Until we make a decided move out of this range, I'd float at the highs and lock at the lows." -Brent Borcherding, www.brentborcherding.com

"If you can tolerate the risk, I think floating all loans overnight is the way to go. It appears we have some good support just overhead on the benchmark 10 year note at 2.57. Float the highs, lock the lows. " -Victor Burek, Open Mortgage

Today's Best-Execution Rates

30YR FIXED - 4.125- 4.25%
FHA/VA - 3.75%
15 YEAR FIXED -  3.375%
5 YEAR ARMS -  3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

The hallmark of 2014 so far has been a disconcertingly narrow range in rates.  Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower. As of June, rates were officially lower year-over-year, but that's due to rates' path higher in 2013.  The current path in 2014 remains sideways.  European markets continue to play a nagging role in the background, generally helping rates in the US remain lower than they otherwise might be.  From a wider point of view, we're in limbo, waiting for the first significant move away from the narrow range.  A rally into late May stood a chance to act as this break, but rates have since returned to what were previously the lower limits of the 2014 range. As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution' (that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method).  Chief Operating Officer, Mortgage News Daily / MBS Live A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

MBS RECAP: Weaker Trend Intact after Retail Sales and Yellen Testimony

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As far as today's market movers are concerned, Retail Sales was dwarfed by Yellen, but most of the reaction to Yellen cancelled itself out.  In other words, Retail Sales accounted for the only decisive push into weaker territory this morning.  Yellen accounted for bigger moves but deposited trading levels right where they had been after Retail Sales.

The damage was anything but severe with Fannie 3.5s not even down an eighth at the moment and 10yr yields up less than a bp.  That said, yesterday was more decisively weak and today's more active session now acts as a sort of confirmation of that weakness. 

This keeps the pressure on bond markets from a technical standpoint in that the possibility of a reversal back to the higher end of the rate range is still alive.  The saving grace was that 10yr yields bounced nicely at 2.57, which is not only a well-traveled inflection point, but also the mid-point for a few technical studies.  Bottom line, staying under 2.57 keeps hope alive.

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 4:42PMEST Today's Reprice Alerts and Updates 4:06PM  :  Ongoing Weakness Heading Into Last Hour; MBS Still Off Lows 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 Matthew Graham  :  "depends what you're wanting your boundaries to represent. Definitely 2.66 is important on the high end. On the bullish side, there are more choices. 2.47 and 2.40 are long-term and fairly epic. But some people look at 2.47-2.51 as "2.5" and call it good. In general, it's hard to argue with that stance as trading has been compartmentalized between 3.0 and 2.5 for the most part since mid 2013" Andrew Haynes  :  "im looking at a long term range of 2.43-2.65 and short term of 2.61-2.51 does that sound about right MG?" Michael Mitchell  :  "Hey Guys- What Lender (Retail, correspondent, Wholesale) is still doing Interest only on Jumbo?" Andy Pada, Jr.  :  "i read something like 66%" Christopher Stevens  :  "anyone know Chase drop in mtg business year over year" 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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Sterling slips after data shows UK trade gap widening

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AppId is over the quota
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Women have been in the tech industry for some time now and some rose up to lucrative leadership positions. We give you 11 wealthiest women in tech.

The big bang in Arun Jaitley's budget is that things will be done bottom up and it is more on execution rather than giving some grand proposals.

Chinese handset maker Xiaomi today unveiled its first handset, Mi 3, for the fiercely competitive Indian smartphone market, priced at Rs 14,999.

Jaitley announced a Rs 500 crore fund for farm price stabilization. He said the govt wanted agriculture to grow although weak rainfall was a concern.

Modi has more or less, achieved such a unity of command and control by getting his loyalist and confidant Amit Shah appointed as the BJP president.

As for his party, Jaitley is one of the principal trouble shooters, dispatched to various corners of the country to settle one dispute or the other.

In a marginal relief, Finance Minister Arun Jaitley increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 yrs.

It is now the turn of Rajasthan’s camels to receive the benevolent concern of the state administration, alarmed by their fast declining population.

A new round of funding could see Flipkart being valued at $5 billion (Rs 30K crore) at least, almost a near-doubling of the company's valuation.

"The will be developed to accommodate the burgeoning number of people, otherwise, the existing cities would soon become unlivable," Jaitley said.

The govt said it will allocate Rs 500 crore for its 'Digital India' initiative to set up broadband network in villages and promote local softwares.

Congress wants to make the people aware of each failure of BJP government and how it has failed to fulfil its promises with a media offensive.

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By Reuters | 10 Jul, 2014, 03.50PM IST

"Today's data is a little disappointing - the deficit is wider than expected. But if you look into the details, both imports and exports have increased." 

LONDON: Sterling slipped against both the dollar and the euro on Thursday after data showed the UK goods trade deficit widened unexpectedly in May, pushed up by high imports of aircraft.

The Office for National Statistics said the goods trade deficit grew to just over 9.2 billion pounds from 8.8 billion pounds in April. Economists in a Reuters poll had forecast a slight narrowing to 8.75 billion pounds.

"Today's data is a little disappointing - the deficit is wider than expected. But if you look into the details, both imports and exports have increased," said Ian Stannard, a currency strategist at Morgan Stanley.

"That does suggest increased activity in the UK, so that should limit the downside (for sterling), particularly in a currency environment where volatility is still very low and international liquidity is still ample."

The pound fell to a session low of $1.7111 after the data from $1.7131 beforehand, down a quarter of a per cent on the day. The euro strengthened 0.2 per cent to a high of 79.69 pence.

Traders had been waiting to see whether minutes released on Wednesday from the U.S. Federal Reserve's latest monetary policy committee meeting would deviate from Fed Chair Janet Yellen's dovish approach and offer an indication of when the bank might start to raise interest rates from their current historic lows.

But they found little to suggest the central bank will move its first rate hike forward, currently expected in the middle of next year. The minutes did confirm the Fed's bond purchases would probably end in October.

Expectations that the Bank of England will increase interest rates before its peers in Europe and North America were therefore kept on track, despite a run of soft UK data this week which showed factory output slowing and the housing market starting to cool.

The BoE concludes its two-day Monetary Policy Committee meeting on Thursday and will announce its interest rate decision at 1100 GMT. It is widely expected to keep rates unchanged at record lows, although expectations are growing it may tighten policy before the year's end.

"Sterling has become a firm market favourite, underpinned by the looming prospect of monetary policy normalisation owing to an economic recovery of surprising strength, which contrasts starkly with that of the euro area," strategists at the Bank of New York Mellon said in a morning note.

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Banking sector slow to increase competition after new rules

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The new rules were meant to increase competition for high-street bank customers. Photograph: Network/Alamy

A relaxation in the rules governing the creation of new banks is yet to lead to a dramatic increase in the number of new high street players being authorised by the City regulator.

Figures published by the Bank of England show little change in the annual approval rate for new banks since the introduction of rules last year, which mean that new banks need less capital to get started than they did in the past.

Five banks were authorised in the 12 months to the end of March, similar to the average since 2006. Talks were held with another 25 potential applications.

The government wants to bolster competition on the high street, dominated by the big four banks – Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays – by encouraging the creation of new banks. More than 30 banks have been authorised since 2006, although only a few would be regarded as competitors to the high street players, such as Metro Bank, which in 2010 was the first bank to open a branch network in 100 years, and buy-to-let lender Paragon, which has recently been handed a banking licence. After the period covered by the Bank of England report, Edinburgh-based bank Scoban was also authorised.

The Bank's data does not include TSB, the high street bank spun out of 24% taxpayer-owned bank Lloyds last year and floated on the stock market last month, because it already had a banking licence. Tesco Bank, which recently launched current accounts, was also already authorised.

The regulators were given a wider remit than just tackling competition on the high street and were instructed to look at ways of encouraging a range of new entrants, including in wholesale banking.

The report highlighted improvements in the process of authorisations, with 47 meetings before formal applications were made for a licence in the 12-month period compared with 48 meetings between 2010 and 2012. The Bank of England said that new banks seeking authorisation had a variety of business models in high street and wholesale banking or were aiming to offer loans to small businesses or retail customers taking in deposits.

Andrew Bailey, chief executive of the Bank's regulatory arm, the Prudential Regulation Authority, said the changes to regulation were making a difference. "Reducing barriers to entry can be achieved alongside continuing to ensure new banks meet basic standards that prevent risks to the safety and soundness of the UK financial system. The feedback we have received from the new banks has been very encouraging," he said.

City minister Andrea Leadsom said it was "great news for bank competition and choice" that the new banks were being authorised. "Critical to our long-term economic plan is getting new banks into the marketplace, and today's report shows we are doing that," said Leadsom.

Bolstering high street competition could be a battleground during the 2015 general election as Ed Miliband has signalled that he will cap the size of banks' market share and create two new challenger banks with an 8% market share.