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Mortgage News Daily

At The Highs Of The Day Heading Into Close - 1 hour ago
Posted To: MBS CommentaryToday is much flatter compared to yesterday But 4.5's are still up 5 ticks and we're at highs again near end of day 10yr tsy lower by around 1 bp to 3.64 No data on Friday, but tons to consider tomorrow Waiting for reprices for the better, then consider locking First thing's first. It's another "up" day: Also, we've seen some correction to recent widening trends in MBS. Whether this should be reassuring or cause us to worry about spreads widening back out again is and will be uncertain, but at least we know it's uncertain. Here's what's going through my mind right now: 1. It's uncommon for rallies to string together more than a 4 or 5 day streak. Today marks the 4th day in a very stable and directional trend of improvement in MBS. Don't take...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Mortgage Rates Move Lower. Most Aggressive Lender Pricing Seen in Weeks - 2 hours ago
Posted To: Mortgage Rate WatchMortgage rates rallied lower yesterday after the Federal Reserve reiterated they intend to keep the Fed Funds rate at at exceptionally low levels for an “extended period”. The Fed also held steady in their belief that inflation is not posing a threat to economic stability. In regard to the MBS Purchase Program, although the door for some sort of extension or reopening is not completely closed, the Fed is still widely expected to finish the program at the end of March READ MORE . Following the release of the statement, benchmark Treasury yields declined and prices of mortgage backed securities moved higher. This allowed most lenders to reprice for the better, lowering consumer borrowing costs by a few basis points . Still, the price improvements were not enough to push the par 30...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Current Coupon MBS Move Sideways at Resistance as Stocks Keep Rallying - 4 hours ago
Posted To: MBS CommentaryThe dollar is weaker, oil prices are higher, and stocks are rallying---STILL. The S&P is trading at a new "recovery rally" index high print. Rates traders are ignoring the stock lever---for now at least. Since the auction cycle ended last Thursday, the 10 yr note has staged quite the recovery rally of its own...yields have fallen 14 basis points from the 3.779% high all the way down to 3.634%...which happens to be a very technically relevant level: the 62% retracement of the Dec. 21 sell off. The 2s10s curve is also flatter....now resting at 274bps after peaking at 284bps last Wednesday. Again, this has occurred while stocks have rallied. Do you think the LOW VOLUME stock market is having much of an effect on the yield curve at the moment? I do not believe so...rates traders are...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Loan Demand at Stand Still. Are You Nervous About the Year Ahead? - 6 hours ago
Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 12, 2010. The survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates an increase in home buying interest, a positive for the housing industry and economy as a whole. Furthermore, in a low mortgage rate environment, such a trend implies consumers are seeking out lower monthly payments which can result in increased disposable income and therefore more money to spend on discretionary items or to pay down other debt. From the release... The Market Composite Index, a measure...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Federal Home Loan Bank's Suit Against Nine Private Label MBS Dealers; Several Lender Updates; No Change from Fed - 7 hours ago
Posted To: Pipeline PressFather Murphy waited in line to have his car filled with gas just before a long holiday weekend. The attendant worked quickly, but there were many cars ahead of him. Finally, the attendant motioned him toward a vacant pump. "Father," said the young man, "I'm so sorry about the delay. It seems as if everyone waits until the last minute to get ready for a long trip." The priest laughed, "I know what you mean. It's the same in my business." Markets don't wait until the last minute, since they are usually driven by fear and greed. Yesterday's Fed announcement, although it was nothing new and left overnight rates unchanged, caused an immediate improvement in stocks and bonds. In mortgages, with originators selling and the Fed, hedge funds, Asian investors...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Ability Mortgage Lending, Inc. - 580 N. Wilma St. Ste. D - Ripon, CA 95366
Office Phone: (209) 599-8550 Fax: (209) 599-0033

We lend in the following states: CA

CDRE #01093881

CAMB - California Association of Mortgage Brokers

NAMB - National Association of Mortgage Brokers