We hope this come back does not disappear

December 7th, 2016

 

What Is Going On With Interest Rates?  #wigowir

 

Below is the news when it happened and the market’s reaction.  For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time.  When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.

4:02 PM The Dow (19,549), S&P (2,241) and the Nasdaq (5,393) all close at record highs.

3:05 PM MBS continue to trade higher now at best levels of the session.

2:56 PM The Dow (19,538), S&P (2,235) and the Nasdaq (5,385) all hit record highs in today's trading.

1:59 PM 10-yr T Note yield edges lower to 2.34%.

1:36 PM Dow surges higher by 200 points, but MBS show resilience holding solid gains.

12:46 PM Near midday, MBS holding gains, despite the S&P being in positive territory. Dow up almost 100 points.

12:26 PM The Dow, Nasdaq and the S&P all now in positive territory.

11:20 AM The Dow and S&P trade positive, Nasdaq in negative territory.

10:24 AM The number of job openings little changed in October at 5.5 million, reported by the Job Openings and Labor Turnover Survey (JOLTS).

10:18 AM The Fannie Mae 3.5% 30-yr coupon pokes its head above resistance at 102.75, now at 102.78.

Commentary: Slowly but surely the come back currently is continuing.  MBS peaks above R1 ($102.75)  Stay tuned to see if this continues.  On the rate page you will see that the 30 year fixed went down 0.125%.

 

 

10:08 AM MBS hit session highs as the Stock rally pauses.

9:51 AM The S&P trades modestly lower soon after the market open.

8:23 AM WTI oil $50.41/barrel, -$0.53.

8:23 AM There are no major economic reports due for release today.

8:22 AM U.S. dollar index 100.51, unchanged.

8:18 AM Please remember those brave souls who perished defending our country and civilians in the Pearl Harbor attack 75 years ago today ... December 7, 1941.

8:14 AM The MBAs refinance index -1.0%, purchase index +0.4%.

8:13 AM The MBA reports that its Market Composite Index, a measure of total mortgage application volume, slipped 0.7% in the latest week.

8:10 AM The recent decline in Mortgage Bond prices and higher yields pushed the 30-yr fixed conventional mortgage rate ($417K or less) up to 4.27%, the highest since October 2014, reports the MBA.

8:09 AM The 10-yr T Note yield edges lower to 2.36% from yesterday's close of 2.40%.

8:07 AM MBS open modestly higher.

8:06 AM Bond prices rise as oil and S&P futures come under pressure.

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. On October 5th we started posting our rates and leaving them on the site for you to refer back to. This will allow  you see where actual rates have been along with the news that caused the fluctuations on the rate sheet.  I ask that you forgive my spelling and grammatical mistakes. This is due writing skills that are lacking and the need to communicate quickly.  Most of the information posted on this blog along with the charts and indexes are available all during the day to the subscrbers of www.themortgagemarketguide.com  The cost of subscription is very reasonable.

Contact

John Marbury
jmarbury@nationalbankofcommerce.com
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