| Last | Change | Percent | |
| S&P Futures | 2032.5 | -9.6 | -0.47% |
| Eurostoxx Index | 3398.3 | -15.9 | -0.47% |
| Oil (WTI) | 50.8 | -2.3 | -4.24% |
| LIBOR | 0.252 | -0.001 | -0.40% |
| US Dollar Index (DXY) | 93.84 | 0.239 | 0.26% |
| 10 Year Govt Bond Yield | 1.81% | 0.02% | |
| Current Coupon Ginnie Mae TBA | 103.1 | -0.2 | |
| Current Coupon Fannie Mae TBA | 102.8 | -0.1 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.8 |
Stocks are lower this morning on no real news. Bonds and MBS are down as well.
The ISM Services Index rose in January to 56.7. The ISM manufacturing index fell however.
Mortgage Applications rose 1.3% last week. Purchases were down 2.3% while refis were up 2.5%. Note that FHA purchases and refis soared after the proposed change in MI.
The ADP Employment Survey came in at 213k jobs in January, lower than expected. The Street is looking for 230k jobs in this Friday's employment situation report. The big number for Friday will be wage growth, not necessarily the payroll number of the unemployment rate.
Sign of the times: On the American Capital Agency conference call yesterday, one of the analysts asked the mortgage REIT giant "What happens to mortgage REITs if US Treasuries fall to German Bund type yields, below 50 basis point? What happens to the mortgage market? What happens to mortgage backed securities?" Six months ago, the question would be dismissed out of hand. No longer.
One thing is for sure - if that happens, stand by for the mother of all refi waves.
Partying like it is 1997. Staples and Office Depot are merging. Interestingly, the Obama administration has had a very laissez-faire attitude about antitrust enforcement. Arbs better watch and see if Obama's newfound progressivism extends to antitrust. They could be in a for a rude shock.
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