Market Quote

RIGHT NOW: 11/24/08 2:22 PM

The market is Worse by 1/8 since Monday 's ratesheet.

Auction was OK.

Market Quote

RIGHT NOW: 11/24/08 11:16 AM

The market is Unchanged since Monday 's ratesheet Understanding the RateLink service: The first grid below resets each day at 10:00 am ET when pricing is set by your company or wholesalers.

36B in 2-year notes to be auctioned @ 1:00 pm ET.

Market Commentary

Update #2 12:15pm ET

Mortgage bonds continue to slide this afternoon giving back the earlier gains from this morning. Stocks and MBS have bounced around considerably between positive and negative territory this week and that trading pattern is unlikely to stop anytime soon. Equities are likely to continue to set the tone. As the US and global economies struggle, companies remain in trouble. Most see the domestic auto sector on its last legs and job losses continue to escalate. Unfortunately mortgage bonds are not seeing the same strong flight to quality buying that Treasuries are. The DOW is down around 26 points after being down over 200 points earlier this morning.

Oil fell below $50/barrel this morning, the lowest level since January 2007. Weekly jobless claims rose to 542,000, higher than the expected 505,000 mark.

Leading economic indicators fell 0.8%, weaker than the expected 0.6% decrease. Philadelphia Fed report fell 39.3, lower than the expected 35 decrease.

Following the Fed minutes yesterday afternoon the consensus remains that additional Fed cuts are on the way. The problem the Fed has is the fact that they are nearing the bottom of zero percent and will have to utilize other avenues to help stabilize the economy.

With so much uncertainty throughout the US and global economies, volatility is likely. Be cautious.

Market Quote

RIGHT NOW: 11/20/08 10:34 AM

The market is Worse by 1/4 since Thursday 's ratesheet Remember, first grid below resets after pricing is set at 10:00 am ET each morning. At that time, rates were better by 1/4 to 3/8(net up 11/32nds, 34 basis points) since pricing Wednesday morning. Figures in first grid below now reflect changes since pricing this morning.

WATCH RATESHEETS CAREFULLY. Some companies priced more aggressively and will therefore be quicker to take the gains back if we continue to push negative. Others were less aggressive in earlier pricing and won't be as quick to reprice if we continue negative, but the point is to be VERY CAUTIOUS

Market Commentary

3:30 pm ET
Mortgage bond are slightly weaker this afternoon following the Fed minutes. The minutes point toward additional Fed rate cuts. MBS have bounced between positive and negative territory all day. The DOW closed down 427 points.

The consumer price index fell 1%, lower than the expected 0.8% decline. The core, which excludes volatile food and energy prices, fell 0.1%, lower than the expected 0.1% increase.

Housing starts fell 4.5% as expected.

The Fed minutes showed: Economic developments could force more rate cuts See DEFLATION risk Credit Market and housing concerns continue Policymakers limited b/c nearing the bottom limit of zero on rates As we warned at the open, whipsaw trading has been the norm as of late, so expect trading conditions to be more of the same. With so much uncertainty throughout the US and global economies, volatility is likely.

Market Quote

RIGHT NOW: 11/19/08 4:11 PM
The market is Worse by 1/8 since Wednesday 's ratesheet.
Trading remains choppy, be cautious

Market Commentary

Mortgage bond prices closed sharply lower Thursday driving home loan rates higher. Rates got hammered following a not so hot 30-year auction and surging stocks. The DOW Jones index closed higher by 553 points.