• March 31, 2024
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By Jerry Rosengarten I’ve always loved acting. Perhaps it’s because, as a child, I struggled with dyslexia, and reading aloud was an ordeal. But memorizing lines and delivering them to applause was pure magic. Yet, despite my passion for acting, I never pursued it as a full-time career. The uncertainty and risk associated with life

• November 9, 2023
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11/09/23 WRAP UPUMBS 6.0 98.69 (-58bps)10yr yield 4.63 Rates were hurt today because the 10yr bond auction went poorly, and Powell’s comments today that the Fed will move carefully but won’t hesitate to raise rates further to curb inflation. This could trigger rates to creep higher, so consider locking some loans, especially if haven’t seen

• August 28, 2023
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WRAP UPUMBS 6.0: 99.73 (+16bps)10yr yield: 4.21If repriced better today, consider taking it, otherwise todays gains give some protection to floating into tomorrow. Again, there is little reason to believe that rates will fall much from here, but any improvement we do see will come from weak labor data and could start with tomorrows JOLTS

• July 5, 2023
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MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently down -26 BPS. Rosie the Riveter: May Factory Orders fell short of expectations, up 0.3% vs. est. of 0.8%. However, it was expansionary and the second straight monthly increase of 0.3%. The Talking Fed: We got the Minutes from the last FOMC meeting at

• February 2, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is down -21 BPS with 60 minutes left to trade. Jobs, Jobs, Jobs: The January Challenger Job Cuts Report almost tripled from December, 102,943 vs. 43,651. Initial Weekly Jobless Claims were lower than expected, 183K vs. est. of 200K. The more closely watched

• January 30, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is down -4 BPS with 60 minutes left to trade. Rosie the Riveter: The regional Dallas Fed Manufacturing Survey just had its 9th straight month of readings below zero, this time it contracted by -8.4 and is yet another data point that confirms

• January 26, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is down -1 BPS with 60 minutes left to trade. Taking it to the House: December New Home Sales hit 616K units on an annualized basis vs. est. of 617K, it was a slight improvement over November’s annualized pace of 602K units thanks

• January 18, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is up +25 BPS with 60 minutes left to trade. Taking it to the House: Weekly Mortgage Applications shot up by 27.9%. Refinances rocketed up by 34.2% and Purchases were up 24.7%. The January NAHB Index came in at 35 instead of 31

• September 4, 2020
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The U.S. economy added 1.4 million jobs in August, indicating the pace of rehiring has eased amid growing fears the nation faces a slow recovery from the coronavirus pandemic. The unemployment rate dropped to 8.4%, according to the Labor Department.

• September 18, 2019
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The Federal Reserve cut its federal funds rate on Wednesday by a quarter percentage point to a range of 1.75 percent to 2 percent but offered few signs that further cuts are ahead. The decision comes at the end of its two-day policy meeting.  The vote was 7 to 3.   We would expect one more