Commentary at the close: MBS ended lower to begin the week and ahead of the two-day Fed meeting as investors may be feeling that the strong labor market could cause the Fed to hike four times this year. The Fannie Mae 30-yr 3.5% coupon closed at 100.75, -34bp. Stocks ended near unchanged as the Fed meeting looms. The Dow fell 21.50 points to 20,881.48, the NASDAQ rose by 14.05 points to 5,875.78, while the S&P closed near unchanged at 2,373.47. WTI oil closed at $48.40/barrel, near unchanged. 10-yr T Note yield 2.62%. Tomorrow's economic data is limited to February Producer Price Index. There will be no headlines from the Fed tomorrow.
Good Morning I was on Vacation last week. I apologize for the posts last week that were not detailed and the fact that new rates were not posted daily. On my next vacation I will need to figure out a better way of posting.
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.
3:58 PM S&P 500 closing near unchanged levels as traders sit on their hands heading into Wednesday's Fed statement.
|1:59 PM Alert To Lock!|
|1:32 PM Stocks lower as drug stocks drag, Fed meeting in focus.|
|12:58 PM At midday, MBS at session lows. DOW, S&P lower. 10-yr yield 2.60%.|
|12:37 PM MBS at fresh session lows. Be on guard for an Alert To Lock.|
|11:35 AM The Dow, NASDAQ and S&P push further into negative territory.|
|11:30 AM Not much movement in MBS for the past hour as traders sit on their hands ahead of the two-day FOMC meeting.|
|9:39 AM The S&P trades near unchanged soon after the open.|
8:25 AM There are no economic reports due for release today.
8:14 AM WTI oil $48.27/barrel, -$0.22.
8:14 AM The week's economic calendar features CPI, PPI housing and manufacturing data, retail sales, and consumer sentiment.
8:13 AM There are no Treasury Note or Bond auctions this week.
8:10 AM Fed Fund Futures show a near 90% chance of a hike to the short-term Fed Funds Rate.
8:08 AM MBS open near unchanged.
8:08 AM 10-yr T Note yield 2.57%, near unchanged.
8:01 AM The regularly scheduled two-day Fed meeting kicks off tomorrow morning on Capitol Hill and ends Wednesday at 2:00 p.m. ET with the release of the monetary policy statement.
8:01 AM Fed Chair Yellen will hold a press conference following the statement release at 2:30 p.m. ET.
7:55 AM A major nor'easter is bearing down on the Northeast in what could bring blizzard conditions and up to two feet of snow beginning late Monday night.
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.