Monthly Archives: April 2009

Given the cross currents, the market look likely to balance both economic and humanitarian issues, allowing mortgage pricing to hold steady or improve just a little

April 27, 2009

Just when you think you’ve got the list covered: Tarp, TALF, FOMC, Corporate Earnings, GM in and out of BK, FOMC, Treasury Auctions, Bank Stress tests, and Housing Data, …someone gave us a new worry: Swine Flu.  Markets around the … Continue reading →

Keep one eye on stocks (now up 54 on the big board) as mortgage pricing sits on the other side of the teeter totter

April 21, 2009

Corporate earning woes continue on Wall Street today with Caterpillar cutting its total year projections in half and a number of regional banks; Market Street, Huntington, Northern Trust, and Regions providing less than stellar results.  Treasury Secretary Geithner is on … Continue reading →

Mortgage pricing today has been more about timing than anything

April 21, 2009

Meant to post yesterday: Today’s stock swoon, due to  financial sector led selling, has given us a little boost this morning.  Earlier today, Leading Economic Indicators fell .3% to 98.1, .1% worse than expectations.  The board’s lagging indicator index fell … Continue reading →

Mortgage pricing will worsen TODAY

April 17, 2009

Just a heads up as the 10 year note is off 30/32’s (yield 2.94%) and MBS off 10/32’s.  Any close in futures 2:00 pm cst or cash 4:00 pm cst  at current levels will not look pretty on the chart.  … Continue reading →

With monthly, weekly, and daily charts mixed, expectations are for this level to hold and return towards the middle of the range. This would improve mortgage pricing should it occur. Trouble is, correlations between chart work, cash trading, Fed manipulation, and policy maker mumbo jumbo are nonexistent. In other words, the best advice is to form a plan and execute or, give an hour or two, the opportunity may be gone.

April 17, 2009

Both the market and the weather are stormy in Austin. Both bonds and stocks are in the red.  The only news of the day has been the Michigan Sentiment Survey, posting a gain of 4.6 points to 61.9.  Current conditions … Continue reading →

Just in the last hour, sellers have entered and without the Fed in the market buying, the bears are in control.

April 17, 2009

Sellers are leaning on the market, giving the fast money types little resistance since the Fed is not in today’s market.   Weekly Unemployment Claims fell 44K to 610K, well below market estimates for a 655K print.   Continuing Claims rose … Continue reading →

We expect a good close (below 2.81%) and see the market as neutral/bullish near term, trading at current levels or a little better near the center of the range

April 15, 2009

Happy Tax Day!  CPI, inflation at the consumer level, fell .1% while the core index was up .2%.  Forecasters were looking for a plus .1% print on the headline number and a plus .1% number within the core sector.  Falling … Continue reading →

Bonds, notes and mortgage backs have rallied this morning as stocks take a breather from their 25% bear market pop

April 13, 2009

Bonds, notes and mortgage backs have rallied this morning as stocks take a breather from their 25% bear market pop.  Volume on all fronts, equities and fixed income are light as most of the world’s markets are closed for “Easter … Continue reading →

Great job by those borrowers who locked in your Austin mortgage rate yesterday. You caught the market at its best level in quite some time.

April 9, 2009

Says she had enough of me The opening words to a great song by George Strait, seems to be the way the market treats us mortgage bankers lately.  After a ½ point rally late Tuesday and Wednesday, Thursday’s market has … Continue reading →

Another sign of stabilization in a recessionary economy

April 8, 2009

Mortgage backed securities rallied in late afternoon trading yesterday, then proceeded to follow the trend higher (additional rally) early this morning.  Applications for mortgages in the latest MBA survey, jumped 11.1% on the purchase index and 3.2% for refinances.  Not … Continue reading →