Industry News
Mortgage Industry News
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Nonfarm Payrolls Surge
02/03/2012
Treasury prices were mostly unchanged prior to the payroll numbers but have headed south as a much better than expected report has caught many by surprise.Job Gains Exceed Expectations
02/03/2012
The most significant influence on mortgage rates this week was Friday’s Employment report, which was much stronger than expected.Today’s Market Color
02/02/2012
Treasury prices are mostly unchanged this morning as markets wait for further developments from Europe.Slight Dip In MBA Mortgage Applications
02/01/2012
Treasury prices are slightly lower after overnight reports from Europe and Asia indicated an uptick in global manufacturing.Employment Cost Index Up Slightly
01/31/2012
Treasury prices initially moved lower overnight but have leveled off this morning and are hovering near unchanged. The latest EU Summit in Brussels has reportedly made some progress on improving budgetary discipline, but the market has shown little reaction.Treasury Prices Move Higher
01/30/2012
Treasury prices are moving higher to start the week as the latest EU Summit begins in Brussels. The weekend failed to produce a Greek debt deal and markets are a bit uneasy as a result.Significate Easing of GDP Price Index
01/27/2012
Treasury market is flat this morning with GDP posting a moderate advance and a significant easing of the GDP Price Index.Today’s Market Color
01/26/2012
Despite stronger than expected economic data this morning, MBS have continued to move higher following yesterday’s Fed announcement, which was very positive for bonds.Mortgage Applications - Modest Decline
01/25/2012
Treasury prices are modestly higher this morning after giving up ground in five consecutive trading sessions. Economic activity has been relatively light to start this week but that will change today.Global Market News
01/24/2012
Treasury prices are nearly unchanged this morning ahead of another light day on the economic calendar with nothing new emerging out of Europe.Market News
01/23/2012
Treasury prices are off slightly this morning with no data to digest and futures are indicating a flat to slightly higher open for equities.Today’s Market News
01/20/2012
Treasury prices are mostly unchanged this morning as negotiations for a Greek debt settlement continue. The flight to quality bid has lost some of its luster over the past few sessions as equity markets have surged.Jobless Claims Fall
01/20/2012
An improving US economic outlook was negative for mortgage rates this week. Reduced concerns about Europe also caused a partial reversal in the flight to safety trade. As a result, mortgage rates ended the week higher.Auctions Push Borrowing Costs Lower
01/19/2012
Treasury prices are edging lower this morning after successful French and Spanish auctions pushed borrowing costs lower.Mortgage Applications Surge 23.1%
01/18/2012
Treasury prices are mostly unchanged despite overnight news that the World Bank cut its global growth forecast to 2.5% from last year’s estimate of 3.6%.Today’s Global Market
01/17/2012
Treasury prices are edging lower to begin this holiday shortened trading week due to better than expected data on Chinese GDP.Today’s Market Color
01/13/2012
Treasury prices are moving higher this morning as EU debt fears resurfaced after mixed results from Italian debt auctions.Successful Spanish & Italian Debt Auctions
01/12/2012
Treasury prices were modestly lower this morning as successful Spanish and Italian debt auctions helped ease investors’ anxiety. After a slow start to the week, the economic calendar heats up today with Dec retail sales and the weekly jobless claims reports.Purchase Applications Increase 8.1%
01/11/2012
Treasury prices are edging higher this morning as EU debt fears continue to percolate. It’s been a relatively tranquil week thus far with little in the way of market moving headlines and light economic data.Global Market News
01/10/2012
Treasury prices are moving lower this morning on better than expected economic data from France.Germany & France To Discuss Debt Crisis
01/09/2012
Treasury prices were quiet over the weekend but are edging lower this morning on news of a meeting between Germany and France to discuss the debt crisis.Unemployment Rate Dips
01/06/2012
Treasury prices were quiet overnight in anticipation of today’s employment report. Prices have since moved modestly lower as better than expected results have put pressure on treasuries.Unemployement Change Better Than Expected
01/05/2012
Treasury prices improved modestly overnight after a disappointing French debt auction spooked markets.Mortgage Applications Dip
01/04/2012
Treasury prices are edging higher this morning after a tranquil overnight session. EU headlines have remained at a minimum since before Christmas but the underlying concern still exists with the yield on the 10yr lingering below the 2.0% threshold.Today’s Global Market News
01/03/2012
Treasury prices are lower to open the New Year as better than expected overseas economic data has equities on the rise.Today’s Market News
12/30/2011
Treasury prices are mostly unchanged to open the last trading day of 2011. Markets were once again quiet overnight as EU headlines were at a minimum.Treasury Prices Mostly
12/29/2011
Treasury prices are mostly unchanged today after EU debt concerns reignited the flight to quality bid yesterday.Mortgage Rates End Near Historic Lows
12/29/2011
Many investors wanted to avoid risk during the final week of the year, which helped relatively safer assets such as US mortgage-backed securities (MBS).Market News
12/28/2011
Markets remained quiet overnight as thinly staffed trade desks are mostly sidelined during the holiday lull.Today’s Market Color
12/27/2011
Treasury prices are mostly unchanged to start off this holiday shortened trading week. Headlines were at a minimum over the long weekend, leaving the 10 yr yield to hover around 2.0%.Today’s Market Color
12/23/2011
Treasury prices are drifting lower this morning as markets were quiet overnight. This week’s economic calendar has one last hurrah today with the November durable goods orders and personal income and spending reports.Continued Improvement In Jobless Claims
12/22/2011
Treasury prices are modestly higher this morning as a sleepy overnight session awakens to an active US economic calendar. The results have been mixed so far this morning.ECB Launches Liquidity Program
12/22/2011
Stronger than expected US economic data and reduced concerns about Europe were negative factors for mortgage rates this week.Mortgage Applications Drop Slightly
12/21/2011
Treasury prices are slightly higher this morning on little news, and futures are indicating a lower open for equities.Today’s Market News
12/20/2011
Treasury prices are edging lower this morning as positive economic data from Germany and a successful Spanish debt auction have cooled the recent treasury bid.North Korea’s Kim Jong II Passes Away
12/19/2011
Treasury prices are relatively flat this morning as markets digest several EU credit downgrades over the weekend, as well as the news of North Korea’s Kim Jong II’s death.Today’s Market Color
12/16/2011
Treasury prices are mostly unchanged earlier this morning as market volatility has been suffering without its usual EU headline fix. Yields continue to sit near the low end of the range as news has been limited out of Europe since last week’s summit failed to inspire confidence.Investors Shift to Safer Assets
12/16/2011
Increased concerns about European debt issues and the pace of global economic growth caused investors to shift to relatively safer assets this week. As a result, mortgage rates declined a little to near the lowest levels of the year.Jobless Claims Unexpectedly Drop
12/15/2011
Treasury prices are mostly unchanged this morning after giving up overnight gains that had the 10yr yield testing 1.86% briefly.Refinance Applications Jump 9.3%
12/14/2011
Treasury prices are mostly unchanged today as EU headlines were quiet overnight.Modest November Retail Sales
12/13/2011
Treasury prices are opening slightly lower this morning as markets were relatively quiet overnight.Today’s Market News
12/12/2011
Treasury prices are opening higher as Moodys indicated that the EU summit failed to produce key policy changes and as a result, it will review all EU countries.Global Market News
12/09/2011
Treasury prices are slightly lower this morning as the latest EU summit plan is garnering a muted response from investors.Little Reaction to EU Summit
12/09/2011
With little economic data in the US this week, the focus was on Europe.European Central Bank Cuts Key Rate to 1%
12/08/2011
Treasury prices are modestly lower this morning after the European Central Bank announced that it is cutting its key rate to 1%.Mortgage Applications Up 12.8%
12/07/2011
Treasury prices are mostly unchanged this morning as limited economic data and EU headlines have provided markets a respite.Today’s Market Color
12/06/2011
Treasury prices are edged lower this morning (but have since bounced back a bit) as markets continue to digest the S&P outlook warning on EU nations.Global Market News
12/05/2011
Treasury prices are under pressure this morning as Italy announced austerity measures over the weekend that are aimed at cutting $40B in spending.US Unemployement Rate Drops to 8.6%
12/02/2011
Treasury prices were modestly lower heading into today’s nonfarm payroll report and the market has shown little reaction since.Central Banks Provide More Aid
12/02/2011
This week, the effects on mortgage rates from increased optimism about Europe and stronger than expected US economic data were offset by increased expectations for additional Fed purchases of mortgage-backed securities (MBS).Successful French Debt Auction
12/01/2011
Treasury prices are lower this morning after a successful French debt auction overnight has helped to sooth investor worries.Central Banks To Lower Dollar Swap Rates
11/30/2011
It been a busy morning...treasury prices were mostly unchanged overnight but moved lower this morning after a coordinated plan by central banks to lower dollar swap rates by 50bps was announced.Today’s Market Color
11/29/2011
Treasury prices are modestly lower this morning after Italy successfully raised EUR7.5bln in the latest auction, albeit at elevated yields.Reports of Strong Black Friday Sales
11/28/2011
Treasury prices are sharply lower this morning as unconfirmed reports of an IMF loan to Italy have equity price rebounding.Today’s Global Market
11/23/2011
Treasury prices are modestly lower this morning even as bad news pours in from around the world. A dismal report on Chinese manufacturing was combined with an unsuccessful German 10yr auction that did not receive bids on 35% of the overall size.S&P Reaffirms United States AA+ Rating
11/22/2011
Treasury prices are slightly higher this morning as news that S&P reaffirmed the United States’ AA+ rating has helped to offset the announced congressional super committee failure.Today’s Market Color
11/21/2011
Treasury prices are moving higher as we open this holiday shortened trading week.ECB Buying Helps Stabilze European Debt Markets
11/18/2011
Treasuries are giving up some of yesterday’s gains as the10yr continues to gravitate to 2.00% yield. Yields on Spanish and Italian bonds have eased overnight as the ECB buying throughout the week has finally helped stabilize European debt markets.Little Change in Mortgage Rates
11/18/2011
It was a surprisingly quiet week for mortgage rates with little of the daily volatility seen in recent weeks. Investors continued to watch the situation in Europe, but events there had little impact.Jobless Claims Better Than Expected
11/17/2011
Treasury prices are hovering around unchanged this morning as Spanish bond yields climb and Fitch warns of contagion risk to US banks.Mortgage Applications Dip
11/16/2011
Treasury prices are relatively flat this morning as investors await news on the organization of Italian Prime Minister Monti’s cabinet.Yields On European Bonds Climb
11/15/2011
US treasuries were well bid overnight as yields on European bonds continue to climb. New Italian Prime Minister Monti is reportedly running into opposition as he attempts to fill leadership position within his new cabinet.Today’s Market Color
11/14/2011
Treasury prices are modestly lower as treasury markets resume activity after the long Veteran’s Day holiday weekend. This week begins with new leaders at the helm in Italy and Greece and also with increased chatter around problems in Hungary.New Leadership in Italy and Greece
11/11/2011
With little economic data in the US this week, events in Europe were the primary influence on mortgage rates.Greece Interim Prime Minister Lucas Papademos
11/10/2011
Treasury prices are moving lower this morning as we open the last day of this holiday shortened trading week.Today’s Market Color
11/09/2011
Treasury prices are surging higher this morning as the plot thickens in Europe. Italian bond yields continue to move higher even as Prime Minister Berlusconi has offered to resign.Today’s Global Marketplace
11/08/2011
Treasury prices are slightly lower this morning as headlines were fairly quiet overnight. However, tension remains high in Europe as Prime Minister Berlusconi’s will attempt to navigate his budget through a parliamentary vote today.Greek Prime Minister To Step Down
11/07/2011
Treasury prices are mostly unchanged this morning as the situation in Europe remains very uncertain.80k New Jobs Added
11/04/2011
Treasury prices were slightly lower after a mixed October non-farm payrolls report. The headline unemployment rate dipped to 9.0% from 9.1% but the details weren’t quite as rosy.Mortgage Rates Drop on European Concerns
11/04/2011
Increased concerns about Europe caused a flight to safety this week, which helped mortgage rates improve. The Fed statement, which contained no major surprises, and the economic data released during the week had little impact on mortgage rates. As a result, mortgage rates ended the week lower.Greek Prime Minister May Step Down
11/03/2011
Treasury prices are lower this morning as Greek headlines continue to painfully dominate markets. Reports indicate that Greek Prime Minister Papandreou will step down today.Mortgage Applications Increase Modestly
11/02/2011
Treasury prices has been giving up some of the impressive gains made over the last three sessions. The 10yr is hovering just above 2% as investors await the conclusion of the two-day FOMC meeting.Global Market News
11/01/2011
Treasuries remain in rally mode as a Greek referendum vote on the EU bailout has investors nervous. The combination of this headline and a disappointing report on Chinese PMI has added to the flight to quality bid overnight.Japanese Intervention to Weaken Yen
10/31/2011
Treasuries are picking up where they left off on Friday as lingering questions on last week’s EU deal are pushing prices higher. Meanwhile, Japanese intervention to weaken the yen is adding to the flight to safety bid in Treasuries.Markets Digest Details of EU Plan
10/28/2011
Treasury prices are higher this morning as markets continue to digest the details of the EU plan. The bloom was off the treasury rose yesterday as yields busted through support levels and settled into a range not seen since early August.European Agreement Reached
10/28/2011
To the relief of investors, European leaders reached agreement to provide aid to countries with debt troubles. Investors reversed the flight to safety trade, pushing mortgage rates higher.Global Market News
10/27/2011
Well, the umpteenth time seems to be the charm as the latest EU summit has finally produced a plan to manage the debt crisis.MBA Mortgage Applications Increase
10/26/2011
Treasury prices are slightly lower this morning ahead of the umpteenth EU Summit. Rhetoric will likely increase today but a real solution does not seem imminent.European Leaders Remain At An Impasse
10/25/2011
Treasury prices are slightly lower this morning as European leaders remain at an impasse. The US economic calendar begins to heat up today with a reading of Oct consumer confidence as well as some housing data.Global Market News
10/24/2011
Treasury prices are modestly higher this morning after little progress was reported over the weekend from the EU Summit. Not surprisingly, banks are apparently at odds with the rumored 60% loss estimate on Greek bonds that the EU is suggesting should Greece default.Todays’s Market Color
10/21/2011
Pricing is off a bit from yesterday as those who did not re-price yesterday afternoon saw the movement in today’s rates. More of the same...treasuries are slightly lower this morning as the world waits for further developments from Europe.Little Change in Mortgage Rates
10/21/2011
European debt problems remained the primary focus this week, and shifts in sentiment caused a lot of volatility, but there was a lack of concrete news. The next decisions from European officials are expected to be revealed next week.European Debt Crisis Remains Undecided
10/20/2011
Treasury prices are modestly lower this morning as the situation in Europe remains undecided. Reportedly, France and Germany have been unable to reach a consensus perspective heading into this weekend’s meeting of EU finance ministers.Treasury Prices Low On European Debt Crisis
10/19/2011
Treasury prices are slightly lower this morning as speculation continues to swirl around the European debt crisis.Global Market News
10/18/2011
Treasuries remain in rally mode as optimism around a potential EU debt plan continues to unravel. Meanwhile, a disappointing report on Chinese GDP has added more fuel to the flight to quality bid overnight.Today’s Market News
10/17/2011
Treasury prices are opening the week modestly higher as this weekend’s EU summit failed to produce a comprehensive plan.Retail Sales Increase
10/14/2011
Treasury prices were lower in overnight trading and a better than expected September Retail Sales report has applied additional pressure this morning.Weekly Jobless Claims Better Than Expected
10/13/2011
It finally seems that treasury prices may have reached stable pricing levels as prices are actually catching a slight bid this morning. Equities are giving up some of the recent gains as economic news from China on export growth was worse than expected.EU Close to Plan to Resolve Debt Crisis
10/12/2011
Treasury prices are under pressure once again today as the EU is reportedly close to consensus on a plan to help resolve the debt crisis.Yeilds Highest In A Month
10/11/2011
Treasury prices are lower this morning as yesterday’s rally on Wall Street puts continued pressure on the flight to quality bid.Stronger Than Expected Employment Data
10/07/2011
Stronger than expected Employment data pushed MBS markets lower this morning. Against a consensus forecast of 60K, the economy added 103K jobs in September, and the data for July and August was revised higher by 99K.Jobs Exceed Expectations
10/07/2011
Most of the news this week was not good for mortgage rates. The economic data was generally a little stronger than expected, and investor concerns about Europe decreased. As a result, after reaching new lows early in the week, mortgage rates ended the week higher.Jobless Claims Better Than Expected
10/06/2011
It’s been a choppy session so far with treasury prices edging slightly lower. Equities continued to rally overnight as the Bank of England surprised markets by announcing an increase to its asset purchase program.MBA Mortgage Applications Dip
10/05/2011
Treasury prices lost ground yesterday after reports surfaced that EU was working on a plan to support imperiled European banks. This reoccurring story removed the luster from the flight to quality bid and sent treasury yields higher.Indecisiveness In Europe Moves Investors
10/04/2011
The pendulum swung back to fear yesterday as treasury prices rallied on weakness in equities. Prices continue to whipsaw as indecisiveness in Europe spooked equity investors.Today’s Market News
10/03/2011
Treasury prices on the long end of the curve are modestly higher to open the first trading day of October. Investors are offering a tepid response to the latest round of austerity measures approved by Greece’s cabinet over the weekend.Today’s Market News
09/30/2011
September has been a heck of ride and the last day of the month appears to be no different. Treasury prices are higher today as investors are beginning to get antsy waiting for the European debt situation to evolve.Mortgage Rates Rise from Lows
09/30/2011
After dropping to fresh lows following last week’s Fed announcement, mortgage rates gave back some of their gains this week and ended a little higher.Treasury Prices Edge Into Positive Territory
09/29/2011
Treasury prices were mostly unchanged this morning as yesterday’s indecision seems to be carrying over into today’s session. Prices spent yesterday morning in negative territory until a solid 5-yr auction brought some relief and treasury prices actually edged into positive territory.MBA Applications Surge 9.3%
09/28/2011
Treasury prices are relatively flat this morning as the yield on the 10yr is just about 2.04%. Markets seem to have hit a temporary equilibrium as investors await the next big story that will roil markets.Today’s Market News
09/27/2011
The rollercoaster ride continues as treasury prices keep giving up last week’s gains. Investors are pinning their hopes on a massive European rescue plan as EU leaders appear to be stepping up procedures to bolster banks in the event of a major default.Today’s Market Color
09/26/2011
Treasury prices are slightly lower this morning as a modest carryover of Friday’s selloff continues. Rumor of an enormous plan to recapitalize European banks seems to be the main driver.Today’s Market Color
09/23/2011
Treasuries took a breather today at the opening as prices were mostly unchanged. Since then, we have dropped off giving back some of the gains from yesterday.New Fed Programs Help Mortgage Rates
09/23/2011
This week, the Fed announced new measures to boost the economy. Expectations are low for much economic growth to result from the measures, but they did help push mortgage rates to historic lows.Treasury Prices Rally On Twist Announcement
09/22/2011
Treasury prices are continuing to rally this morning after yesterday’s $400bln twist announcement from the FOMC. Investors are clearly worried as the flight to quality bid has pushed the 10yr to a record low yield of 1.76% overnight.MBA Applications Overall Inch Up
09/21/2011
Treasury prices were hovering near unchanged as investors await the outcome of the two day FOMC meeting. Headlines are filled with "twist" puns as speculation swirls around the likelihood that the Fed will implement a strategy to push yields lower on the long end of the curve by shifting the duration of its portfolio.S&P Downgrades Italy to A Rating
09/20/2011
Treasuries gave up some of yesterday’s impressive gains as equity markets strengthened overnight. The latest development out of Europe revolves around S&P’s downgrade of Italy from A+ to A.Fight to Address Greece’s Debt
09/19/2011
The flight to quality bid resumed today as European finance ministers were unsuccessful in their attempts to address Greece’s debt situation. Treasury prices are rallying as investor’s confidence is fading that Europe can save Greece from default.Today’s Market News
09/16/2011
Treasury prices are relatively flat this morning as investors focus on the European finance minister’s meeting in Poland. So far this week, treasury yields have moved higher as investors have overlooked soft economic data and have remained cautiously optimistic that European leaders will step in to prevent Greek default.Central Banks Aid European Banks
09/16/2011
Investors grew a little less concerned about Europe during the week, which was favorable for the stock market but negative for mortgage rates. This week’s inflation data also was unfavorable for mortgage rates, and rates ended the week a little higher.Jobless Claims Increase Unexpectedly
09/15/2011
Treasury prices are lower this morning after Germany and France reiterated pledges to support Greece. Investors took comfort in the renewed assurances and have responded by shifting money back into equity markets.Mortgage Applications Rise
09/14/2011
Treasury prices are edging lower this morning as markets continue to wait for further developments on the Greek debt crisis. French banks remain in the crosshairs as Moody’s cut the long term debt ratings of SocGen and Credit Agricole.Today’s Market Color
09/13/2011
Treasury prices are relatively flat this morning as investors remain jittery ahead of an announcement from Germany and France on the European debt situation. Yields are lingering near record lows as Greek default risks continue to rise and markets await a response.Market Again Revolves Around Greece
09/12/2011
Treasury prices are relatively flat this morning as the market holds onto last week’s impressive gains. The latest fear gripping the market once again revolves around Greece.Today’s Market News
09/09/2011
The yield on the 10yr continues to hover near 2.00% as yesterday’s headlines and activity earned a muted response. President Obama’s job stimulus package was slightly larger than expected but contained no real surprises.Little Change in Rates
09/09/2011
This week’s economic news contained few surprises. Fed Chief Bernanke gave no indication of policy changes and President Obama’s jobs package matched expectations. As a result, mortgage rates ended the week with little change, remaining at historically low levels.President Obama Jobs Speech Tonight
09/08/2011
Treasury prices have retraced yesterday’s losses as bearish economic data from overseas combined with today’s potential market moving events to push investors back into Treasuries.Mortgage Applications Drop
09/07/2011
The flight to quality bid cooled overnight on reports that the Obama administration will request a $300bln jobs package from Congress.Today’s Market News
09/06/2011
Treasury prices on the long end of the curve are rallying this morning to open this holiday shortened trading week.Today’s Market Color
09/02/2011
Treasury prices are surging higher this morning after an abysmal Aug non-farm payroll report provided further evidence that the economic recovery is stalling.Jobs Fall Short
09/02/2011
Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower.Daily Market News
09/01/2011
Treasuries rallied overnight as weak economic data from Asia and Europe combined with a disappointing bond auction in Spain to push investors towards the safety of US Treasuries.Refinance Applications Dip
08/31/2011
Treasury prices are mostly unchanged today as investors continue to debate the likelihood of QEIII. With Friday’s employment report looming on the horizon, markets got an early look at possible outcomes with today’s disappointing ADP report.Today’s Market News
08/30/2011
Treasuries are surging higher today, as early morning comments from Fed President Evans indicate the need for additional accommodative policy to help the struggling US economy, particularly employment.Consumer Spending Rebounds
08/29/2011
This week gets off to a quick start with a slew of economic data on today’s schedule. In the 8:30 AM release, consumer spending rebounded nicely in July (+0.8%) after posting its first loss in nearly two years in June.Bernanke Speech Today
08/26/2011
The big day has arrived with markets eagerly awaiting Fed Chairman Bernanke’s speech at today’s conference in Jackson Hole.No Surprises from Bernanke
08/26/2011
It was another volatile week for mortgage rates. The primary factors influencing rates roughly offset each other, though, and mortgage rates ended the week just a little higher.Today’s Market News
08/25/2011
Treasury prices are headed higher this morning as modest overnight buying has continued into today’s trading session. Gold has resumed it its slide this morning after getting pummeled yesterday.Mortgage Applications Dip
08/24/2011
Treasury prices are edging lower this morning as the July durable goods report showed better than expected results of +4% versus estimates of a +2% gain. Meanwhile, the early morning release of the MBA mortgage applications index showed a dip of -2.4% in overall applications.Treasury Prices Lower Today
08/23/2011
Treasury prices are moderately lower this morning as overseas selling has carried into today’s trading. Despite bearish overseas economic data, treasury prices are moving lower on speculation that the Fed take steps to stimulate the US economy.Today’s Market Color
08/22/2011
Treasury prices are modestly lower this morning on reports that Qaddafi’s reign in Libya is nearing the end. With an empty schedule on the economic calendar, investors will continue to focus on overseas developments in Europe and the Middle East for market direction.Gold Approaching $1900 an Ounce
08/19/2011
European stocks and US equity futures pared losses after an EU official said that legislation may be drafted to issue euro bonds to stem the region’s various debt crises.Inflation Climbs
08/19/2011
Concerns about the pace of global economic growth continued to drive financial markets, causing investors to shift to less risky assets. This trend was favorable for mortgage rates, which ended the week lower.CPI Prints Higher Than Expected
08/18/2011
Continuing the trend from PPI and Import prices, CPI printed higher than expectations.Refi Index Jumps
08/17/2011
MBA Mortgage Applications increased 4.1% past week; purchases were down 9.1% and the Refi index jumped 8%.Import Prices Higher Than Expected
08/16/2011
Import Prices printed higher than expectations; housing starts and permits both posted month-over-month declines.Empire Manufacturing Shrinks
08/15/2011
Empire Manufacturing unexpectedly shrank for the third straight month as orders and inventories declined. Stock futures are up in early trading as they look cheapest relative to earnings in more than two years.Retail Sales Better than Expectations
08/12/2011
Retail sales less autos printed slightly better than expectations; equities are moving higher on the news. Yesterday, the DOW moved more than 350 points for the 4th consecutive day, fueled by a very weak 30yr bond auction.Today’s Market Color
08/11/2011
Treasury prices are mostly unchanged this morning as the market has yet to decide which direction it will whipsaw today. Yesterday’s flight to quality bid was driven by renewed European debt concerns, specifically French bank downgrades and possible collapse.Today’s Market Update
08/10/2011
The roller coaster ride continues as treasury prices are surging higher this morning. Yesterday’s swift price movement was nothing short of astonishing as treasury prices were whipsawed while investors digested the FOMC statement.Treasury Prices Higher
08/08/2011
Treasury prices are higher today as overseas equity markets are selling off after Friday’s S&P downgrade of US debt. Ironically, the downgrade has created a flight to quality bid as the announcement spooked investors to move assets into safer investments, including US Treasuries.Today’s Market Color
08/05/2011
Last Friday, the yield on the 10yr was hovering near 2.90% as markets waited for a debt to be hammered out. A lot has changed over the last week as a debt deal was finalized, stocks have been hammered and the 10yr yield sits at 2.45%.Today’s Market News
08/04/2011
Treasury prices are edging higher this morning as the dreaded word "recession" seems to be creeping into headlines and discussions with increased frequency lately.Mood and Fitch Confirm US AAA Rating
08/03/2011
Treasury prices are relatively flat this morning as investors seem to be taking a breather from the extraordinary three day rally. Moody’s and Fitch confirmed the US AAA rating as the debt deal finally fell into place yesterday.Today’s Market News
08/02/2011
With the debt cap situation nearing completion, focus has shifted back across the Atlantic to the debt woes of Europe. Treasury prices are surging higher this morning on a renewed flight to quality bid as Italy and Spain are under the microscope.Treasury Prices Unchanged
08/01/2011
Treasury prices are mostly unchanged to open the first trading day of August. This is quite surprising given yesterday’s news that a debt ceiling deal has finally been reached.Treasury Prices Rise Higher
07/29/2011
Despite the fact that a government shutdown is becoming increasingly likely, treasury prices are moving higher this morning. Most feel that a default on government debt is not imminent, as the Treasury has announced that bondholders would be first priority.Today’s Market Update
07/28/2011
The waiting game continues as treasuries wallow in a fairly tight trading range. Prices are modestly higher this morning, recovering some of yesterday’s losses that were prompted from a disappointing 5yr auction.Today’s Market Color
07/27/2011
It has been another volatile morning, as investors continue to focus on the debt ceiling talks. June Durable Orders declined 2.1% from May, which was below the consensus forecast for an increase of 0.5%.Little Change Expected From Housing Market
07/26/2011
Treasury prices are idling near unchanged as markets await further developments on the debt cap discussions. This week’s economic calendar kicks off today with a bit of housing related news and consumer confidence.Today’s Market Color
07/25/2011
Treasury prices are lower this morning as investors grow increasingly restless that no deal was produced over the weekend in the ongoing US debt cap discussions.Treasury Prices Edge Higher
07/22/2011
Treasury prices are edging higher this morning as investors eagerly await further developments in the debt ceiling talks. The US is now firmly in the spotlight after yesterday’s European announcement of a bailout package for Greece and other troubled members of the EU.Debt Talks Drive Mortgage Rates
07/22/2011
With few economic reports released this week, news of progress in talks to provide aid to troubled European countries and to raise the US debt ceiling had the most influence on mortgage rates. As the perceived risk of default in Europe decreased, investors retreated from the relative safety of US bonds, which pushed mortgage rates a little higher.Today’s Market News
07/21/2011
Increased optimism (or at least less pessimism) on the European debt situation has treasury prices edging lower this morning. Reportedly, France and Germany have reached an accord on managing the Greece debt situation and equity markets are responding favorably.Mortgage Applications Increase 15.5%
07/20/2011
Treasury prices are moving lower this morning as positive results from Portugal’s bond auctions are helping to ease investor concerns that the debt crisis will spread in Europe.Today’s Market Color
07/19/2011
Treasury prices are lower this morning as investors continue to be held captive by the ongoing debt debates on both sides of the Atlantic. With seemingly little or no progress made on the political discussions around the US debt cap, Gold has become the safe haven of choice as levels closed above $1600 per ounce for the first time.Gold Sets Record Value
07/18/2011
Treasury prices are opening the week modestly higher on concerns that the European bank stress tests were not rigorous enough to provide confidence in the results.Today’s Market News
07/15/2011
Investors seem to be shrugging off the latest credit warning on US debt as S&P joined the party by placing the AAA rating on creditwatch negative. Markets are either unaffected or paralyzed by the onslaught of data that also includes the pending results of the European bank stress tests and a mixed bag of economic releases at 8:30 this morning.Today’s Market Color
07/14/2011
Investors have their hands full today as a slew of economic data is thrown into the tumultuous mix of European debt concerns and the debate around the fast approaching US debt cap deadline.Mortgage Market News
07/13/2011
Treasury prices are under pressure this morning after better than expected data on China’s GDP has investors wading back into equity markets. In US economic news, the latest edition of the MBA Mortgage Index showed a 5.1% drop in applications week over week.Today’s Market News
07/12/2011
The flight to quality bid remained strong as treasury prices are opening higher once again this morning, but have since dropped back down. Equity markets were bludgeoned overnight in Asia as investors moved money to the relative safety of US Treasuries.European Debt Concerns Grow
07/11/2011
Treasury prices are surging higher this morning on continued European debt concerns, specifically that the problem may spread to Italy. With an economic calendar that is bereft of data today, investors will get more time to assess the European debt crisis as well as to digest Friday’s woeful employment report.Unemployment Rate Ticks Up
07/08/2011
Nonfarm Payrolls printed well below expectations, +18K vs. +100k consensus; the unemployment rate ticked up to 9.2%; U6 jumped 0.4% to 16.2%. Treasuries and mortgages are rallying aggressively off of the disappointing labor news; stock futures and commodities are down.Jobless Claims Post Slight Decline
07/07/2011
Ahead of tomorrow’s Nonfarm Payrolls (consensus is +100K), ADP printed much stronger than expectations, +157K vs. +70K. Both initial and continuing jobless claims posted slight declines.Portugal Second Bailout Likely
07/06/2011
Treasury prices are edging higher today as European debt concerns continue to produce investor anxiety. Portugal was in the crosshairs yesterday after Moody’s downgraded its rating to junk status and indicated that a second bailout was likely.Treasury Prices Modestly Higher
07/05/2011
After last week’s ugly performance, Treasury prices are modestly higher to start this holiday shortened trading week. Now that the Greek austerity vote is behind us, investors will shift focus back to the US with Friday’s June payrolls report highlighting the docket.This Week’s Market News
07/01/2011
It’s been a rough and volatile ride for Treasuries this week as the 10yr yield now sits almost 30bps higher than the intraday low of 2.86 reached on Monday.Stocks Up, Rates Up
07/01/2011
This week’s economic news was nearly all positive, and the stock market posted a strong rally. Unfortunately, what’s good for stocks is generally unfavorable for mortgage rates.Today’s Market News
06/30/2011
Treasury yields have reached their highest levels in a month as the end of QEII and the passage of the Greek austerity plan have coupled to dampen investor demand. Prices seem to have leveled off this morning as investors appear to finally have some comfort at current yields.Mortgage Applications Dip 2.7%
06/29/2011
Treasury prices are continuing to slide this morning after yesterday’s selloff. Overnight protests failed to dampen investor optimism that the austerity vote will pass.Greek Unions Strike
06/28/2011
With the pending Greek austerity vote dominating headlines, treasury prices are modestly lower as investors remain defensive. Battle lines have been drawn as Greek unions have essentially shut down government operations with a general strike that began at midnight.Today’s Market Color
06/27/2011
Treasury prices are slightly lower as we head into the final week of the Fed’s QEII program. This week’s economic calendar is fairly active but investors are likely to remain more focused on Wednesday’s Greek austerity vote.Today’s Market Color
06/24/2011
Treasury prices are slightly lower this morning as investor’s digest mixed news that a Greek 5-yr austerity plan was approved, which was counterbalanced by reports of possible Italian bank downgrades. This morning’s economic releases produced firm results that were either in line with or exceeded expectations.No Change From Fed
06/24/2011
Investors focused on the Fed meeting and Greece this week. A reduced growth forecast from the Fed and continued concerns about the situation in Greece helped mortgage rates move a little lower.Treasury Prices Surging
06/23/2011
Treasury prices are surging higher this morning as yesterday’s FOMC statement and press conference kindled the flight to quality bid. High unemployment and the ailing US housing market were sighted as two of the main culprits weighing heavily on the expected US economic recovery.Mortgage Applications Dip
06/22/2011
Treasury prices are higher this morning as the overnight confidence vote in Greece passed with nary a market reaction. In US news, the early morning release of the MBA mortgage applications index showed a -5.9% drop, week over week.Today’s Mortgage Market
06/21/2011
Treasury prices are moving lower this morning after yesterday’s dearth of economic news left prices drifting near unchanged. This week’s economic calendar opened with the May existing home sales report (4.70M est vs. 5.05M in April).Equity Futures Under Pressure
06/20/2011
Treasury prices are opening the week to the upside as European leaders were not able to reach an accord over the weekend on loan assistance to Greece.Greece News Continues to Affect Market
06/17/2011
The market continues to be subject to the news coming out of Greece. This morning, German Chancellor Merkel said she would work with the ECB to resolve the crisis, suggesting that she would temper the demand that bondholders shoulder a "substantial" share of Greek aid.Today’s Market News
06/16/2011
It has been another volatile morning. Despite stronger than expected economic data and small gains in the stock market, MBS markets have held in positive territory.Mortgage Market Color
06/15/2011
CPI printed a tenth higher than expectations; New York-area manufacturing unexpectedly contracted. A resolution to the Greek crisis is looking less and less likely; the Greek 10yr bond is trading at 17.6% (1488bps higher than German 10yr bunds), the highest ever for a euro-zone country since the EU formed in 1999.PPI Prints Higher Than Expected
06/14/2011
PPI printed slightly higher than expectations; retail sales were in line. Earlier this morning, stock futures advanced on news that production in China climbed more than predicted.Credit Fears Continue In Europe
06/13/2011
Credit fears continue in Europe--Portuguese 10yr yields hit the highest level since the euro started in 1999; the Spanish 10yr yield increased for the sixth consecutive day; credit-default swaps on Greek, Irish, and Portuguese debt are at record highs.Tension Over Greek Bailout
06/10/2011
Import Prices came in worse than expected, up 12.5% year-over-year, due to auto and clothing costs. Tension continues to grow between Germany and the ECB regarding the Greek bailout.Little Change in Mortgage Rates
06/10/2011
While mortgage rates reached a new low for the year during the middle of the week, they ended nearly unchanged. It was a light week for economic data, and demand for the Treasury auctions was close to average, so investors had little reason to alter their outlooks.Jobless Claims Print Worse Than Expected
06/09/2011
It has been a volatile morning, and early investors may have priced at a wide range of levels. Initial Jobless claims printed slightly worse than expectations.Today’s Market Color
06/08/2011
Bonds are trading higher again this morning as Equities in Europe declined for the 6th day in a row. U.S. Stock Futures are also trading lower ahead of the opening bell.Today’s Market News
06/07/2011
ECB President Trichet signaled that he may back Greek debt rollovers; the euro is trading at a one-month high against the dollar and US stock futures are up.Stocks Low On Concern Of Slow Growth
06/06/2011
Stocks and commodities are lower again this morning on concern that growth is slowing. Portugal’s incoming prime minister said that he would form a coalition to meet conditions of the country’s 78B euro ($114B) bailout; Portugal’s debt is trading up on the news.Nonfarm Payrolls Worse Than Expected
06/03/2011
Similar to ADP, Nonfarm Payrolls printed much worse than expectations, +54K vs. +165K median consensus; the unemployment rate ticked up to 9.1%; .U6 dropped a tenth to 15.8%. Despite the risk of being downgraded by Moody’s, Treasuries are rallying pretty strongly; stock futures and commodities are lower.Jobs Data Falls Short
06/03/2011
Friday’s Employment report was a disappointing indicator of the current state of the US economic recovery. This report, along with just about every other economic measure released this week, was weaker than expected.Mortgage Market Color
06/02/2011
Rates markets are giving back some of yesterday’s rally as equities are set to open higher ahead of tomorrow’s employment data.Today’s Market Color
06/01/2011
ADP printed much worse than expectations, +38K vs. +175K; consensus for Friday’s Nonfarm Payrolls is +180K. MBA mortgage applications posted a 4% decline; purchases were unchanged, while the Refi index, which currently comprises 65.4% of applications, was off 5.7%.Stock Futures Up
05/31/2011
Stock futures are higher this morning due to speculation that nations will pledge more aid to Greece; Treasuries and mortgages are slightly lower. ADP is scheduled for release tomorrow (consensus is +175K) and Nonfarm Payrolls will be announced on Friday (+180K).Mortgage Market News
05/27/2011
MBS prices are down -5/32 (FNMA 30-yr 4.0 at 100.21), which is about 9/32 higher than yesterday at this time. Favorable re-pricing took place yesterday.Mortgage Rates Reach Low for Year
05/27/2011
Many factors were favorable for mortgage rates this week. Weaker than expected economic data, strong results for the Treasury auctions, and renewed concerns about weaker European countries all helped mortgage rates end the week at the lowest levels of the year.MBS Prices Move Higher
05/26/2011
MBS prices moved higher after the release of today’s weaker than expected economic data. Weekly Jobless Claims rose to 424K, above the consensus forecast of 400K.Daily Market News
05/25/2011
It has been a volatile morning, and MBS prices reached a low of -3/32. April Durable Orders fell -3.6% from March, weaker than the consensus forecast of -2.0%, and the largest monthly decline since October 2010.Today’s Market Color
05/24/2011
MBS prices are down -2/32 (FNMA 30-yr 4.0 at 100.02), which is about 10/32 lower than yesterday at this time. Goldman stated that they are becoming "more bullish" on raw materials, specifically sugar, copper and oil; all three are higher in early trading.Italy’s Credit Rating Falls to Negative
05/23/2011
Italy’s credit-rating was downgraded by Standard and Poor’s from stable to negative, sending the euro lower against most other currencies. Data released this morning also showed that China’s pace of manufacturing expansion has slowed.Mortgage Market News
05/20/2011
Equities are lower this morning on continued concern that Greece will have to restructure its debt. Rates are lower again this morning as traders bet that the economy is slowing down and the Fed will not be able to raise their benchmark anytime soon.Mortgage Rates Little Changed
05/20/2011
Weaker than expected economic data helped mortgage rates decline to the lowest levels of the year early in the week. On Wednesday, though, a reminder that the Fed will eventually sell its portfolio of mortgage-backed securities (MBS) helped to erase the improvement.Rates Inch Up
05/19/2011
Rates are up slightly this morning following initial claims data which came in below expectations.Refi Applications Jump
05/18/2011
MBA mortgage applications jumped 7.8% last week; purchases were down 3.2%, while the Refi index--accounted for 66.7% of the applications--increased 13.2%.MBS Prices Up
05/17/2011
MBS prices are up +7/32 (FNMA 30-yr 4.0 at 100.14), which is about 11/32 higher than yesterday at this time. Weaker than expected economic data has lifted MBS markets this morning. April Housing Starts declined 11% from March to an annual rate of 523K homes, below the consensus forecast of 560K.Empire Manufacturing Declines
05/16/2011
Empire Manufacturing declined more than expected due to the higher costs of raw materials. Greece will plead for an increase in their 110B euro ($155B) lifeline today; equites are down as the market anticipates the bump will be approved by European ministers and the IMF.Euro Region Grows Faster Than Predicted
05/13/2011
CPI, both core and headline, printed in-line with expectations. Growth accelerated in the 17-nation euro region faster than predicted, 0.8% vs. 0.6%, pushing equities higher in early trading.Little Change in Mortgage Rates
05/13/2011
It was a volatile week for mortgage rates. Troubles in smaller European nations, mixed results for the Treasury auctions, and tame inflation data caused significant movements in rates during the week. These influences offset each other, though, and mortgage rates ended the week nearly unchanged.Retail Sales Increase
05/12/2011
Initial and continuing claims printed higher than expectations, along with upward revisions to the previous week. Retail Sales increased 0.5%. The Treasury is scheduled to auction $16B in 30yr bonds today.Jump In Mortgage Applications
05/11/2011
Bonds are trading slightly lower this morning following an 8.2% jump in mortgage applications. The U.S. trade deficit widened more than most analysts anticipated in March, jumping 6% to $48.2B.IMF Prepares Bailout for Greece
05/10/2011
A higher-than-expected print on import prices has Treasuries and mortgages pointing slightly lower. The IMF is preparing another bailout for Greece, to replace the last one, in the amount of 100B euros ($144B). The Treasury is scheduled to auction $32B in 3yr notes today, $24B in 10yr notes tomorrow, and $16B in 30yr bonds on Thursday.Today’s Market Color
05/09/2011
Quiet day on the economic calendar today following Friday’s employment data. Late this week we get PPI and CPI numbers.Stock Futures Up Sharply
05/06/2011
Nonfarm Payrolls printed better than expected at +244K; change in private payrolls was +268K; the unemployment rate and U6 ticked up 2/10ths to 9.0% and 15.9%, respectively; . Consensus for Nonfarm Payrolls on Friday is +185K.Mortgage Rates Improve Again
05/06/2011
Weaker than expected data helped mortgage rates improve for most of the week, but Friday’s Employment report then surprised to the upside, causing mortgage rates to give back some of the improvement.Today’s Market Color
05/05/2011
Initial and continuing claims printed much higher than expectations; a spring break holiday in New York, a new emergency benefits program in Oregon, and auto shutdowns caused by the disaster in Japan were the reasons given for the increase in claims.Mortgage Market News
05/04/2011
ADP printed below expectations, +179K; consensus for Nonfarm Payrolls on Friday is +185K. MBA mortgage applications posted a 4.0% increase; purchases were up 0.3% and the Refi index jumped 6.0%.Dollar Strengthens
05/03/2011
The dollar has strengthened as investors try to assess what the likely impact will be after the killing of Osama Bin Laden. Stocks and commodities are lower; bonds are up slightly.Osama Bin Laden Killed
05/02/2011
Osama Bin Laden was killed in a housing raid in Pakistan yesterday. Stock futures and the dollar are higher; oil is down 1.5%; bonds are slightly lower.Today’s Market Color
04/29/2011
Personal income and spending both posted larger-than-expected gains in March. After Exxon produced a 1Q profit of $10.7B earlier this week, Chevron announced net income of $6.21B (last year’s first quarter: $4.55B) due to higher oil prices.No Change From Fed
04/29/2011
The most highly anticipated economic event this week was Wednesday’s Fed meeting. The Fed indicated that it will not make any changes in policy at this time, which investors took as positive news for stock and bond markets.Today’s Market Color
04/28/2011
Initial jobless claims jumped 25K last week; continuing claims posted a decrease. 1Q GDP printed worse than expectations at +1.8%. The Treasury is scheduled to auction $29B of 7yr notes today.Mortgage Market News
04/27/2011
MBA Mortgage Applications dropped 5.6% last week; purchases decreased 13.6% and the Refi index was 0.6% lower. The Treasury is scheduled to auction $35B of 5yr notes today and $29B of 7yr notes tomorrow.US Stock Futures Rise
04/26/2011
US stock futures are higher on better-than-expected earnings out of UBS and Ford; credit default swaps on Greek debt rose to a record (the Greek 2yr note is trading at 23.96%). The Treasury is scheduled to auction $35B of 2yr notes today, $35B of 5yr notes tomorrow, and $29B of 7yr notes on Thursday.Gold At Record Prices Again
04/25/2011
Inflation fears have the dollar trading weaker; silver and gold are at or near new record prices; oil is rallying for the fourth consecutive day. The FOMC rate decision is scheduled for release on Wednesday--no change is expected.Today’s Market Color
04/21/2011
Bonds are hanging on to early gains as Initial Unemployment Claims printed at 403K versus the 390K expected by most analysts. Continuing Claims came in at 3695K, also slightly higher than expected. The bond market is scheduled for an early, 2pm EST close today and is closed tomorrow for Good Friday.Today’s Market News
04/20/2011
Bonds are trading lower today while U.S. Equity Futures are trading higher on news that Intel increased their sales forecasts and company results beat estimates in Europe and Asia.Building Permits Increase
04/19/2011
Bonds are relatively unchanged versus yesterday’s close this morning. Building permits showed a 7.2% annual increase with Housing Starts printing 549K, more than the 520K anticipated by most analysts. Goldman Sachs announced a 21 percent drop in first-quarter earnings, which was a smaller decline than the street consensus.Citigroup Announces Drop In Earnings
04/18/2011
Bonds are trading slightly higher this morning on a light day for economic data. Citigroup announced a 32 percent drop in first-quarter earnings, which was less than most analysts anticipated.Today’s Market Color
04/15/2011
Bonds are trading higher this morning after Moody’s downgraded Ireland’s credit rating two levels to the lowest investment grade and kept the country’s outlook negative. This morning’s CPI release was in-line with expectations showing that consumer prices increased 2.7% since March 2010.Mortgage Rates Improve on Inflation Data
04/15/2011
On target inflation data and strong demand for the longer-term Treasury auctions were favorable for mortgage rates this week. The other major economic reports contained few surprises. As a result, mortgage rates ended the week lower.Stock Futures Down After Job Report
04/14/2011
Initial jobless claims jumped last week from 385K to 412K, however, continuing claims dropped 58K. Stocks futures and commodities are lower after the news, while Treasuries and mortgages are up. The Treasury is scheduled to auction $13B of 30yr notes today.Mortgage Market News
04/13/2011
MBA mortgage applications declined 6.7% last week; purchases were off 4.7% and the Refi index was 7.7% lower; ARMs accounted for 11.5%. JP Morgan beat earnings with 1Q net income of $5.56B, $1.28/share (consensus was $1.15/share).Japan Raises Nuclear Crisis
04/12/2011
Japan has raised the nuclear crisis severity from 5 to 7, matching the levels seen in the 1986 Chernobyl disaster; the radius for people being cleared out has been doubled from 12 to 24 miles. Stocks are down, while Treasuries and mortgages are rallying.Mortgage Market News
04/11/2011
There is no economic data scheduled for today. Last month, Pimco’s $236B Total Return Fund again trimmed back assets in government and related debt--from 0% to -3%; mortgage-related debt was cut from 34% to 28%. The Treasury is scheduled to auction $32B of 3yr notes tomorrow, $21B of 10yr notes on Wednesday, and $13B of 30yr notes on Thursday.Euro Bailout Talks Continue
04/08/2011
Rates are up this morning with little economic data to be released. Budget and Euro bailout talks continue and equities and commodities are rallying.Inflation Concerns Push Rates Higher
04/08/2011
With little other economic news, inflation concerns weighed on mortgage rates this week. Despite rising commodity prices, Fed officials appear to be in no rush to tighten monetary policy. Investors, worried about the risk of higher inflation, pushed mortgage rates a little higher.ECB Raises Rates
04/07/2011
Initial jobless claims printed in-line with expectations; continuing claims were higher than consensus. The ECB raised rates today for the first time in almost three years from 1% to 1.25%, putting pressure on the US Fed to start considering the same course of action.Mortgage Market News
04/06/2011
MBA mortgage applications were down 2% week-over-week; the Refi index was 6.2% lower while purchases increased 6.7%; ARMs comprised of 12% of the total lock volume (in $). Strong data out of Germany has stocks higher in early trading.Bailout of Portugal Inevitable?
04/05/2011
Moody’s said that a bailout of Portugal is inevitable, downgrading the country’s debt for the second time in 3 weeks. Water tested near one of the nuclear plants in Japan has radiation "millions of times" over the regulatory limit.Today’s Market Color
04/04/2011
There is no economic data scheduled for release today. The European Central Bank is expected to raise rates from 1% this week as Germany’s growth has some worried about inflation; the euro appreciated 3.5% in the first quarter, the most since the fourth quarter of 2008.Unemployment Rate Drops
04/01/2011
Nonfarm Payrolls printed at a better-than-expected +216K; the unemployment rate dropped from 8.9% to 8.8%; U6 drifted lower to 15.7%. Stock futures are higher; Treasuries and mortgages are down after the release.Mortgage Rates Increase
04/01/2011
An improving economic outlook was unfavorable for mortgage rates this week. The Dow stock index reached a new high for the year, as investors shifted funds from bonds to stocks. Weaker than average demand for the 7-yr Treasury auction also helped push mortgage rates a little higher.Portugal Misses Deficit Target
03/31/2011
Initial jobless claims printed slightly higher than expectations; continuing claims remain elevated at 3,714K; consensus for tomorrow’s Nonfarm Payrolls is +190K. Portugal missed its 2010 deficit target, raising the possibility of a bailout.Today’s Market Color
03/30/2011
ADP printed slightly below expectations, +201K vs. +208K consensus; the median estimate for Friday’s Nonfarm Payrolls is +190K. Mortgage applications were down 7.5% week-over-week; the Refi index was off 10.1% and purchase apps were 1.7% lower. The Treasury will auction $29B of 7yr notes today.Mortgage Market News
03/29/2011
Stocks are lower on concern that banks in Europe will have to raise more capital. Investors are also still trying to gauge the impact of the nuclear crisis in Japan. The Treasury will auction $35B of 5yr notes today and $29B of 7yr notes tomorrow.Personal Incomes Increase
03/28/2011
Personal incomes increased in February, causing personal spending to jump more than expected. Stock futures are up on the news; Treasuries and mortgages are trading lower. The Treasury will auction $35B of 2yr notes today, $35B of 5yr notes tomorrow, and $29B of 7yr notes on Wednesday.Equites Move Higher
03/25/2011
Equities are higher on better-than-expected earnings from Oracle and Accenture. 4Q US GDP was revised upwards to 3.1% due to higher consumer spending. S&P downgraded Portugal’s creditworthiness, sending the country’s bonds lower for the fifth straight day.Treasury Will Sell MBS
03/25/2011
With no major developments in Japan or the Middle East and little economic data on the schedule, mortgage markets had one of their quietest weeks of the year.Mortgage Rates Up Slightly
03/24/2011
Rates are up slightly this morning as Durable Orders came in well below expectations with upward revisions to the prior month while Jobless Claims were in line with forecasts.Mortgage Market News
03/23/2011
Both the MBA purchase and refi indexes printed at +2.7% week-over-week; ARM applications jumped 8.0% and made up 11.5% of the total dollar amount of apps. Portugal faces a budget vote which may trigger a bailout, pushing yields on the most-indebted nations higher.Today’s Market Color
03/22/2011
Yesterday, the US Treasury announced that they would start unwinding their $142B Agency MBS position at a pace of about $10B per month; TBA’s instantly gapped down around 3/8 of a point when the story broke. UK inflation printed at 4.4%, more than twice as much as the 2% mandate, bringing increased speculation that the Bank of England will have to raise rates soon.Japan Makes Progress Cooling Reactors
03/21/2011
Over the weekend, Japan made progress cooling nuclear reactors; stock futures are up and the yen is down. Oil is higher after the US, UK and France attacked military targets in Libya.G7 Intervenes In FX Markets
03/18/2011
The G7 has intervened in the FX markets for the first time since 2000 by selling yen in an effort to stabilize the currency; the yen fell 3.4% against the dollar. China raised reserve requirements for the third time this year to cool inflation.Rates Lower on Global Events
03/18/2011
World events overshadowed domestic news in driving mortgage rates this week. The disaster in Japan and the violence in the Middle East helped push mortgage rates a little lower. Stronger than expected US economic data had just a small impact.Today’s Market Color
03/17/2011
After PPI printed higher than expectations yesterday, CPI came in pretty close to consensus. The situation in Japan continues to look more dire by the day; the number of nuclear workers has been doubled to try and prevent a leak.Mortgage Market News
03/16/2011
MBA mortgage applications were down slightly week-over-week; purchases were off 4% while the refi index was up 0.9%. PPI surged 5.6% year-over-year (1.8% ex food and energy). Companies have started to relocate employees out of Tokyo.Nuclear Power Plant Crisis Continues
03/15/2011
Due to the inability to contain the nuclear power plant crisis in Japan, investors have become skittish sending the Nikkei down 10.5% today after a 7.5% sell-off yesterday, the largest two-day drop since the crash in 1987.Today’s Market Color
03/14/2011
To assure financial stability after the 8.9 magnitude earthquake, the Bank of Japan has poured a record amount of cash into money markets today, 15 trillion yen ($183B); they also enlarged an asset-buying program by 5 trillion yen.Mortgage Rates Improve
03/11/2011
Concerns about the pace of global economic growth and continued violence in the Middle East helped mortgage rates improve this week. Very strong demand for this week’s longer-term Treasury auctions was also favorable. As a result, mortgage rates moved lower during the week.Earthquake Off Coast of Japan Causes Tsunami
03/11/2011
An 8.9 magnitude earthquake occurred 81 miles off of the coast of Japan causing a 10 meter tsunami; Sendai, a city with a population of 1 million people, received the brunt of the damage; insurance stocks are trading lower. In Saudi Arabia, anti-government demonstrators are advocating a "Day of Rage".Mortgage Market News
03/10/2011
Market is quiet this morning, showing little reaction to increased jobless claims and a wider than expected trade deficit.Mortgage Applications Are Up
03/09/2011
MBA mortgage applications were up 15.5% last week; the purchase and refi indexes were higher by 12.5% and 17.2%, respectively; applications for adjustable rate mortgages jumped 26.1%. The Treasury is scheduled to auction $21B of 10yr notes today and $13B of 30yr bonds tomorrow.Oil At 2.5 Year High
03/08/2011
Oil remains at a 2.5-year high as the tension in Libya continues. ECB council member Weber reiterated market sentiment that the ECB may raise rates from 1% to 1.75% over the course of this year. The Treasury is scheduled to auction $32B of 3yr notes today, $21B of 10yr notes tomorrow, and $13B of 30yr bonds on Thursday.Oil Rises Once Again
03/07/2011
Oil (+$2 to $106/barrel) and gold (+$10 to $1,441/ounce) are higher as the unrest in Libya continues. The Treasury is scheduled to auction $32B of 3yr notes tomorrow, $21B of 10yr notes on Wednesday, and $13B of 30yr bonds on Thursday.Today’s Market Color
03/04/2011
Nonfarm Payrolls printed in line with expectations, +192K, and the unemployment rate dropped 0.2% to 8.9%; U6 decreased from 16.1% to 15.9%; the change in private payrolls was better than consensus. Stock futures are mildly higher; Treasuries and mortgages are hovering around unchanged.Little Change in Rates
03/04/2011
While investors continued to closely watch the events in the Middle East, there were few new developments there during the week. As a result, this week’s important economic data had the greatest influence on mortgage rates.Jobless Claims Improve
03/03/2011
Both initial and continuing jobless claims printed better than expected; productivity also beat estimates; stock futures are up sharply; Treasuries, mortgages and oil are lower in early trading. Consensus for tomorrow’s Nonfarm Payrolls number is +195K.Today’s Market Color
03/02/2011
ADP printed at a better-than-expected +217K, vs. expectations of +180K; consensus for Friday’s Nonfarm Payrolls is +193K. Mortgage applications were off 6.5%; the Refi index was down 6.5% and purchases were down 6.1%.Middle East Unrest - Oil Rises
03/01/2011
The turmoil continues to spread in the Middle East as Iran arrested opposition leaders to derail scheduled protests; Iran is the second-largest OPEC producer- oil is up about 1%. ADP (consensus is +175K) and Nonfarm Payrolls (consensus is +190K) are scheduled for release tomorrow and Friday, respectively.Today’s Market News
02/28/2011
Personal income increased more than expected in January; spending decelerated. The unrest in Libya continues to prop up treasuries, partly due to a flight to quality, and partly due to rising oil prices providing a drag on the economy.Today’s Mortgage News
02/25/2011
Rate markets are quiet this morning following a GDP number that missed expectations and tame inflation data.Mortgage Rates Lower on Geopolitical Tensions
02/25/2011
Geopolitical events overshadowed this week’s economic data and Treasury auctions. Unrest in the Middle East caused investors to seek relatively safer investments such as bonds. As a result, mortgage rates ended the week lower.Today’s Market Color
02/24/2011
Initial and continuing jobless claims printed better than expectations; there were upward revisions to the previous week; durable goods orders posted a strong turn-around due to aircraft orders.Mortgage Applications Jump
02/23/2011
Mortgage applications jumped 13.2% last week; purchases increased 5.1% while the Refi index was up 17.8%. Concern over the unrest in Libya has oil trading above $96/barrel.Mortgage Market News
02/22/2011
Escalation of the violence in Libya has US Treasuries and oil trading higher. An ECB council member said that officials may toughen their language with regard to inflation next week, showing a willingness to raise rates in the coming months.Today’s Market News
02/18/2011
China’s central bank raised reserve requirements by 50bps 10 days after increasing interest rates in an effort to curb inflation; Barclays estimates that this move will lock up roughly 360B yuan ($55B). Treasuries are lower after an ECB official said that the US may need to start raising interest rates; the Treasury is scheduled to auction $99B next week.Mortgage Rates Improve
02/18/2011
After rising for several weeks, mortgage rates improved a little this week. The news on inflation was not as negative as investors may have feared, and the economic growth data was mixed.CPI Increases More than Projected
02/17/2011
CPI increased more than projected due to higher food and fuel costs; Initial and continuing jobless claims both jumped more than expected. Stock futures are mildly down after the data releases while Treasuries and mortgages are higher.Mortgage Market News
02/16/2011
MBA mortgage applications dropped 9.5%; purchases were 5.9% lower, the Refi index was off 11.4%. Housing starts surprised to the upside; PPI was more elevated than expected (CPI is scheduled for tomorrow).Import Prices Higher Than Expected
02/15/2011
Import prices, both month-over-month and year-over-year, printed much higher than expectations; Empire manufacturing was better than consensus; Retail sales were softer.Today’s Market News
02/14/2011
China reported better-than-expected exports, which has pushed emerging markets stocks and commodities higher; Treasuries and mortgages are lower. PPI and CPI are due out later this week.Today’s Market News
02/11/2011
Bonds, the U.S. Dollar and Oil are rallying while U.S. Stock Futures are trading lower this morning following Egyptian President Mubarak’s refusal to resign immediately. The U.S. trade deficit widened for the second month in a row, printing at 40.6B, as oil imports are trading at their highest level in two years.Mortgage Rates Move Higher
02/11/2011
Inflation concerns and a higher than expected January budget deficit caused mortgage rates to move a little higher during the week. Solid demand for this week’s longer-term Treasury auctions helped prevent a larger increase in mortgage rates.Jobless Claims Lowest Since July 2008
02/10/2011
Bonds are trading lower this morning following the Initial Jobless Claims release which printed at 383K, the lowest level since July ’08. European stocks dropped for the third day in a row while the dollar is rallying on concerns of rising global inflation.Today’s Market Color
02/09/2011
Bonds are trading higher this morning on a light day for economic data. Emerging market stocks fell for the fifth day in a row on concerns that inflation is increasing around the globe. The Treasury is scheduled to auction $24B of 10yr notes today at 1pm EST.China Raises Benchmark Lending Rate
02/08/2011
China raised the benchmark one-year lending rate from 5.81% to 6.06%, the third increase since mid-October, due to the highest inflation in the last 30 months. Stock futures are hovering around unchanged; commodities are lower; Treasuries and mortgages are down.Strong European Earnings Raise Stocks
02/07/2011
Stocks are higher in early trading due to strong earnings in Europe and reduced tension in Egypt; Treasuries and mortgages are lower. The Treasury is scheduled to aution $32B of 3yr notes tomorrow, $24B of 10yr notes on Wednesday, and $16B of 30yr bonds on Thursday.Today’s Market Color
02/04/2011
Nonfarm Payrolls printed at a worse-than-expected +36K; the unemployment rate dropped from 9.4% to 9.0%; seasonally adjusted U6 dropped to 16.1%, non seasonally adjusted U6 increased to 17.3%. Stock futures are higher, Treasuries and mortgages are off.Mortgage Rates Higher on Inflation Concerns
02/04/2011
Inflation concerns hit bond markets this week. Despite soothing comments from Fed Chief Bernanke, stronger than expected economic growth and higher commodity prices raised investor fears that future inflation may increase.Jobless Claims Better than Expected
02/03/2011
Initial and continuing jobless claims printed better than expectations; there were upward revisions to the previous week. Oil and copper are higher as the protests in Egypt have turned more violent.Tension in Egypt Pushes Stocks Down
02/02/2011
Despite the strong print on ADP (consensus for Nonfarm Payrolls on Friday is +143K), the escalating tension in Egypt is pushing stocks down; Treasuries and mortgages are higher.Chinese Manufacturing Grows
02/01/2011
Chinese manufacturing grew and Egypt’s military said that they won’t fire on anti-government demonstrators. Stock futures are higher; Treasuries and mortgages are sharply lower. ADP (consensus +140K) and Nonfarm payrolls (+143K) will be released later this week, tomorrow and Friday, respectively.Personal Income and Spending Increase
01/31/2011
Both Personal Income and Spending increased in December. The markets will be focusing on the protests in Egypt today to see if the violence spreads to neighboring countries.Today’s Mortgage News
01/28/2011
4Q GDP printed an annualized 3.2%, slightly worse than expectations, but still an acceleration from the 2.6% in the 3rd quarter; personal consumption also increased the most in 4 years. Stock futures are hovering around unchanged, Treasuries and mortgages are down sharply.Quiet Week for Mortgage Rates
01/28/2011
A week packed with potentially big market moving economic events turned out to be relatively quiet for mortgage rates. There were no major surprises from the Fed meeting, and the economic data was mixed compared to expectations.Today’s Market Color
01/27/2011
Initial and continuing claims printed worse than expectations; Durable goods were also weaker than consensus. The Treasury is scheduled to auction $29B 7yr notes today.President Calls for Lowering Corp Tax Rate
01/26/2011
In his State of the Union speech last night, President Obama called for lowering the corporate tax rate for the first time in 25 years and reducing non-military spending by 400 Billion. MBA Mortgage applications came in .at -12.9% for the week ending January 21st.Today’s Market Color
01/25/2011
Great Britain’s economy unexpectedly contracted in the fourth quarter, causing European stocks and U.S. index futures to fall. On tap later today are Case/Shiller and Consumer Confidence data releases.Earnings Point to Economic Recovery
01/24/2011
The US Dollar is rallying as recent earnings reports point to signs of an economic recovery. On tap later today are Case/Shiller and Consumer Confidence data releases.Mortgage Rates Climb
01/21/2011
Stronger than expected economic data with a hint of higher inflation was negative for mortgage markets this week. Concerns about the level of demand for US securities from China added to the pressure. As a result, mortgage rates ended the week higher.B of A Posts Fourth Quarter Loss
01/21/2011
Bank of America posted a $1.24B 4Q loss after boosting provisions tied to faulty loans and litigation; they also wrote down the value of their mortgage unit. US stock futures are higher on GE’s earnings.Today’s Mortgage Market News
01/20/2011
Both initial and continuing claims printed better than expectations. After Goldman Sachs disappointed the market with yesterday’s earnings, Morgan Stanley missed consensus due to lower trading revenue. US stock futures, Treasuries and mortgages are all lower in early trading.Goldman Sachs Earnings Drop
01/19/2011
Goldman Sachs earnings plunged 52%, on decreased revenue from trading and investment banking, which was in line with analyst’s estimates. Housing Starts decreased 4.3% to a one-year low of 529k/year, the second lowest reading on record.Today’s Market Color
01/18/2011
Citigroup posted profits of $1.31B in the fourth quarter, slightly worse than expectations; shares are down in early trading; JP Morgan announced earnings last week and Bank of America is set to announce on Friday.Today’s Mortgage News
01/14/2011
Today was the big day for economic data this week, and MBS markets moved higher after the mixed results came out. December CPI rose 0.5% from November, above the consensus forecast of 0.4%, and the largest monthly increase since June 2009. CPI was still just 1.5% higher than one year ago, though.Low Inflation and Strong Demand
01/14/2011
Favorable conditions helped mortgage rates move a little lower this week. The inflation data released during the week showed that inflation continued to remain at very low levels. In addition, demand for longer-term Treasury securities was strong.Rates Dip
01/13/2011
Rates are slightly lower this morning following an unexpected jump in jobless claims. Headline PPI printed higher than forecast and rose the most in 11 months.Import Prices Jump 1.1% Last Month
01/12/2011
Import Prices jumped 1.1% last month due to higher fuel and food costs; there was an upward revision to the previous month. MBA mortgage applications were up 2.2%; the Refi index was 4.9% higher and purchases were off 3.7%.Japan to Purchase Bonds
01/11/2011
Japan plans to buy "more than 20 percent" of the bonds issued by Europe’s financial-aid funds amid concern that Portugal and Spain will ultimately need to be bailed out; the Euro is up against the yen; stocks are higher.Today’s Market Color
01/10/2011
European governments will auction off $43B in bonds this week which has rekindled fears about the ability for individual nations to pay the money back; credit-default swaps on Portugal have climbed to a new high, 547bps.Today’s Market Color
01/07/2011
Due to the forecast of 300K jobs from ADP on Wednesday, expectations for today’s Employment report varied widely. Against a consensus forecast of 150K, the economy added 103K jobs in December. Revisions to prior months added an additional 70K jobs, bringing the total close to expectations.Mortgage Rates Little Changed
01/07/2011
The volatility in mortgage rates continued during the first week of the year. Prior to Friday’s Employment report, nearly all the economic data was stronger than expected, which was negative for mortgage rates. Rates improved after the Employment data, though, and ended the week nearly unchanged.Today’s Mortgage Marketplace
01/06/2011
Initial jobless claims climbed 18k week-over-week, the 4-week average dropped, however, to 410,750, the lowest level since July 2008; continuing claims printed higher than expectations; consensus for tomorrow’s Nonfarm Payrolls number is +150K.Payrolls Increase More Than Expected
01/05/2011
Bonds are trading lower following this morning’s ADP release. The report showed that payrolls increased by 297K, much higher than the 100K expected by most analysts.UK Manufacturing Expanding
01/04/2011
UK manufacturing expanded at the fastest pace in 16 years, signaling the economy may be improving; European equities and US stock futures are higher.Today’s Mortgage Marketplace
01/03/2011
This morning, a rally in the stock market has hurt MBS markets, which have lost most of their gains from Friday’s session.Inital Jobless Claims Lowest In 2 Years
12/30/2010
Jobless claims data was mixed with Initial Claims printing better than expectations (lowest level since July 12, 2008), while Continuing Claims disappointed.Today’s Market News
12/29/2010
MBS prices are up +8/32 (FNMA 30-yr 4.5 at 101.16), which is about 12/32 lower than yesterday at this time. Unfavorable re-pricing took place yesterday.Retail Sales Up 5.5%
12/28/2010
According to MasterCard Advisors’ SpendingPulse, retail sales for the 11/5-12/24 time period were up 5.5% year-over-year to $584B. The dollar is down pre-S&P/Case Shiller on the expectation that housing prices may have declined.Today’s Market Color
12/27/2010
The People’s Bank of China raised the one-year lending rate by 25bps to slow down inflation; global equities are down and US Treasuries are lower.Jobless Claims Drop
12/23/2010
Bonds are trading lower this morning in a shortened trading session with the market scheduled to close at 2PM EST. Initial Jobless Claims fell by 3K to 420K for the week ending December 18th, which was in line with analyst’s expectations.Mortgage Rates Steady
12/23/2010
There were few surprises from the economic news released this week. The economic data generally was very close to the consensus forecasts, and activity levels were low during the holiday season.Economy Expands Less Than Exptected
12/22/2010
Bonds are trading slightly lower following this morning’s economic data releases. The U.S. economy expanded at a rate of 2.6% annualized in the third quarter, less than the 2.8% anticipated by most analysts.Today’s Mortgage News
12/21/2010
Bonds are trading higher again today ahead of a slew of economic data scheduled for release on Wednesday and Thursday. There are concerns that Portugal’s credit rating may be downgraded one or two levels by Moody’s in the latest chapter of the European debt crisis.Bonds Rallying Third Day In A Row
12/20/2010
Bonds are rallying for the third day in a row on another light day for economic data. There are concerns that France’s AAA credit rating may be at risk following Moody’s Investor Service lowering of Ireland’s credit rating to Baa1 last Friday.Congress Extends Tax Cuts
12/17/2010
Bonds are rallying again today on a light day for economic data. Moody’s Investor Service lowered Ireland’s credit rating 5 levels to Baa1 and suggested that further downgrades are possible in the future.Congress Passes Tax Deal
12/17/2010
It was another tough week for mortgage rates. Tuesday’s Fed meeting contained no surprises, so investors focused on stronger than expected economic growth data and progress on the tax deal, which was passed late in the week.November Housing Starts Rise
12/16/2010
It already has been an extremely volatile morning. November Housing Starts rose 4% from October to an annual rate of 555K units, slightly above the consensus forecast of 550K.30 Year Fixed Rate Rises
12/15/2010
MBA mortgage applications were down 2.3%; the Refi index was off 0.7% and purchases were 5.0% lower; the 30yr fixed rate went from 4.66% in the previous week to 4.84%.Producer Price Index Rises
12/14/2010
Stronger than expected economic data has hurt MBS markets this morning. November PPI inflation rose 0.8% from October, above the consensus forecast of 0.5%, and was 3.5% higher than one year ago.China Refrains From Raising Rates
12/13/2010
China refrained from raising interest rates, sending stocks and commodities higher; Treasuries and mortgages are down.Exports Hit Two-year High
12/10/2010
The US Trade deficit dropped by 13% due to exports hitting a two-year high; China reported record imports and will require banks to increase reserves for the third time this year.Tax Deal Pushes Mortgage Rates Higher
12/10/2010
At the start of the week it looked like mortgage rates might reverse some of their recent increases.Today’s Market Color
12/09/2010
Initial jobless claims printed slightly better than expectations; Continuing claims improved by almost 200K. Positive economic news out of Australia and Japan has global equities pointing higher; US stock futures and bonds are up.Today’s Mortgage News
12/08/2010
MBA mortgage applications were down 0.9% last week (off 16.5% the previous week); the Refi index is down 1.4%, while purchases increased 1.8%. With the extension of tax cuts, the dollar is strengthening on the prospect of better growth; stocks, bonds and commodities are lower.President Obama Extends Tax Cuts
12/07/2010
President Obama agreed to extend the Bush tax cuts for two years which, an economist at Barclay’s stated, "puts less of an onus on monetary policy to actually stimulate the economy"; stock futures are up sharply, Treasuries and mortgages are down.Economy Barely Expanding
12/06/2010
On "60 Minutes" last night, Fed Chairman Bernanke said the economy is barely expanding, and at the current pace, it will be several years before employment is back on track.Today’s Market Color
12/03/2010
Market has covered a significant amount of territory this morning, opening with rates higher but swinging to a sharp rally following November’s disappointing employment data.Employment Report Falls Short
12/03/2010
It was another extremely volatile week for mortgage rates. Stronger than expected global and domestic economic data pushed mortgage rates higher early in the week, particularly on Wednesday.Today’s Mortgage News
12/02/2010
Investors anticipate that ECB President Trichet will delay the withdrawal of unlimited cash to banks and increase bond purchases. Stock futures are up; mortgages and Treasuries were down sharply before Initial and Continuing Jobless Claims printed worse than expectations.Today’s Market Color
12/01/2010
This morning, the President of the European Central Bank (ECB) suggested that the ECB would purchase additional troubled assets to support weaker nations. This would reduce the risk of defaults on government debt, and the safety trade reversed on the news, pushing bond markets lower and stock markets higher.European Stocks Down On Debt Concerns
11/30/2010
European stocks are down on more debt concerns; Spain has 85B euros ($111B) of debt to roll in 2011, and with yields surging, Europe’s 3rd largest budget deficit may have a difficult time doing so.Ireland Bailout Finalized
11/29/2010
The bailout of Ireland was finalized over the weekend with an aid package of 85B euros ($113B); the term on Greece’s aid package was reset 4.5 years longer to match the 7yr term that Ireland received; there is growing speculation that Spain and Portugal will also need to be bailed out.MBA Applications Inch Up
11/24/2010
MBA mortgage applications were up 2.1% week-over-week; purchases were 14.4% higher while the Refi index was off 1%. Durable goods orders came in much weaker than consensus; Initial and Continuing Jobless claims data was stronger.Today’s Market Color
11/23/2010
With the tension between North and South Korea, there has been a flight to quality to US debt. 3rd quarter GDP printed at +2.5%, slightly better than expectations. There is a $35B 5yr note auction today and a $29B 7yr note auction tomorrow.Ireland Requests Rescue Package
11/22/2010
After much speculation, Ireland became the second European nation to request a rescue package; Moody’s stated that there would most likely be a "multi-notch" downgrade of Ireland’s debt; there is still fear of contagion and speculation that Portugal and Spain would at some point need to tap the rescue fund.Bernanke Defends QE2
11/19/2010
Fed Chairman Bernanke spoke to the European Central Bankers this morning defending QE2; the Fed is scheduled to purchase between $1.5B and $2.5B in Treasuries with maturities ranging from August, 2028 to November, 2040.What ’s Going On With Mortgage Rates?
11/19/2010
After reaching the lowest levels in decades, mortgage rates have shot higher over the past two weeks. There is not a simple explanation for why this happened, but looking at the many factors which are influencing mortgage rates right now will help to understand what’s going on.Today’s Market Color
11/18/2010
Stronger than expected Philly Fed manufacturing data hurt MBS markets. News that an aid package for Ireland worth "10s of billions" of euros has rates higher and equities rallying.MBS Markets Rise
11/17/2010
It has been a volatile morning. Weaker than expected economic data lifted MBS markets. October CPI rose 0.2% from September, below the consensus forecast of 0.4%, and increased at a 1.2% annual rate. Core CPI was unchanged, compared to a consensus of 0.1%, and was 0.6% higher than one year ago, a record low reading.Home Depot Beats Earning Estimates
11/16/2010
Month-over-month PPI printed softer than expectations; despite the strong rally in commodities in the last year, year-over-year PPI is only at 4.3%. Walmart and Home Depot both beat earnings estimates.Today’s Market Color
11/15/2010
Retail sales printed better than expectations with upward revisions to the previous month. Equities are stronger and TBA’s are roughly 40 ticks lower than they were at Wednesday’s close. Ireland may need to tap the European Financial Stability Facility for capital for its banking sector.Today’s Market Color
11/12/2010
The G-20 is not heavily supporting the US in efforts to get China to unpeg the yuan to the dollar. There will be meetings today to discuss Ireland’s current debt crisis; Irish bonds are rallying on speculation that there will be a bailout.Mortgage Rates End Higher
11/12/2010
The volatility in mortgage rates continued. During the week, Freddie Mac reported that average 30-year fixed rates dropped to the lowest level in decades, but mortgage rates moved higher later in the week.MBA Applications Up 5.8%
11/10/2010
MBA mortgage applications were up 5.8% week-over-week; the Refi index jumped 6%, purchases were 5.5% higher. Initial jobless claims printed better than expectations; both initial and continuing claims were revised upwards for the previous week.European Equites Reach 2-year High
11/09/2010
Adecco SA and Barclay’s beat earnings estimates, pushing European equities to the highest levels in two years. Commodities and the yen are up, the dollar is weaker. The Treasury will auction $24B in 10yr notes today and $16B in 30yr bonds tomorrow.Irish Bonds Continue to Fall
11/08/2010
Irish bonds fell for the 10th consecutive day in early trading due to concern that Ireland will struggle to repay their debts. This has also dragged the euro lower against most other currencies.Stronger Than Expected Employment Data
11/05/2010
Stronger than expected Employment data pushed MBS markets lower this morning. Against a consensus forecast for a gain of 60K jobs, the economy added 151K jobs in October.Fed Announces Stimulus
11/05/2010
As expected, a week packed with major economic events produced a great deal of daily volatility in mortgage rates. The Fed’s announcement was positive for mortgage rates, the Employment report was negative, and the election results were neutral.Today’s Market Color
11/04/2010
QE2, initial claims and productivity gains are contributing to a widespread rally this morning in which most asset classes are catching a bid.Private Sector Gains Jobs
11/03/2010
Bonds are trading higher again today despite the ADP Employment Change printing better than expected. According to ADP, the private sector gained 43,000 jobs vs. the 20,000 expected by most analysts. Today is day 2 of the FOMC meeting and as mentioned yesterday, most economists believe that they will announce a plan to buy at least $500B of long-term securities.Election Will Influence MBS Markets
11/02/2010
The big story today is the election. As the results become clearer during the session and into the evening, they will influence MBS markets. Republicans are expected to gain ground. The Dow is up 100 points. The FOMC meeting announcement will be released tomorrow around 2:15 et. Australia and India raised interest rates to cool inflation.Today’s Market Color
11/01/2010
Both personal income and spending printed weaker than expectations. With Fed Chairman Bernanke heavily promoting QE2, other central banks are considering their own stimulus packages to prevent their currencies from rallying too much against the dollar, hurting their exports and subsequent economic recovery.3Q Consumer Spending Increases
10/29/2010
3Q GDP grew at a 2% annual rate as consumer spending increased the most in four years. According to ForeclosureRadar, home sales have decreased the most in states that have been hardest hit by the real estate downturn, as Arizona, Nevada and California’s trustee sales are down 42%.Big Week Ahead
10/29/2010
Ahead of next week’s FOMC meeting and election results, mortgage rates have been very volatile. Rising rates early in the week were partially offset by improving rates later in the week. In the end, mortgage rates finished the week just a little higher.Unexpected Drop In Jobless Claims
10/28/2010
Bonds are trading higher this morning despite an unexpected drop in Initial Jobless Claims. For the week ending October 23rd, Initial Claims decreased by 21,000 to 434,000 while Continuing Claims also printed lower than analyst’s expectations.Purchase and Refi Applications Up
10/27/2010
MBA mortgage applications were 3.2% higher week-over-week; both purchases and refis were up, 3.9% and 3.0%, respectively. Durable goods orders were mixed. Deutsche Bank beat 3Q earnings estimates due to their corporate banking and securities unit net income growing 12%.Ford Posts Record Net Income
10/26/2010
Ford posted record net income of $1.69B in the third quarter. On US dollar strength, stocks, bonds, and commodities are all lower. The following auctions are scheduled for this week: $35B 2yr notes today, $35B 5yr notes tomorrow, and $29B 7yr notes on Thursday.Today’s Market Color
10/25/2010
The Chicago Fed index number printed slightly worse than expectations; existing home sales data is due out later this morning. Fed Chairman Bernanke is currently speaking on how regulators are "intensively" examining home-foreclosure practices and expect to release preliminary findings next month.Positive Earning Raise Stock Futures
10/22/2010
More positive earnings has US stock futures trading higher while bonds are lower. SanDisk, the largest maker of flash memory cards, had 3Q earnings jump from $0.75/share to $1.30/share, and Schlumberger’s, an oil driller, net income doubled to $1.7B.Mortgage Rates Improve Modestly
10/22/2010
Uncertainty about an expected new Fed stimulus program created a lot of movement in mortgage rates during the week. Fed officials offered few details about the program, though.Ebay and Nokia Post Strong Earnings
10/21/2010
Initial jobless claims printed slightly better than expectations, while continuing claims were worse; the previous week’s initial claims was revised upwards for the 25th time in the last 26 weeks. Strong earnings from EBay, Caterpillar and Nokia have pushed stock futures higher and bonds mildly lower.Mortgage Applications Drop
10/20/2010
Despite the low rates, MBA mortgage applications posted a 10.5% week-over-week drop; the Refi index was down 11%, purchases were 6.7% lower. After Goldman announced a 40% drop in 3Q net income yesterday, Morgan Stanley announced that profits before preferred dividends dropped 83%.New Housing Data
10/19/2010
There were mixed results on housing data released this morning: Housing starts printed much better than expectations, building permits were softer. Goldman announced a 40% drop in 3Q net income to $1.9B.Today’s Market Color
10/18/2010
Bonds are trading higher and stock futures are lower ahead of this morning’s economic releases.Today’s Market Color
10/15/2010
A speech by Fed Chief Bernanke and a big release of economic data has produced a volatile morning so far. September CPI rose 0.1% from August, less than expected, and increased at a 1.1% annual rate. Core PPI, which excludes food and energy, was unchanged from the prior month, also less than expected.PPI Rises Moderately
10/14/2010
Today’s economic data came in close to expectations and had little impact. September PPI rose 0.4% from August and increased at a 4.0% annual rate. Core PPI, which excludes food and energy, rose 0.1% from the prior month and increased 1.6% from one year ago.Today’s Market Color
10/13/2010
MBS prices are down -3/32 (FNMA 30-yr 4.0 at 103.02), which is about 9/32 lower than yesterday at this time. Unfavorable repricing took place yesterday. The 30-yr fixed FNMA required net yield (60 day) is now at 3.72%, from 3.64% yesterday.China Boosts Reserve Requirements
10/12/2010
In an effort to cool their economy, China boosted reserve requirements for six lenders. Coupled with fears that US earnings will disappoint this week, stock futures are lower while mortgages and Treasuries are up.Today’s Market Color
10/08/2010
Nonfarm payrolls printed at -95k vs. a consensus of -5k; the unemployment rate remained at 9.6%; underemployment, U6, jumped from 16.7% to 17.1%. Bonds are higher, stocks are mixed.Jobless Claims Drop Again
10/07/2010
This morning, weekly Jobless Claims dropped to 445K, below the consensus forecast of 455K, and the lowest level since July 10. The four-week average, a less volatile measure, fell to 456K.Mortgage Applications Inch Up
10/06/2010
ADP printed at a worse than expected -39K; consensus for Friday Nonfarm Payrolls is 0K. MBA mortgage applications increased 0.2%- the purchase index increased by 9.3%, while the much larger refi index dropped 2.5%. Stocks are mixed, bonds are up.Bank of Japan Cuts Benchmark Rate
10/05/2010
The Bank of Japan cut the benchmark interest rate to between 0 and 0.1% and set up a 5T yen ($60B) fund to buy government bonds and other assets. Fed Chairman Bernanke also said that more asset purchases by the Fed would "ease financial conditions". ADP is scheduled for release tomorrow (consensus is +20K) and Nonfarm payrolls is set for release on Friday, no change expected.Today ’s Market Color
10/04/2010
More recovery fears have global equities lower in early trading; the 2yr note briefly hit a record low yield of .3987%. ADP is scheduled for release on Wednesday (consensus is +20K) and Nonfarm payrolls is set for release on Friday, no change expected.Personal Income and Spending Increase
10/01/2010
Personal income and spending both printed higher than consensus. Chinese manufacturing grew at the fastest pace in 4 months; global equities are slightly positive, bonds are lower.AIG and Goverment Come to Agreement
09/30/2010
Jobless claims data was mixed with the current week’s numbers printing better than expectations while the previous week’s figures were revised upwards. AIG and the US government have come to an agreement that the $49.1B of preferred stock will be converted to 1.66B shares of common stock and sold in the open market.Today’s Market Color
09/29/2010
MBA mortgage applications fell 0.8% week-over-week; the refi index was down 1.6%, while purchases increased 2.4%. There is a $29B 7yr note auction scheduled for this afternoon.Home Prices Increase
09/28/2010
The July Case-Shiller 20-city home price index increased 0.6% from June, and was 3.2% higher than one year ago. The Wall Street Journal reported that Fed officials are considering a different approach if they decide to purchase more bonds to stimulate the economy.Today’s Market Color
09/27/2010
The US Treasury Department is rumored to be considering converting their $49B in AIG preferred shares into common stock so that funds can be returned to taxpayers during 2011. US stock futures and bonds are slightly higher in early trading; gold remains above $1,300/ounce.Home Sales Better Than Consensus
09/24/2010
Capital goods orders printed much better than expectations with upward revisions made to the previous month. After existing home sales posted a better than consensus increase yesterday.Jobless Claims Continue to Struggle
09/23/2010
Initial and continuing jobless claims printed worse than expectations. Yield on government bonds from Ireland and Portugal widened relative to Germany’s on concern that they won’t be able to repay their debt; European stocks and US stock futures are down.Today’s Market Color
09/22/2010
MBA mortgage applications were down 1.4% week-over-week; the Purchase index was off 3.3%, the Refi index was 0.9% lower. On speculation that the Fed will put more cash into the economy and expand their $2.3T balance sheet, the dollar is lower for the 3rd consecutive day and gold has hit another record high.Housing Starts Jump 11%
09/21/2010
This morning, August Housing Starts rose 11% to an annual rate of 598K units, above the consensus forecast of 550K, and the highest level since April. Building Permits, a leading indicator, rose 2%, also beating expectations.GMAC to Suspend Foreclosures
09/20/2010
European stocks and US equity futures are up after Moody’s reaffirmed their AAA rating for England. GMAC announced that they will be suspending foreclosures in 23 states, including Florida, New York and Connecticut, as they "take corrective action in connection with some foreclosures".Core CPI Increases
09/17/2010
It has been a quiet morning. August CPI inflation increased 0.3% from July, matching the consensus forecast, and it was 1.1% higher than one year ago. Core CPI, which excludes food and energy, rose at a lower than expected 0.9% annual rate.Gold Continues to Rise
09/16/2010
Jobless claims data was mixed-initial jobless claims printed slightly better than expectations (lowest level in 2 months), while continuing claims were higher than consensus. On the continued global economic uncertainty, gold has set a new record high; $1,277.90/ounce.Import Prices Jump
09/15/2010
Mortgage applications dropped 8.9% last week; the Refi Index was off 11%‚ purchases were 0.4% lower. Import prices jumped due to oil and food costs. Japan intervened in the FX market for the first time in 6 years as the strengthening yen is dampening the economic recovery.Index Up for Second Straight Month
09/14/2010
Bonds are trading higher this morning despite retail sales printing better than expected. The index was up for a second month in a row with purchases increasing 0.4% vs. 0.3% expected by most analysts.Today’s Market Color
09/13/2010
MBS prices are up +4/32 (FNMA 30-yr 4.0 at 102.07)‚ which is about 6/32 higher than Friday at this time. The 30-yr fixed FNMA required net yield (60 day) is now at 4.04%‚ the highest level since August 5‚ from 3.96% Friday.MBS Prices are Down
09/10/2010
MBS prices are down -7/32 (FNMA 30-yr 4.0 at 102.11)‚ which is about 15/32 lower than yesterday at this time.Jobless Claims Stronger Than Expected
09/09/2010
Weekly Jobless Claims came in stronger than expected‚ which hurt MBS markets and helped stocks. Jobless Claims fell to 451K‚ below the consensus forecast of 470K. The July Trade Balance was -$42.8 billion‚ below the consensus of -$47.0 billion.Temp Reprieve Over Fears of European Debt
09/08/2010
MBA mortgage applications printed down for the first time in 6 weeks‚ -1.9%; refinancing declined 3.1% and purchase applications were up 6.3%. A strong bond auction in Portugal provided some temporary reprieve over European debt fears; equities are higher. The Treasury will auction $21B in 10yr notes today and $13B of 30yr bonds tomorrow.Treasuries and Mortgages Rise
09/07/2010
European stocks and US equity futures are lower on concern that Europe’s debt crisis will worsen; yield spreads between German debt and that of Ireland and Greece widened; Treasuries and mortgages are higher. The Treasury will auction $33B in 3yr notes today‚ $21B in 10yr notes tomorrow, and $13B of 30yr bonds on Thursday.Private Payrolls Increase
09/03/2010
Nonfarm payrolls printed at a better-than-expected -54K, vs. -105K consensus; private payrolls increased by 67K; the unemployment rate ticked up to 9.6%; U6 rose from 16.5% to 16.7%. Stock futures are higher post-release while Treasuries and mortgages are sharply lower.Jobless Claims Print as Expected
09/02/2010
Initial and continuing jobless claims printed in-line with expectations; consensus for tomorrow’s Nonfarm payrolls is -100K. The EU plans to limit naked short sales of stock and government debt which can cause a “disorderly market and possible systemic risks”.Today’s Market Color
09/01/2010
ADP printed worse-than-expectations‚ -10K vs. +15K; consensus for Friday’s Nonfarm payrolls is -100K. Manufacturing data in China surprised to the upside; equities are up‚ mortgages and Treasuries are lower.Today’s Market Color
08/31/2010
Treasuries are adding onto yesterday’s rally on concern that Consumer Confidence, scheduled to be announced later this morning, will show that the recovery is faltering; stocks are lower globally. The FOMC minutes are set for release at 2PM.Yen Continues to Appreciate
08/30/2010
Personal income and spending printed close to expectations, up 0.2% and 0.4%, respectively. Despite measures by the Bank of Japan to weaken the currency, the yen continues to appreciate against most other major currencies on the view that the credit-easing measures enacted will not be enough.Bernanke Scheduled to Speak
08/27/2010
2Q GDP was revised down from 2.4% to 1.6%; personal consumption printed better than expected. Fed Chairman Bernanke is scheduled to speak at 10AM and the market is hoping for some sort of announcement regarding quantitative easing to help bolster the economy.Equites Futures Get Boost
08/26/2010
Initial claims printed lower than expected this morning bringing rates off their morning lows and providing a boost to equities futures. Right now, the futures market is pricing in a 95% chance that the Fed keeps rates between 0% and 0.25% through December 14th, 2010.Stocks Remain Low
08/24/2010
Stocks are lower for the fourth consecutive day in early trading on more fears that the global economy is slowing. The yen is at a 15-year high against the dollar. Existing Home Sales are expected to show a large drop when reported later in the morning. The Treasury is scheduled to auction $37B in 2yr notes today, $36B in 5yr notes tomorrow, and $29B in 7yr notes on Thursday.Company Takeover Rumors
08/24/2010
Takeover rumors (HP offer to buy 3Par, HSBC looking to purchase a stake in Nedbank) have equities slightly higher in early trading; bonds are mildly lower. There will be a total of $102B sold in 2yr, 5yr and 7yr notes this week.Treasury Announcement
08/20/2010
The Treasury announced that they would be reducing the amount being auctioned next week in 2yr, 5yr, and 7yr notes. There will be a total of $102B sold, the lowest of that combination since May 2009. ECB member Weber said that they may withdraw emergency lending measures to banks in the first quarter of 2011.New Home Sales Report Later Today
07/26/2010
New home sales are due out later this morning and are projected to print near record lows. Several economists have revised their 3-5 year global growth forecasts downward from around 4.75%-5% to the 3%-3.25% range, dragging equities futures lower in early trading, while bonds are mixed.Ford Posts Strong 2Q
07/23/2010
Ford posted a $2.6B 2Q profit, $0.68/share, beating the $0.41/share consensus; England's GDP grew at a faster clip than expected, 1.1% vs. 0.6%; German business confidence hit a 3-year high. Stocks are up this morning, bonds are lower.Today's Market Color
07/22/2010
Initial jobless claims printed higher than expectations; continuing claims were lower. Yesterday, Fed Chairman Bernanke said that even though the economy is "unusually uncertain" that the Fed will only take additional steps to reinvigorate the economy "if the recovery seems to be faltering". Stocks fell during his testimony, but are back up this morning on a few strong earnings reports.Refi Index Up 8.6%
07/21/2010
MBA Mortgage Applications jumped by 7.6% last week; the refi index was up 8.6%, while the purchase index was 3.4% higher. After JP Morgan and Goldman reported lower trading revenue than expected earlier in the week, Morgan Stanley announced stronger than consensus numbers. Wells Fargo also beat street estimates due to smaller loan losses.Bonds High in Early Trading
07/20/2010
Housing starts printed at a worse-than-expected -5.0%, with a downward revision to the previous month. Goldman and IBM posted earnings that were below consensus. Stock futures are lower, bonds are higher in early trading.First TIme On Record
07/19/2010
Earnings reports and rumors of four $1B+ takeovers have equities rallying in early trading. For the first time on record, central banks, mutual funds and US banks are buying more Treasuries at auction than Wall Street bond dealers, 57% this year compared to 45% one year ago.Goldman To Pay $550MM
07/16/2010
CPI printed in-line with expectations; Ex-food and energy was slightly higher than consensus. Goldman agreed with the SEC to pay a $550MM fine, saying the marketing material for the CDO at the center of the investigation contained "incomplete information"; the Senate approved the financial-overhaul bill which President Obama is likely to sign into law in the next week.Jobless Claims Mixed
07/15/2010
Lower-than-expected food and energy costs led to a PPI print below consensus; jobless data was mixed with initial claims stronger than expected while continuing claims remain elevated. JP Morgan announced stronger earnings than expectations; net income was $4.8B in the second quarter versus $2.72B one year ago.Purchase Index Down
07/14/2010
Despite the low-rate environment, MBA mortgage applications dropped 2.9%; the purchase index was down 3.1%, printing at its lowest level in 13 years. The Treasury is scheduled to auction $13B of 30yr bonds today.US Trade Deficit Widest in 17 Months
07/13/2010
The US trade deficit gapped to the widest level in 17 months due to higher than expected imports. The Treasury is scheduled to auction $21B in 10yr notes today and $13B of 30yr bonds tomorrow.Today's Market Color
07/12/2010
China's copper and iron ore exports dropped last month, signaling the global economy may be stagnating; Treasuries are higher, stocks and metals are lower. Later this week, CPI, PPI, and Retail Sales are scheduled for release.Cost of Insuring Bank Debt Falls
07/09/2010
European equities are up, again, this morning on optimism that the global recovery will continue; commodities are up; the cost of insuring bank debt fell to the lowest levels in eight weeks; US debt is also higher.IMF Raises Global Growth Estimate
07/08/2010
Initial and continuing jobless claims printed better than expected. The IMF raised their global growth estimate from 4.2% to 4.6%, yet warned that the financial market turmoil has added risks to the recovery. US Stock futures are up, bonds are lower.Refi Index Up 9.2%
07/07/2010
MBA Mortgage applications jumped by 6.7% last week; with the depressed rates, the Refi index was up 9.2%; Purchases were down 2%, printing at their second-lowest level since 1997. Stock futures are down on concern that earnings will disappoint for the past quarter; the 2yr note is near record lows in yield.European Equities Are Higher
07/06/2010
European equities are higher this morning with shares trading at their cheapest levels relative to earnings since 2009. REIT debt yield gapped in June relative to other bonds, showing that the potential economic slowdown has increased fears of more defaults.Today's Market Color
07/01/2010
Initial and continuing claims printed higher than expectations; consensus for tomorrow's Nonfarm Payrolls is -125K. Stock futures are lower on the news, bonds are close to unchanged.Refinances Jump 13%
06/30/2010
MBA mortgage applications were up 8.8% last week; purchases were down 3.3%, while refinancing jumped 13% with the lower rates. ADP printed at +13K, less than the 60K boost that was expected; consensus for Nonfarm Payrolls on Friday is -115K.US Bond Market Rises Again
06/29/2010
The US bond market is higher, again, this morning amidst Equities fears abroad, as well as concern that economic growth in China may be slowing.Personal Spending Increases
06/28/2010
Even though personal income showed a slight downtick in the economic releases this morning, personal spending posted an increase, showing that the consumer may be getting more confident about where the economy is heading. The G-20 agreed to pursue higher capital requirements for banks once economies start to recover fully.Overhall to Financial Regulations Bill
06/25/2010
GDP grew by 2.7% in the first quarter, less than previously reported. Lawmakers from the House and the Senate worked through the night to reconcile their two versions of the financial regulations bill, which will be the most sweeping overhaul since the Great Depression.Fed Statement on Economy
06/24/2010
Initial and continuing jobless claims printed in-line with expectations. Yesterday, the Fed said that "the economic recovery is proceeding and that the labor market is improving gradually...Housing starts remain at a depressed level...Bank lending has continued to contract in recent months". The Fed left rates unchanged.Existing Home Sales Dip
06/23/2010
Yesterday, Existing Home Sales printed much worse than expectations, down 6.0% month-over-month versus a consensus 2.2% increase; New Home Sales is scheduled for release later this morning. The Fed will announce their decision this afternoon and are expected to leave interest rates unchanged but the market will likely be more focused on the language that the Fed uses as to when they may raise rates.England To Tax Bank Balance Sheets
06/22/2010
UK Chancellor Osborne announced that England will start to tax bank balance sheets next year to generate an extra 2B pounds in revenue to help close the budget deficit. The Fed begins their two day meeting today; they are expected to leave rates unchanged but the market will likely be more focused on the language that the Fed uses as to when they may raise rates.Gold Hits Record High
06/21/2010
The People's Bank of China announced that they will end a 2 year peg on the dollar; oil, copper and equities are rallying, gold hit a new record high. China also increased holdings of US Treasury notes by 2.6% in March and April to $900B after 4 consecutive monthly declines.Gold Hits New High
06/18/2010
Gold hit a new high in early morning trading; gold looks to be heading for the 10th straight annual increase, the longest run since 1920. Moody's cut BP's credit rating 3 levels to A2. Stocks and bonds are slightly lower this morning.Jobless Claims Post Higher Than Expected
06/17/2010
CPI printed in-line with expectations; initial and continuing jobless claims posted worse than expectations. Spain was able to sell 3B euros of 10yr debt at a yield of 4.864%, less than the projected 5.04%, causing European stocks and bonds to rally. The euro is higher against other currencies.Mortgage Applications Surge 17.7%
06/16/2010
MBA mortgage applications were up 17.7% last week. With the price surge in mortgages, the refi index was up 21%, reaching the highest level in a year. Housing starts and building permits printed much worse than expectations. Stock futures are down in early trading due to a lower-than-expected earnings forecast from FedEx; bonds are up.Empire Manufacturing Increases
06/15/2010
Import prices printed slightly higher than expectations, with upward revisions to the previous month; Empire Manufacturing posted a month-over-month increase. Moody's cut Greece's credit rating down 4 grades; the Greek/German 10yr yield spread widened to 605bps. The Compass Mandatory/Best Efforts Spread widened 9bps to 45bps.Today's Market Color
06/14/2010
The European Union reported that industrial production increased 0.8% in April, more than economic forecasts. Stocks and commodities are up, bonds are lower. PPI, CPI, and housing starts data is due out later this week.Retail Sales Unexpectedly Drop
06/11/2010
Retail sales unexpectedly dropped in May as consumers boosted savings amidst slowing employment and a declining stock market. Stocks are lower, bonds are higher in early trading. In credit markets, the yield spread between European corporate debt and US corporate debt is the widest on record, signaling that investors are not confident that European lawmakers can tame their financial crisis.Jobless Claims Continue to Drop
06/10/2010
Both initial and continuing jobless claims dropped week-over-week; the trade deficit printed at the widest level in a year. Stocks and commodities are higher, bonds are lower in early trading. The Treasury is scheduled to auction off $13B in 30yr bonds today.China Exports Higher Than Expected
06/09/2010
China's exports printed much better than expectations, sending stocks higher. Despite lower rates, mortgage applications were off 12.2% last week. The Treasury is scheduled to auction off $21B in 10yr notes today.Fed to Raise Interest Rates
06/08/2010
In an interview last night, Fed Chairman Bernanke said that the Fed will raise interest rates before there is "full employment", however, officials do not know when that will start. He did say that the unemployment rate will likely stay "high for a while". Bonds are weaker, stocks and commodities are up.German Exports Jump
06/07/2010
German exports unexpectedly jumped, partly due to the weakening euro, causing stock futures to recover some of Friday's losses. With the rally in mortgages on Friday, the Compass Conventional 30 Average Gross Profit Margin posted a 9bp increase.Unemployment Drops Slightly
06/04/2010
Nonfarm Payrolls printed at a worse-than-expected +431K; the unemployment rate dropped from 9.8% to 9.7%; U6, which includes workers who have left the work force and formerly full-time employees now working part-time jobs, fell from 17.1% to 16.6%. Overnight, it was reported that Hungary may default on its debt. Bonds are higher; stocks and commodities are lower.European Debt Crisis Fears Subsiding
06/03/2010
DP printed below expectations, +55K; consensus for Nonfarm Payrolls tomorrow is +515K. For the time being, fears over the European debt crisis have subsided and equities are continuing their strong rally from yesterday; bonds are down.Oil Stocks Drop
06/02/2010
Japanese Prime Minister Hatoyama said that he will step down 2 months before elections; the yen is down against the dollar and euro. Oil stocks are lower on concern that the BP oil spill will lead to stricter regulations on drilling in the Gulf of Mexico. ADP (consensus is +70K) is scheduled for release tomorrow; Nonfarm payrolls (projected at +515K) is set for release on Friday.BP Abandons Latest Attempt to Stop Oil Leak
06/01/2010
BP has abandoned its latest attempt to stop the Gulf of Mexico leak; the stock is down 17% in London trading and bonds are in line with those of companies rated as much as 5 levels below them; the spill has already cost around $1B. Commodities and stocks are lower; Treasuries and mortgages are up.Bonds Rebounding
05/28/2010
Bonds are rebounding slightly this morning following yesterday's sell off. Personal spending printed well below expectations.Jobless Claims Mixed
05/27/2010
Jobless claims were mixed, with initial printing slightly higher than expectations and continuing slightly lower. Both remain elevated. According to Citigroup, Greece's struggle to repair its budget crisis may signal to other countries that it is easier to default on bond obligations than to cut spending, creating "massive" risk to those bondholders.Durable Goods Orders Increase
05/26/2010
Durable goods orders increased more than expected due to rising exports and thin inventories; stocks and commodities are higher, bonds are down. Italy announced $30B in spending cuts, helping push European equities up.Stocks and Commodities Down
05/25/2010
Stocks and commodities are down after the IMF urged Spain to do more to overhaul its struggling banks; the euro is at a 9-year low against the yen and is down about 1.4% against the dollar; bonds are up. 3-month LIBOR is higher for the 11th day in a row.3-Month Libor Nearly Doubles
05/24/2010
There are more fears this morning surrounding the European debt crisis; the euro is off 1.5% against the dollar; stock futures and oil are down, bonds are up. 3-month LIBOR has almost doubled in the last 3 months.Senate Passes Regulation of Financial Industry
05/21/2010
The Senate passed the most sweeping, comprehensive regulation of the financial industry since the Great Depression; after reconciliation with the House bill, curbs will likely be put on proprietary trading and restraints will be imposed on derivative trading. The passage of this bill, coupled with more fears from the European debt crisis, has equities moving lower and bonds higher.European Debt Crisis Effects Stocks
05/20/2010
Initial and continuing claims printed higher than expectations. Stocks are pointing down for the sixth consecutive day as concerns still are centered around the European debt crisis; German parliament is scheduled to vote tomorrow on the country's share of the $1T bailout package.Today's Market Color
05/19/2010
To try and curb the downward pressure on stocks, Germany has banned naked short-selling in equities, government bonds and credit default swaps. Regardless, stock futures and commodities are down.Housing Starts Post Stronger Than Expected
05/18/2010
Headline PPI printed softer than expectations due to deflated food and energy prices; housing starts posted a better than consensus month-over-month increase. Stock futures and commodities are up.Today's Market Color
05/17/2010
Empire manufacturing grew much less than expectations. The debt crisis in Europe continues to weigh on the markets; the euro is lower, equities are down, bonds are up.Retail Sales - 7th Consecutive Increase
05/14/2010
Retail sales printed slightly stronger than expectations, posting the 7th consecutive increase. Speculation is growing that the European Union will ultimately have to split up; gold continues to set record highs, US debt is also up.Initial Jobless Claims - Forth Straight Drop
05/13/2010
Initial jobless claims posted a 4th straight drop; continuing claims remain elevated, printing higher than expectations. According to RealtyTrac, there were a record 92,432 bank repossessions in April, up 45% from a year ago; there were 333,837 foreclosure filings. The Treasury will auction $16B in 30yr bonds today.Trade Deficit Grows
05/12/2010
The trade deficit grew to the highest level in a year due to higher oil prices. GDP for the 16 euro nations grew at a rate of 0.2%, faster than expectations; equities are up. The Treasury will auction $24B in 10yr notes today and $16B in 30yr bonds tomorrow.China Inflation at 18 Month High
05/11/2010
The euro gave back all its gains from yesterday in early trading on concerns that the near $1T bailout package will hinder growth going forward. Inflation in China accelerated to an 18-month high, increasing chances that the government will have to raise interest rates. The Treasury will auction $38B in 3yr notes today, $24B in 10yr notes tomorrow, and $16B in 30yr bonds on Thursday.16 Euro Nations Provide Help
05/10/2010
The 16 euro nations agreed to offer as much as 750B euros ($962B), including IMF backing, to countries facing instability; the ECB will buy government and private debt; debt from Greece, Spain, Italy, Ireland, Portugal, as well as others, has rallied. Stocks and commodities are sharply higher, bonds are lower. The Treasury will auction $38B in 3yr notes tomorrow, $24B in 10yr notes on Wednesday, and $16B in 30yr bonds on Thursday.Mis-entered Trade Causes DOW Sell-off
05/07/2010
Nonfarm payrolls printed much higher than expectations, +290K vs. +190K consensus; the unemployment rate jumped up .2% to 9.9%; U6 is up to 17.1%. The SEC will conduct an investigation as to what happened yesterday with a supposed mis-entered trade and the subsequent almost 1,000 point DOW sell-off and immediate 650 point rally from the low.Jobless Claims Fall 3rd Straight Week
05/06/2010
Initial jobless claims fell for the 3rd straight week, continuing claims also dropped; consensus for Nonfarm Payrolls tomorrow is +190K. The ECB left rates at 1%.ADP Prints Inline with Expectations
05/05/2010
ADP printed inline with expectations, +32K, with a sizable upward revision to the previous month; consensus for Nonfarm Payrolls on Friday is +189K. ECB council member Weber said the financial crisis in Greece is threatening "grave contagion effects" for the euro area; Germany's parliament still must approve their share, 22.4B euros, of the 110B aid package despite public opposition.Euro Grows Weaker
05/04/2010
The euro is weaker this morning on concern that the bailout of Greece won't stem Europe's debt crisis; debt from Spain, Ireland and Italy is wider and the Spanish stock market is off about 3%. US stocks are down due to a slowdown in Chinese manufacturing, bonds are up.Personal Income and Spending Up
05/03/2010
Personal Income and Spending were both up and in-line with expectations. Finance ministers approved a 110B euro bailout for Greece; they refused, however, to answer questions about how other struggling nations in the 16-nation bloc would be treated, calling Greece a "special case"; Portuguese debt gapped relative to German debt to the widest levels since 1997. China required banks to increase reserves for the 3rd time this year, pushing equities lower.First Quarter GDP Grows
04/30/2010
First quarter GDP grew at a rate of 3.2%, due to increased consumer spending. Greek bonds are up on speculation that an EU-led bailout amounting to 120B euros will be finalized soon.Better Than Expected Profits
04/29/2010
Both initial and continuing claims fell week-over-week. About 3/4 of the companies announcing earnings in Europe and the US posted better than expected profits, pushing stock indexes higher. The Compass Mandatory/Best Efforts Spread jumped 8bps to 47bps. The Treasury will auction $32B in 7yr notes today.Rally of Mortgages Raises Gross Profit Margin
04/28/2010
Yesterday, Greek debt was downgraded to junk by S&P; they project that investors would only recover 30-50% of their investment should the nation fail to make debt payments; yields on Greek 2yr notes are over 25% from 4.6% a month ago. With the rally in mortgages yesterday, the Compass 30-year Average Gross Profit Margin showed an 8bp jump. The Treasury will auction $42B in 5yr notes today and $32B in 7yr notes tomorrow.Ford Posts First Quarter Profit
04/27/2010
Ford posted a $2.1B 1Q profit; Deutsche reported first quarter earnings of 1.76B euros, up 48% from a year ago, due to investment banking revenue. Credit default swaps on European sovereign debt continued to hit new highs on concern that Greece's fiscal crisis is starting to hurt the borrowing ability of other indebted nations. The Treasury will auction $44B in 2yr notes today, $42B in 5yr notes on tomorrow, and $32B in 7yr notes on Thursday.Credit Default Swaps Pushed Higher
04/26/2010
More concerns about the debt situation in Greece have pushed credit default swaps higher, as well as CDS on Portugal, Spain and Ireland. The euro is weaker; US bonds and equities are up. The Treasury will auction $11B in 5yr TIPs today, $44B in 2yr notes tomorrow, $42B in 5yr notes on Wednesday, and $32B in 7yr notes on Thursday.Durable Goods - Biggest Jump Since 2007
04/23/2010
Durable goods excluding transportation printed much higher than expected, the biggest jump since 2007. With borrowing costs ballooning, Greece asked for the activation of its 45b euro lifeline from the EU and IMF.Greek Bond Yields Spike
04/22/2010
PPI printed slightly higher than expectations; continuing jobless claims remain elevated. Greek bond yields spiked to the highest level since 1998 (10yr at 8.56%) due to a worsening budget deficit outlook; voters feel that budget cuts have gone too far, investors want Greece to take further action.Mortgage Applications Jump
04/21/2010
Morgan Stanley's posted 1Q earnings of $1.78B, compared to a loss of $177M one year ago; fixed-income trading revenue doubled from a year ago. MBA mortgage applications jumped 13.6%.Today's Market Color
04/20/2010
Goldman's 1Q net income almost doubled to $3.46B, $5.59/share, due to record fixed income trading revenue. There are several other companies scheduled to release earnings today. Stock futures and commodities are up; bonds are slightly lower.Citigroup Posts Positive Earnings
04/19/2010
Citigroup announced 1Q earnings of $4.43B after posting a loss of $7.58B in the 4th quarter; the gain was mostly due to bad loan costs declining. After the SEC filed a lawsuit against Goldman on Friday, UK Prime Minister Gordon Brown asked the Financial Services Authority to start a probe, saying he was "shocked" at the "moral bankruptcy".Housing Permits Stronger Than Expected
04/16/2010
Housing starts and building permits both printed stronger than expectations, with upward revisions to the previous month. Bank of America announced their first profit in three quarters, $3.18B, or $0.28/share. Yesterday, San Francisco Fed President Yellen said inflation is "subdued", giving treasuries a boost.Jobless Claims Jump
04/15/2010
Initial and continuing claims both jumped week-over-week; Empire Manufacturing printed much stronger than expectations. China's GDP grew at 11.9% in the first quarter, which may lead to China un-pegging the yuan to the dollar.Retail Sales Print Stronger Than Expected
04/14/2010
Retail sales printed slightly stronger than expectations; CPI was in line with consensus. JP Morgan's 1Q earnings jumped 55% to $3.33B due to record fixed-income trading revenue and a reduction in provisions for credit losses.Domestic Demand Growing
04/13/2010
The trade deficit gapped by more than anticipated due to climbing imports, a sign that domestic demand is growing and the economy may be turning; import prices increased less than expected. There was strong demand for 26-week Greek Treasury bills after the EU and IMF promised up to 45B euros in loans.Euro Rallies with News of Greece Bailout
04/12/2010
Greece was promised as much as 45B euros in loans from the EU and the IMF yesterday; the euro rallied, credit default swaps on Greek bonds fell. According to CreditSights Inc., Bank of America, JP Morgan and Wells Fargo may have to set aside $30B to cover possible losses on home-equity loans.Treasuries Slightly Lower
04/09/2010
Treasuries are slightly lower this morning on speculation that Greece will get bailed out by the European Union; Greek 2yr spreads have tightened by 19bps against German 2yrs. With production up over the last few days, Compass's Gross Profit Margin showed a 17bp jump to 71bps.Jobless Claims Data Mixed
04/08/2010
Jobless claims data was mixed: initial claims printed 25K worse than expectations, continuing claims posted a sizable week-over-week drop. The speculation continues to grow that the Greece bailout will unravel; Greek's 10yr spread against German bunds widened to 436bps. Yesterday's 10yr note auction was strong; the Treasury will auction $13B in 30yr bonds today.Mortgage Applications Off 11%
04/07/2010
MBA Mortgage applications were off 11% in the holiday-shortened week. Seeking a lower yield, Greece is looking to offer dollar-denominated debt. Yesterday's 3yr note auction was strong; the Treasury will auction $21B in 10yr notes today.Greece - IMF Bailout
04/06/2010
In a change of events, Greece "isn't keen on the IMF being involved in any bailout". This news spooked investors and Greek bonds are down sharply; the euro is down against 14 other currencies. This news has also caused a flight to quality with US fixed income up. The Treasury will auction $40B in 3yr notes today.Oil Above $85 A Barrel
04/05/2010
With the equity market being closed on Friday, and the overall positive NFP print, stock futures are up this morning; oil is above $85/barrel. The Treasury will auction the following this week: $8B in 10yr TIPS, $40B in 3yr notes, $21B in 10yr notes, and $13B in 30yr bonds.Nonfarm Payrolls Increase Most In 3 Years
04/02/2010
Nonfarm payrolls increased by 162K in March, the most in 3 years. This number includes 48K census workers; the unemployment rate remained at 9.7%. Yesterday, the Treasury announced their auctions for next week: $8B in 10yr TIPS, $40B in 3yr notes, $21B in 10yr notes, and $13B in 30yr bonds.Mortgage Rates Rise
04/01/2010
Mortgage rates are higher this morning on the first day with no Fed purchasing. Stock futures are up on news that manufacturing increased in China, Japan and the UK. After yesterday's weak ADP print, tomorrow's consensus for Nonfarm Payrolls is +182K.Last Day of MBS Purchase Program
03/31/2010
ADP printed worse than expectations, -23K; consensus for Nonfarm Payrolls on Friday is +185K. Today is the last day of the Fed's $1.25T MBS purchase program. With the uptick in production the last few days, the Compass C30 Avg Gross Profit Margin increased by 6bps yesterday.Fed To End MBS Purchase Program Tomorrow
03/30/2010
The Fed is scheduled to end the $1.25T MBS purchase program tomorrow. Fannie and Freddie predict that the effect will not be major: a rise of about 25bps in mortgage rates over the next 3 months, or around $30/month more on a $250,000 mortgage. ADP is scheduled for tomorrow, projected at +40K; Nonfarm payrolls is set for release on Friday, consensus is +184K.Greece to Sell 7 Year Notes
03/29/2010
Personal income and spending printed close to expectations. Greece plans to sell 7yr notes, its first debt offering since the EU agreed to help the nation finance its debt. The Fed is scheduled to end the $1.25T MBS purchase program on Wednesday; Nonfarm payrolls is set for release on Friday (consensus is +190K).Market is Rallying
03/26/2010
Market is rallying following today's GDP release which showed that the economy expanded at an annual rate of 5.6%, less than the 5.9% expected by most analysts.Today's Market Color
03/25/2010
Market is quiet this morning following yesterday's sell off with Initial Claims printing slightly lower than anticipated.Durable Goods Orders Rise
03/24/2010
Durable Goods Orders rose again in February, marking 3 months of increases and assuring investors that the rebound in manufacturing will continue to drive the economic recovery.Today's Market Color
03/23/2010
There is a summit for European leaders this week to discuss what will be done in regards to the Greek bail-out. At this point, no decision has been made. The euro has declined 10% against the dollar in the last 4 months. 2yr Treasury yields are the highest since January before today's $44B auction.House Passes Health-care Legislation
03/22/2010
The House passed the health-care legislation yesterday by a vote of 219-212. 32 million uninsured will receive benefits once President Obama signs the bill into law. Nancy Pelosi expects the bill to save Americans $1.3T. According to the bond market, it is becoming increasingly more likely that the US will lose its AAA rating as there are several corporations who are able to borrow at sub-Treasury yields, indicating that Treasuries are considered more risky.Today's Market Color
03/19/2010
The EU still appears to be split on bailing out Greece. With 20B euros in debt maturing over the next 2 months, if Greece can't get assistance they will most likely have to turn to the IMF. There are several economists predicting that the Fed will raise the discount rate before the next meeting on April 28th.Today's Market Color
03/18/2010
CPI printed slightly softer than expectations; continuing jobless claims posted a week-over-week increase. A $17B job creation bill is expected to be signed by President Obama in the next few days. Greece gave the EU one week to finalize a bail-out or they will go to the IMF for help.MBS Purchase Program to Cease
03/17/2010
Core PPI printed in line with expectations; CPI is scheduled for release tomorrow. Yesterday, the Fed re-iterated that the $1.25T MBS purchase program will cease at the end of March.Today's Market Color
03/16/2010
Import Prices printed slightly lower than expectations; housing starts and building permits posted higher numbers than consensus. European finance ministers put together the structure for a lifeline for Greece. This line will be used if the planned tax increases and wage cuts do not work. The FOMC decision is scheduled for 2:15 this afternoon.Today's Market Color
03/15/2010
With inflation hitting 16-month highs in both China and India, both countries are taking steps to cool their respective economies. Stocks and commodities are off; bonds are close to unchanged.Last Month’s Drop in Sales and Increase in Listings is not the Real Story
03/15/2010
Pending sales increased 33% in the four-county area during the month of February, despite a 4% increase in over-all inventory, a 6% drop in total sales and a 1.5% drop in prices in the same month. This dramatic rise in Pended Sales is being driven by Short-Sales representing 45% of the market.Retail Sales Post Strong Gains
03/12/2010
Despite bad weather in February, Retail sales posted strong gains. Bonds are down; stocks and commodities are up. Yesterday, the Fed announced that they purchased another $10B in mortgage-backed securities in the last week, bringing the total to $1.225T. With the program scheduled to cease at the end of the month, that leaves the Fed with a little under 3 weeks to purchase an additional $25B.Today's Market Color
03/11/2010
Jobless claims data was mixed this morning, with continuing claims remaining elevated while initial claims were in line with expectations. Ahead of today's $13B 30yr Treasury auction, the 2-30 spread is at 378bps, close to the all-time high.Mortgage Applications Gain Slightly
03/10/2010
Market is quiet this morning with another light day on the data front. Mortgage applications gained slightly last week.Today's Market Color
03/09/2010
Bonds are rallying on a light day for economic data as stocks are setting up to trade lower following a slew of missed earnings. Right now, the futures market is pricing in a 91% chance that the Fed keeps rates somewhere between 0% and .25% through June 23rd, 2010.Today's Market Color
03/08/2010
Both Greece and Dubai look to be closer to resolving, at least temporarily, their deficit issues. French president Sarkozy said that the euro region is ready to help out if Greece struggles in funding its deficit; Dubai World will present a plan to renegotiate $26B in debt this month. Stocks and commodities are up; bonds are off.Unemployment Rate Falls
03/05/2010
Nonfarm payrolls printed better than expectations, -36K vs. -68K consensus. The unemployment rate fell to 9.7%. The U6, which includes part-time workers who can't find full-time employment and people who have stopped looking for a job, climbed from 16.5% to 16.8%.Jobless Claims Drop
03/04/2010
Both initial and continuing jobless claims posted week-over-week drops; consensus for Nonfarm payrolls tomorrow is -65K. Greece began selling 5B euros of 10yr debt today after promising to reduce Europe's largest budget deficit, which included wage cuts that has prompted more protests.Mortgage Applications Jump
03/03/2010
ADP printed in-line with expectations with a sizable downward revision to January; MBA mortgage applications jumped by 14.6%. Greek bonds are rallying after Greece announced a 4.8B euro budget cut. Consensus for Nonfarm payrolls on Friday is -58K.Today's Market Color
03/02/2010
The market is sitting lower in very quiet trade while the 10-yr trips around the 3.625% area while the curve gets twisted steeper.Personal Income Growth
03/01/2010
Personal income grew at a slower pace in January; personal spending accelerated. HSBC missed full-year net income estimates due to the costs of bad loans on their balance sheet.Today's Market Color
02/26/2010
GDP for the 4th quarter was revised up from 5.7% to 5.9%. Treasuries are holding their elevated levels on the continued threat that Greece will default on its debt.Today's Market Color
02/25/2010
Initial and continuing jobless claims printed worse than expectations; durable goods orders printed better than consensus due to airplane purchases. Bonds are up; equity futures and commodities are down. There is a $32B 7yr note auction today.Mortgage Applications Drop
02/24/2010
Bonds are trading lower this morning ahead of today's Treasury Auction of $42B 5yr notes. The Mortgage Banker's Association reported that mortgage applications dropped 8.5% to the lowest level since 1997.Today's Market Color
02/23/2010
After Lowe's posted better-than-expected earnings yesterday, Home Depot beat 4Q expectations and raised the dividend for the first time since 2006. The Treasury is auctioning off $44B in 2yr notes today, $42B in 5yr notes tomorrow, and $32B in 7yr notes on Thursday.Today's Market Color
02/22/2010
Lowe's, the second largest home-improvement retailer, announced 4Q earnings that beat expectations. There is still no resolution on the Greece bailout. The Treasury has $126B to auction this week: $8B in 30yr TIPS today, $44B in 2yr notes tomorrow, $42B in 5yr notes on Wednesday, and $32B in 7yr notes on Thursday.Fed Raises Discount Rate
02/19/2010
The Fed unexpectedly raised the Discount Rate by 25bps yesterday afternoon to 0.75%. After PPI printed higher than expectations yesterday, CPI this morning showed less inflation than consensus estimates. The Treasury announced the auctions for next week: $8B in 30yr TIPS, $44B in 2yr notes, $42B in 5yr notes, and $32B in 7yr notes.30% Gain in REO Inventories Slows January Sales
02/19/2010
TRENDGRAPHIX’s latest report shows that closed sales decreased 31 percent during the month of January for the Tri-County region of Sacramento, Placer and El Dorado Counties; while REO inventory increased by 30%.Producer Prices Print Higher
02/18/2010
Producer prices printed higher than expectations; initial and continuing claims were worse than consensus. The combination of the two numbers has pushed equity futures down and bonds slightly up. In yesterday's FOMC minutes, the Fed discussed starting sales of assets in the "near future", which sent treasuries sharply lower.Today's Market Color
02/17/2010
Mortgage applications were off 2.1% overall last week with rates little changed - purchases were off 4.0% while refinances fell 1.2%.US Retail Sales Jump
02/16/2010
US Retail Sales jumped more than expected, the third gain in four months. China increased reserve requirements for the second time in a month as loan growth continued to accelerate. After Fannie and Freddie announced that they will be buying delinquent loans, spreads between FN and FG MBS and the 10yr treasury bond are the tightest levels in 17 years.Today's Market Color
02/16/2010
According to Greece Finance Minister George Papaconstantinou, "there's no actual need" for a bailout and Greece is ahead of its own deficit-reducing targets. European finance ministers will review the progress on March 16th. Empire Manufacturing increased more than expected.Jobless Claims Drop Sharply
02/11/2010
Initial and continuing jobless claims dropped sharply week-over-week. Euro-region leaders demanded that Greece get the bloc's highest budget deficit under control and said they are prepared to take "determined" action to stem the currency's worst crisis in its 11 year history. There is a $16B 30yr bond auction today.Today's Marketing Color
02/10/2010
The Greece bailout has still not been resolved. Currently, Germany is the front-runner to help Greece roll their debt forward with some sort of debt guaranty. There is a $25B 10yr note auction today. Stock futures and commodities are down; bonds are up.Stocks Are Up
02/09/2010
UBS announced 4th quarter net income of 1.21B francs, the first profitable quarter since 3Q of 2008, even as wealthy clients continued to withdraw funds at an accelerated rate. There is a $40B 3yr note auction today. Stock futures and commodities are up; bonds are down.Today's Market Color
02/08/2010
Treasuries continue to catch a bid in a flight to quality on concern over the deficits in Greece, Portugal and Spain. The Treasury will auction $81B in notes and bonds this week.Unemployment Rate Drops
02/05/2010
Nonfarm payrolls printed worse than expectations at -20K; the unemployment rate dropped to 9.7%; U6 (includes people who are no longer looking for work and part-time workers who cannot find full-time employment) dropped from 17.3% to 16.5%. Stocks and bonds are mixed.Today's Market Color
02/04/2010
Bonds are trading higher this morning on concerns over budget deficits in Europe. Initial Jobless claims unexpectedly jumped to 480K, versus the 455K expected by most analysts, adding fuel to the rally.MBA Applications At Six Week High
02/03/2010
ADP printed at a less-than-expected -22K, the smallest drop in two years. With government hires in January, NFP is forecasted to show positive job growth of 13K. MBA mortgage applications came in at the highest level in six weeks due to refinancings with the lower rates.Today's Market Color
02/02/2010
The Australian central bank unexpectedly left rates unchanged at 3.75%, causing equities and commodities to rally. There is a good amount of labor data due out later this week: ADP is projected to print at -30K tomorrow; Initial and continuing claims on Thursday; and consensus for Nonfarm Payrolls is at a positive 5K on Friday.Consumer Spending Increases
02/01/2010
Consumer spending increased for the third straight month, although less than expected, in another sign that the economy may be turning; personal income jumped by 0.4%. President Obama announced his $3.8T budget for 2011, which would give an estimated $1.6T deficit; the budget includes $800B in higher taxes and fees on those earning more than $250,000, banks that benefited from the financial industry bailout and the oil, gas and coal industries. Treasuries are down on the announcement.Ben Bernanke Wins Second Term
01/29/2010
4th quarter GDP printed much higher than expectations, 5.7%-the fastest pace in six years, due largely to inventory build-ups. Bonds are down; stocks and commodities are rallying. Ben Bernanke officially won his Senate approval for a second term as Fed chairman yesterday.Today's Market Color
01/28/2010
Yesterday, the Fed expectedly left rates unchanged, but remained firm that they will end the $1.25T MBS purchase program at the end of March, which pushed yields higher. This morning, initial jobless claims posted a week-over-week drop; durable goods orders jumped more than forecast. There is a $32B 7yr note auction today.Today's Market Color
01/27/2010
Despite lower rates, MBA mortgage applications dropped 10.9% last week. The FOMC decision is due out at 2:15 this afternoon and there is speculation that the Fed may hold firm to the March ending of the $1.25T mortgage-backed securities purchase program. There is a $42B 5yr note auction today.Credit Tightens in China
01/26/2010
Credit continues to tighten in China as The Bank of China has stopped extending new corporate loans in the Shanghai area. They will also screen personal loans and mortgages more closely. Stocks and commodities are down; bonds are rallying slightly. There is a $44B 2yr note auction today.Bank-Owned Inventories on the Rise
01/26/2010
After a full year of numerous government moratoriums on foreclosures, we ended 2009 seeing a 22% increase in the number of foreclosed homes entering the market in December; and we expect at least a 15% increase in foreclosed homes on the market in 2010.Stock Futures Rise
01/25/2010
Bonds are trading lower this morning with Existing Home Sales data scheduled for release at 10:00 EST. Stock Futures are higher following last week's sell off, adding to pressure on Treasuries.Today's Market Color
01/22/2010
Bonds are trading slightly lower with no economic data scheduled for release today.Today's Market Color
01/21/2010
Bonds are trading lower despite this morning's report that showed initial jobless claims rose by 36,000 to 482,000, a larger increase than most analysts expected. Continuing claims came in right in line with analysts expectations at 4.6M.Wholesale Prices Unchanged
01/20/2010
Bonds are rallying following this morning's core PPI release that showed wholesale prices were unchanged in December, versus the 0.1% increase expected by most analysts.Kraft to Purchase Cadbury
01/19/2010
Bonds are trading lower this morning on a relatively light day for economic data. Citigroup posted a 4th quarter loss of $7.6B after booking an $8B pretax charge for repaying $20B in bailout funds, and after four months of negotiations, Kraft agreed to purchase English chocolate maker Cadbury for $19.7B.Today's Market Color
01/15/2010
Bonds are trading higher following this morning's CPI release which showed that consumer prices increased 0.1% in December, less than the consensus estimate of 0.2%.Today's Market Color
01/14/2010
Bonds are rallying this morning following weaker than expected retail sales data. Initial claims came in near expectations. Right now, the futures market is pricing in aPurchase Applications Jump
01/13/2010
Bonds are trading lower this morning on a relatively light day for economic data. MBA Purchase Applications jumped from 0.5% to 14.3% week over week and the Fed's Beige book is scheduled for release at 2:00 EST.Recoup Losses From Tarp Program
01/12/2010
China ordered banks to set aside more in reserves to curb any kind of asset bubble that may be forming; stocks are down, bonds are rallying. President Obama plans to raise as much as $120B by imposing a fee on financial institutions to help recoup the losses from the TARP program. Details of the fee are not known yet, but it may include one or a combination of an income surtax, an excise tax or a fee pegged to the value of assets.Stocks and Commodities Pushed Up
01/11/2010
China's imports rose to a record, pushing stocks and commodities up. China has surpassed the US as the world's largest automaker, with sales jumping 46% in 2009. There are no scheduled data releases today.Today's Market Color
01/08/2010
Nonfarm Payrolls printed at a worse than expected -85K; last month's number was revised up to a positive 4K; the unemployment rate remained constant at 10%. Stock futures are down; bonds are rallying.Retailer Earnings Strong
01/07/2010
Continuing claims dropped significantly week-over-week from 4.98MM to 4.8MM; consensus for tomorrow's Nonfarm Payrolls is no change. Earnings at Sears and a few other retailers were stronger than expectations. In yesterday's release of the Fed minutes, officials said that more stimulus "might become desirable at some point".Mortgage Applications Up
01/06/2010
ADP printed slightly worse than expectations, but was much stronger than last month's number; ADP has overshot the Labor Department's estimate for job losses by an average of 85K over the last 6 months. Consensus for Friday's Nonfarm Payrolls is no change. Mortgage applications were up slightly week over week, 0.5%.US Manufacturing Strong
01/05/2010
Yesterday, US manufacturing showed the strongest expansion in over three years; factory orders are due out later this morning. After selling off in December (10yr rate jumped 64bps), the 10yr note has caught a bid in the first few trading days of the month on speculation that the Fed will leave rates low for an extended period of time.Today's Market Color
01/04/2010
China's manufacturing grew at the fastest pace in more than five years; US manufacturing numbers are due out later this morning. Stock futures and commodities are up.Jobless Claims Strong
12/31/2009
Initial and continuing jobless claims printed much stronger than expectations, the lowest levels since July 2008. Stock futures and commodities are up; bonds are down.Today's Marketing Color
12/30/2009
Stocks, commodities and US equity futures are down in early trading; bonds are up. After the average 2yr and 5yr note auctions the last two days, the Treasury will auction $32B in 7yr notes today.Stocks Rallying
12/29/2009
Commodities and stocks are rallying on sentiment that the economic expansion will continue into 2010. After a mediocre 2yr note auction yesterday, the Treasury will auction $42B in 5yr notes today with yields at their highest point since August.US Stock Futures Are Up
12/28/2009
China's economy grew faster than previously announced, which has pushed global equities and US stock futures up; bonds are down. The Treasury will be auctioning $118B in debt this week, starting with $44B of 2yr notes today.Spending Increases Through 2010?
12/24/2009
Durable Goods Orders printed higher than expectations, showing that spending and production increases will likely sustain into 2010. The $871B Health Care Bill passed its last Senate Vote, 60-39. Now the Senate bill will have to be reconciled with the House version.Spending Increases Sixth Time
12/23/2009
Personal spending increased for the sixth time in seven months due to holiday discounts; personal income increased by the largest percentage since May. Stock futures and commodities are up off of this data; the Ten Year Yield is near a four-month high ahead of next week's auction supply announcement.Today's Market Color
12/22/2009
In the final reading for 3Q GDP, the US economy posted a 2.2% gain, less than previously reported. Greece's credit rating was downgraded only one level by Moody's, causing the debt to rally as a steeper dowgrade was expected; European equities and US stock futures are up.Health-Care Bill Passes Crucial Vote
12/21/2009
The US Senate passed a crucial test vote for the new Health-Care Bill, as all 60 Democrats voted to curtail debate from Republicans on the $871B measure, and aim to pass the legislation before Christmas. Stocks and commodities are up this morning as investors remain confident that the economic recovery will keep accelerating; bonds are down.Stocks Rally
12/18/2009
German business confidence printed at a 17-month high, causing European equities and US stock futures to rally; bonds are lower. PIMCO's Bill Gross has cut government debt holdings and increased cash his cash position to the most in a year, signaling that PIMCO may see rates on the long end of the curve starting to rise.Today's Marketing Color
12/17/2009
Initial and Continuing jobless claims printed slightly worse than expectations; teasuries are rallying and stock futures are pointing down. In order to pay back government funds, Citi raised $17B by selling 5.4B shares at $3.15/share, $0.10 below where the US government bought their stake.Building Permits Highest In Year
12/16/2009
CPI printed in line with expectations; ex-food and energy posted no change month-over-month, showing that inflation is still in check with the Fed scheduled to announce their rate decision at 2:15 this afternoon.Today's Marketing Color
12/15/2009
Bonds are trading lower this morning as PPI printed 1.8% vs. a concensus estimate of 0.8%. Core PPI also came in stronger than expected at 0.5% vs a concensus of 0.2%. Right now, the futures market is pricing in a 91.6% chance that the Fed keeps rates somewhere betweenToday's Marketing Color
12/14/2009
Bonds are relatively unchanged this morning with no economic data scheduled for release today. Over the weekend, Abu Dhabi announced that they would provide $10B to troubled neighbor Dubai, and this morning CitiGroup announced that they have struck a deal with regulatorsREO Market Steps Down as Sales Leader
12/12/2009
A shift in the market has occurred in the Sacramento region, putting traditional sales (non-distressed properties) in the lead for units sold over REO and short-sale properties. Out of the 1,995 total sales in the 4 county region in NovemberRetail Sales Strong
12/11/2009
Bonds are trading lower this morning as Retail Sales came in stronger than expected at 1.3% vs a consensus estimate of 0.6%. Right now, the futures market is pricing in an 93.5% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.Jobless Claims Below 500K
12/10/2009
Initial Jobless Claims again printed below the 500K level. The less volatile 4-week rolling average is at a one-year low, 473,750. French President Nicolas Sarkozy is considering a one-time tax on banker bonuses over 27K euros for 2009; the rate has not yet been determined.Today's Marketing Color
12/09/2009
Bonds are down slightly this morning on a light day for economic data. Treasury Secretary Geithner is said to be seeking a $700 Billion TARP extension through October 2010. Right now, the futures market is pricing in an 92.7% chance that the Fed keeps rates somewhereDollar Continues To Strengthen
12/08/2009
Treasuries and the dollar continued to show strength, while stocks, gold and oil fell on continued concern of government deficits. Right now, the futures market is pricing in a 93% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.Dollar On The Rise?
12/07/2009
The dollar rose to its highest level in a month against the euro as investors question whether central banks will increase rates in the near term. Right now, the futures market is pricing in an 80% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.Stock Futures Are Up
12/04/2009
Nonfarm payrolls printed much better than expectations, -11K vs. -125K concensus; the unemployment rate dropped to 10.0% from 10.2%. Bonds and commodities are down; stock futures and the dollar are up.Jobless Claims Drop
12/03/2009
Jobless claims dropped to a one-year low and nonfarm productivity remains elevated, both signs that the labor market may be improving. Bank of America will repay $45B in TARP by the end of the year, using $26.2B of "excess liquidity" and $18.8B from the sale of securities.Today's Market Color
12/02/2009
ADP printed slightly worse than expectations, -169K; consensus for Nonfarm Payrolls on Friday is -123K. Concern over Dubai has continued to diminish as emerging-market stocks are up for a third straight day; treasuries are hovering around unchanged.Global Equities Up
12/01/2009
Dubai World began talks to restructure $26B of debt and said that the rest of their liabilities are on "a stable financial footing". China's manufacturing expanded at the fastest pace in five years. Global equities are up; the dollar and bonds are down.Today's Market Color
11/30/2009
Dubai shares have dropped the most in eight years this morning on the first trading day since the government announced that the state-runDubai World, with $59B in liabilities, may have to delay debt payments. Traders are tryingConsumers Spending More
11/25/2009
In the economic releases this morning, the data showed that the consumer is spending more, durable goods orders are down, and initial and continuing jobless claims dropped sharply. Bonds and equities areToday's Market Color
11/24/2009
The US government revised 3Q GDP down to 2.8% from the 3.5% reported last month; the decline was due to a growing trade deficit and a smaller gain in consumer spending. Equities have givenStocks Rallying
11/23/2009
On signs that the central banks will continue to keep rates low around the world, stocks and commodities are rallying this morning; the dollar is down. In a holiday-shortened week, the Treasury isToday's Market Color
11/20/2009
ECB president Jean-Claude Trichet said that policy makers will start to withdraw emergency cash gradually. Stock futures and commodities are down. The Fed reiterated that they willJobless Claims Unchanged
11/19/2009
Initial jobless claims were unchanged week over week at -505K; continuing claims dropped 39K to 5611K. The Organization for Economic Development predicted that the economies forToday's Market Color
11/18/2009
Housing starts and building permits dropped sharply in October as builders showed less optimism with joblessness increasing and certain tax credits are scheduled to cease; MBA mortgage applications declined mildly last week.Today's Market Color
11/17/2009
Producer prices, both headline and ex-food and energy, printed tamer than expectations. Home Depot posted worse than expected 3rd quarter numbers.Treasuries Pushing Higher
11/16/2009
Treasuries have been pushing higher with the market having ridden over the data speed bumps, that were OK, while getting some aid as global bondsaim higher.US Trade Deficit Widens
11/13/2009
The US trade deficit widened in September by the most in a decade due to the demand for oil as the economy started to rebound. Congress will needMortgage Applications Rise
11/12/2009
MBA mortgage applications jumped 3.2% last week; the refinance index was up 11%, the purchase index dropped 12%. Both initial and continuing claims printed better than expectations.SHORT-SALES FUEL DROP IN INVENTORY AND PRICES FOR UPPER-END
11/12/2009
Pended short-sales are up 94% for the last 12 months for homes priced above $400,000.00. “We have already seen a 20% discount in pricing in the upper-end REO market,”Today's Market Color
11/10/2009
HSBC's 3Q profit rose as bad loans decreased; Barclay's earnings dropped 54% from last year due to increasing impairment charges.Today's Market Color
11/09/2009
The dollar is under pressure again this morning after the Group of 20 nations agreed to continue with their economic growth measures; they did not address the weakness in the dollar, causing commodities to rallyToday's Market Color
11/06/2009
Nonfarm payrolls printed at a worse than expected -190K for last month; the unemployment rate jumped to 10.2%, the highest level since 1983.Fed Announcement
11/05/2009
The Fed announced yesterday that they will be purchasing a total $175B of agency debt instead of the $200B originally alotted. This morning,Initial jobless claimsNo Rate Change?
11/04/2009
DP printed in-line with expectations, -203K, the best number since July 2008. No change in rate or language is expected in the FOMC announcement later today.Today's Market Color
11/03/2009
Despite news that Warren Buffett is buying the rest of Burlington Northern for $34B, stock futures are down. The UK bailed out RBS and Lloyds for the second time, injecting another $51B combined.Today's Market Color
11/02/2009
After months of speculation, CIT declared bankruptcy, but said that they will continue their commercial lending while reorganizing. Ford announcedEconomy Recovering?
10/30/2009
Consumer spending decreased in September due to the Cash-for-Clunkers program ending in early August. In another sign that the global economy may be recovering, the Bank of Japan willStocks Rallying
10/29/2009
3rd quarter GDP printed much better than expectations, the first quarterly expansion in more than a year, due to household purchases increasing 3.4%. Stocks areToday's Market Color
10/28/2009
MBA Mortgage Applications were off 12.3% last week after dropping 13.7% the week before. GMAC may receive a third government bailoutHome Price Forecasts
10/27/2009
There is still a fair amount of variance in projecting home prices over the next few years. Goldman stated that "the risk of renewedCommodities on the Rise
10/26/2009
The dollar continues to fall in early morning trading; commodities are rising.Existing Home Sales Increase?
10/23/2009
Existing home sales are scheduled to be released later this morning and are expected to show a month-over-month increase.Today's Market Color
10/22/2009
Initial jobless claims printed worse than expectations; there was a week-over-week drop in continuing claims.Today's Market Color
10/21/2009
Mortgage applications dropped by 13.7% last week. Morgan Stanley beat analyst estimates for the 3rd quarter ($0.38/share vs. $0.30/share) due to higher investment banking fees;Today's Market Color
10/20/2009
Despite a falling dollar and an economy that appears to be improving, PPI printed much worse than expectations.Stocks Continue To Rally
10/19/2009
Fed Chairman Bernanke is scheduled to speak later today on the economic outlook; no change in sentiment is expected.Today's Market Color
10/16/2009
After JP Morgan and Goldman reported strong quarterly earnings earlier this week, Bank of America announced that they lost $1B in the third quarter.Today's Market Color
10/15/2009
Initial and continuing claims printed better than expectations, with small downward revisions to the previous week.Stocks Rallying Aggressively
10/14/2009
Mortgage applications declined by 1.8% week-over-week; purchases were off 5%, refinances were down 0.1%.Gold at Record High
10/13/2009
With the bond market closed yesterday, equities continued to rally.Inventory and Sales are Down
10/12/2009
Declines in inventory and sales are normal for fall; what is not normal is the increase in pending sales in all price brackets.Trade Deficit Narrowed
10/10/2009
The trade deficit narrowed in August as exports climbed. In a sign that other economies are improving,Continuing Jobless Claims Improve
10/08/2009
Initial and continuing jobless claims printed much better than expectations; stock futures are rallying.Commodities Rally
10/07/2009
Mortgage applications jumped 16.4% last week due to lower rates.Today's Market Color
10/06/2009
It is another quiet day in terms of economic data. There is a $39B 3yr auction today; $20B of 10yrs tomorrow; $10B of 30yrs on Thursday.Global Equities
10/05/2009
Global equities were down after Nouriel Roubini predicted that the economic recovery would disappoint investors and that “markets have gone up too much, too soon, too fast”.Today's Market Color
10/02/2009
Nonfarm Payrolls printed worse than expectations, -263K, and the unemployment rate rose to 9.8%.Today's Market Color
10/01/2009
Initial jobless claims printed worse than expectations, coupled with a downward revision to last week; continuing claims data was mixed.Today's Market Color
09/30/2009
ADP printed worse than expectations, -254K vs. -200K consensus, showing more job losses than anticipated in the private sector.Equities at Highest Valuations in Five Years
09/29/2009
It is another light day on the economic calendar with home price and consumer confidence data due out later in the morning.Stock Futures Are Up
09/28/2009
It is a slow day on the economic calendar ahead of a busy week. ADP is scheduled to be released on Wednesday (consensus is -200K); Nonfarm Payrolls will be released on Friday (consensus is -180K).Today's Market Color
09/25/2009
August Durable Goods orders dropped, partly due to the pullback after the Cash for Clunkers program ended. The G-20 continues their meeting today;Fed Announces Extension
09/24/2009
Yesterday, the Fed announced that they would extend the MBS purchasing program for 3 months, but did not increase that amount that would be bought from the original $1.25T.FOMC Announces Decision Today
09/23/2009
The FOMC announces their decision this afternoon. Even though no rate move is expected, there is debate on whether or not any exit strategies/timelines from the various markets that the Fed is involved in will be discussed.Home Prices Stable to Increasing below $300,000
09/23/2009
REO listings under $300,000 have seen prices increase 6% since April 2009, while Short-Sales and Non-REO listing prices under $300,000 have been flat over the same time period.FOMC Two-day Meeting Starts Today
09/22/2009
The FOMC begins their two-day meeting today. With their announcement scheduled for tomorrow afternoon, market participants are curious whether the Fed will address exit strategies from the different markets that they are involved in.Today's Market Color
09/21/2009
It is a quiet day on the economic front ahead of Wednesday’s FOMC decision and $112B of Treasury supply hitting the market Tuesday-Thursday.Today's Market Color
09/18/2009
There is no economic data scheduled for release today. Stocks and commodities are off due to rising copper inventories.Housing Starts Best in Nine Months
09/17/2009
Initial jobless claims printed at the lowest level in two months; continuing claims remain elevated. Housing starts posted the best number in nine months.Today's Market Color
09/16/2009
The year-over-year CPI print of -1.5% was less deflationary than expectations; the core month-over-month number was in line with consensus.Retail Sales Are Up
09/15/2009
Retail sales posted a 2.7% increase, the most in 3 years; bonds are off.Today's Market Color
09/14/2009
Global equities are off on fears that stock prices have outpaced the prospects for earnings growth; commodities are down.Import Prices Climb
09/11/2009
Import prices climbed more than expected due to a weaker dollar.Jobless Claims Better Than Expected
09/10/2009
Both Initial and Continuing Jobless Claims printed better than expectations, with mild upward revisions to the previous week; the trade deficit widened by 16%, the most since 1999, due to auto demand caused by the “Cash for Clunkers” program.Mortgage Applications Surge
09/09/2009
MBA mortgage applications jumped 17% last week; the refinancing index was up 22.5%, the purchase index increased 9.5%.Global Equities Rally
09/08/2009
Gold broke through the $1,000/ounce threshold, causing global equities to rally; the dollar is down.Nonfarm Payrolls Better Than Expected
09/04/2009
Nonfarm Payrolls printed slightly better than expectations, -216K vs. -230K consensus, with a downward revision to the previous month.Daily Market Color
09/03/2009
Initial and continuing jobless claims printed worse than expectations.Daily Market Color
09/02/2009
The ADP print was worse than expectations, -298K, which may cause some analysts to worsen their estimates for Nonfarm Payrolls on Friday, currently -225K.Daily Market Color
09/01/2009
Chinese manufacturing increased at the greatest pace in over a year due to a record amount of lending, spurring a rally in copper and other commodities.Bonds Up Slightly
08/31/2009
Due to fears that equity prices have outpaced actual economic fundamentals, global stocks and US futures are down; bonds are up slightly.Consumer Spending Increases in July
08/28/2009
Consumer spending increased in July mainly due to the “Cash-for-Clunker” program.Jobless Claims Improve
08/27/2009
Initial and Continuing jobless claims improved slightly week over week.Mortgage Applications Are Up!
08/26/2009
MBA Mortgage Applications rose by 7.5% last week; refinancing was up by 13%, purchases were 1% higher.Economy Pulling Out of Recession?
08/24/2009
Both Federal Reserve Chairman Ben Bernanke and ECB President Jean-Claude Trichet said that the world economy is showing signs of pulling out of the recession.US Stock Futures Are Up
08/21/2009
After a 60% rally in stock prices, China plans to tighten capital requirements for banks.Daily Market Color
08/20/2009
Initial Jobless Claims continue to be weak, rising 15k from last week; continuing claims remain elevated.Mortgage Applications Jump
08/19/2009
Mortgage applications jumped 5.6% last week: refinancing up 6.9%, purchases +3.9%.German Investor Confidence Rising
08/18/2009
PPI printed lower than expectations due to falling energy prices; housing starts and building permits fell slightly from last month.Daily Market Color
08/17/2009
Foreign stock and US stock futures are down on concerns that the global economy may worsen; bonds are up.Short-Sale Pending Accelerate
08/14/2009
Short-sale inventory is declining as quickly as REO inventory, and there are three times as many short-sale pended escrows as there are closed escrows.Bonds Are Up
08/14/2009
CPI was unchanged in July, showing that inflation is under control; bonds are up.Daily Market Color
08/13/2009
The economies in Germany and France unexpectedly grew in the second quarter, giving evidence that the recession in Europe may be coming to an end.Daily Market Color
08/12/2009
The trade deficit was narrower than economist estimates due to increased exports.Market Color
08/11/2009
Nonfarm productivity jumped from 0.3% to 6.4% in the second quarter, mainly due to job cuts.Low Inventory Pushes Prices Up
07/15/2009
For the third month in a row, price per sq/ft, median and average prices have risen for homes priced below $750,000.00. With fewer than expected bank-owned properties hitting the market together with low interest rates, buyers are finding slim-pickings.Transitional Market Creates Opportunities
06/18/2009
Even though sales have slowed going into June due to interest rate increases; the median price, average price and price per foot went up in May due to inventory levels below three months. If you are priced to sell, homes are selling in 60 days.Short Sales on the Increase
05/11/2009
In a reaction to REO inventories now below one month’s supply, more buyers are turning to short-sales in hopes of snagging the home of their dreams.$8000 Homebuyer Tax Credit!
05/08/2009
A tax credit of up to $8,000 is now available for qualified first-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.Bank Owned Inventory is running out!
04/10/2009
It may only be a product of the many moratoriums on REO sales, that has dropped inventory levels down to just one month and below a month for pending sales which have jumped 24%,” said Michael Lyon, CEO of Lyon Real Estate. “The average REO sold price is hovering at $180,000 for the last three months.
