Manufactured Home Loans Blog

Posted To: Pipeline Press

I thought about taking today off from the commentary to celebrate, since yesterday I won all 4 quarters of my office's Super Bowl pool! And then I remembered that I was the only one in the pool, don't really have an office, and that the net effect of my $50 a square winnings was about the same as the US Government buying back their own securities. Oh well. Those dues that you pay to the Mortgage Bankers Association - where does the money go? Education, lobbying, etc., but some probably went into buying the MBAA its $90 million headquarters in downtown Washington which it sold last week for $41 million after 3 years. Ouch! CoStar Group, who is moving its headquarters from Maryland to DC, also received a $6 million property tax break - hats off to them. Not only did the MBAA's interest…(read more)

Posted To: MBS Commentary

Good Morning. Congrats to the Saints. Here is a recap of my weekend…. We had a blizzard…32 inches of THUNDER SNOW . The driveway was defeated with snowblowers. This is only the first half of the driveway by the way…. The CAPS came from behind to beat the pens. Ovie had a trick plus the game winning assist in OT. Thats 14 in a row for the C-A-P-S CAPS CAPS CAPS. Troy saw his shadow. AH! Six more weeks of football. The Saints won….then my milkaholic ex-gf Lindsay came over. Phew. I am zonked. What a weekend. Stocks sold off in a panicky fashion last week as sovereign debt concerns grew over Greece, Portugal, and Spain's ballooning budget deficit and rising borrowing costs. If a coordinated global recovery is to remain on course, one has to assume some sort of financial intervention…(read more)

Posted To: MND NewsWire

The week ahead is a particularly slow one. The only major releases are the Trade Balance on Wednesday and Retail Sales report on Thursday. Plus, Friday will see February’s first measure of consumer confidence. With little fresh data to anticipate, the fear is that markets will continue on their downward path this week. Since January 19 the Dow has shed 5.6% while the S&P 500 has lost 6.9%. One hour before the opening bell, however, equity markets are looking stable. Dow futures are up 10 points to 10,012 and S&P 500 futures are up 3.08 points to 1,066. Meantime, WTI Crude oil is starting the week 15 cents higher at $71.34 per barrel and Spot Gold is up $1.90 to $1,068.20. The US dollar, by contrast, is lower against the majors after hitting the highest level since the summer of…(read more)

Posted To: MBS Commentary

As AQ pointed out this morning, today's slightly downward trend in MBS price began in the final hours of Friday's trading. Both MBS and Treasuries put in their best marks of the day just before 2pm, and have moved steadily downward ever since. You may notice, however, that both markets appear to be losing that negative steam near current levels. For Treasuries, that looks to be around 3.60 and for MBS, around 101-08. At the moment, the Fannie 4.5 is a tick higher than that at 101-09, but is still 5 ticks lower from Friday's closing prices. All that being said, the more important trends to watch pertain to the generally supportive range for MBS that emerged even before Friday's boomy rally. AQ pointed this out as well, and it remains pertinent at the moment. You can see on Thursday…(read more)

Posted To: Mortgage Rate Watch

Who Dat!!!! Congratulations to New Orleans on a well played and exciting Super Bowl victory. Mortgage rate moved a few basis points lower on Friday following the Employment Situation Report . While we have seen scattered day over day streaks of improvements, mortgages rates have failed to fall lower than 4.75% in 2010. To remind readers, as mortgage-backed securities prices move higher in price lenders are able to pass along better rates. After what seemed like a steady flow of important economic data and market moving headline news last week, the data schedule slows down in the days ahead, but headline news is always a possibility. In terms of scheduled events, no economic reports are being released today or tomorrow. On Tuesday we have the first of three mortgage rate influential Treasury…(read more)

Posted To: MBS Commentary

DID I MENTION THUNDER SNOW ! By the look of the charts, it doesnt appear that we should be expecting any noticeable improvements in positive price momentum today. We are extending the downtrend that began midday Friday. The FN 4.0 is -0-08 at 98-08 yielding 4.169% and the FN 4.5 is -0-05 at 101-08 yielding 4.375%. The secondary market current coupon is 2bps higher on the day at 4.313%. The current coupon yield is 72.4 bps over the 10yr TSY note yield and 62.6 bps over the 10yr swap rate. MBS yields are moderately tighter vs. benchmark yields this morning. The 3.375 coupon bearing 10 year TSY note is -0-06 at 98-06 yielding 3.594% (+2.3 bps from 5pm marks on Friday). The 2s/10s curve is unchanged at the 280bp pivot. The dollar index is weaker vs. a basket of currencies….-0.37% at 80.145. The…(read more)