FOMC
3/16/10 Mortgage Backed Securities are plus 6bp this morning. The FOMC holds a rare 1 day meeting. I wrote yesterday that the results would be released on Wednesday. The results will be released today at 1:15. The markets will be in a holding pattern until after the minutes are released. I would be prepared to lock.

I have listed the average monthly rate for the 30 year fixed rate mortgage for the last 6 years. You will see that rates typically move up between .375% and...

Now Up Ben Bernanke, Bernanke
3/15/10 Mortgage Backed Securities are minus 6bp this morning. All eyes will be on the Fed's meeting that starts on Tuesday. The minutes of that meeting will be released on Wednesday at 1:15. The latest batch of economic news is what analyst expected. There seems to be less doom and gloom in the markets. The same can not be said for the labor market as we have not seen any improvement in the unemployment rates. The Fed does not take unemployment into consideration...

Jobless Claims
3/11/10 Mortgage Backed Securities are minus 12bp this morning. Jobless claims were reported in line with expectations this morning. The markets are currently trading at mixed levels. Today is another slow news day. We will see the results of the 30 year note auction at noon. Traders will wait to see the retail numbers that will be released before the bell on Friday. It is possible we will not see much action before the Fed meets next week Tuesday. China released a higher...

No News
3/10/10 Mortgage Backed Securities are minus 22bp this morning. I have not been able to find any news that would move the markets today. We have auction results being released at noon today. The Fed starts their 2 day meeting next Tuesday. Thursday we have intial jobless claims, but they are not expected to move the markets. I will update the commentary if news breaks.

I have listed the average monthly rate for the 30 year fixed rate mortgage for the last 6 years....

More Money
3/9/10 Mortgage Backed Securities are plus 9bp this morning. The Treasury will auction another 72 billion dollars in Treasury notes starting today with 40 billion in 3 year notes. Rates on some products open slightly better today. There was no real reason for the move. We will have to see how today's auction goes to see if the rates hold. Remember China started decreasing its exposure to US debt. Greece also had a large auction last week. Simple supply and demand economics will...