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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (24347)1/10/2005 2:57:03 PM
From: russwinter  Read Replies (2) of 110194
 
The 4th quarter looks huge for the homebuilders, as the MBAA purchase index soared to an astonishing 436-496 range in Oct-Dec. However it could be that this last jump in the ARMs rate year end to 4.17% may finally be talking it's toll, with that Jan. 5th drop to 417. The Wednesday number will be illustrative as the ARM should be even higher, and when the next two rate increases hit, we may have a new ball game. There is also the prospect for agency yields to widen as there's hardly any premium at all over treasuries right now,
gcm.com
as it's difficult to envision the foreign CBs continuing to subsidize (and distort) things they way they have lately. Custodials bought $6,593 billion agencies in the two weeks ending 1-6.
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