Mortgage News

September 6th, 2017

After close Commentary: MBS edged lower in today's session due in part to a modest rally in Stocks. Stocks rose after the Trump administration kicked the can down the road and extended the debt ceiling for three months. The Fannie Mae 30-yr 3.5% coupon closed at 103.69, -12bp. The Dow gained 54.33 points to 21,807.64, the S&P gained 7.69 points to 2,465.54, while the tech heavy NASDAQ finished higher by 6,393.31, +17.74 points. WTI oil closed at $49.16/barrel, +$0.50. 10-yr yield 2.10%, up from 2.05% this morning. Q2 Productivity and Weekly Initial Jobless Claims will be released tomorrow morning.

9:01 AM ET  3.5% Fannie Mae 30-yr coupon down 3 bp at a price of 103.78  up 9 bp when rates were set yesterday at 10:00 am et Open 103.75 High 103.81 Low 103.75

Dailey Moving averages we are currently above:  200 $102.58  100  $102.99   50 103.05  and 25 103.34 Others numbers psychological numbers New First level of Support 103.47,  New Second Level of support $103.34

First level of resistance $103.69 low of 11/10/16 Second level of resistance $103.90 half of the trading range of 11/10/16.  The Presidential election was 11/08/16.  On that day the MBS closed at $104.91

Wed, Sep 06 8:42 AM The MBA reports that the 30-yr fixed conforming rate fell to 4.06%, jumbo 30-yr rate declined to 3.96%, FHA 30-yr rate decreased to 3.98%, all lows since mid-November.
Wed, Sep 06 8:39 AM The MBAs refinance index rose 5.1%, purchase index up 1.4% as rates hit their lowest levels since mid-November.
Wed, Sep 06 8:37 AM The MBA reports that its Market Composite Index, a measure of total mortgage loan application volume, rose 3.3% in the latest week.
Wed, Sep 06 8:23 AM President of the Institute for International Monetary Affairs in Tokyo, Hiroshi Watanabe, said the Bank of Japan should scale back its stimulus and give up on reaching the 2% inflation target.
Wed, Sep 06 8:21 AM The ISM Service Index will be released at 10 a.m., Fed's Beige Book at 2:00 p.m.
Wed, Sep 06 8:20 AM U.S. dollar index 92.20, near unchanged.
Wed, Sep 06 8:19 AM WTI oil $49.18/barrel, +$0.52.
Wed, Sep 06 8:18 AM The 10-yr T Note yield 2.07% near unchanged and closed yesterday at its lowest level since November 10 ... 2.06%.
Wed, Sep 06 8:17 AM Three Fed policy makers signaled caution on rate hikes yesterday due in part to low inflation levels.
Wed, Sep 06 8:13 AM Investors are also zooming in on Hurricane Irma which is expected to become the second powerful storm to hit the U.S. mainland in as many weeks. The storms trajectory remains uncertain at this point in time.
Wed, Sep 06 8:12 AM Stocks fell yesterday due in part to the ongoing tensions in North Korea, debt ceiling woes and some profit taking.
Wed, Sep 06 8:11 AM MBS open near unchanged as S&P futures point towards a higher open trying to rebound from yesterday's decline.

Johnmarbury.com has attempted to verify the information contained on this post.  However any aspect of such may change without notice.  Johnmarbury.com does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. Forgive my spelling and grammatical mistakes due to writing skills that are lacking and the need to communicate quickly.  

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