MBSQuoteline - Frequent Questions - Mortgage Backed Securities - www.mbsquoteline.com
FAQ
Browse through these answers to our most asked questions to see how MBSQuoteline can help you make more money and become an expert in the mortgage industry. If you don't find what you're looking for, feel free to contact us. We look forward to serving you.
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Most Frequently Viewed Questions
What is the relationship between Treasury prices and MBS prices?
Unfortunately there is no simple answer to this question. Treasury securities and MBS are substitute investments for a fixed income portfolio, but MBS are more complicated. The main thing to keep in mind is that nearly every event which causes Treasury prices to rise will also cause MBS prices to rise, and likewise if the former fall, then the latter will, too. For a more comprehensive explanation please read Understanding the Markets.
Does MBSQuoteline make lock/float recommendations?
We constantly watch the MBS markets and alert you in advance whenever repricing is likely, so that you will have time to react before it occurs. We believe that getting an occasional extra eighth or quarter of a point is a big deal.

We also analyze every event in both the short term and the longer term that may impact MBS prices and address the degree of risk each poses. Our approach recognizes that the risk tolerance and time horizon of each person is different, so the only proper forecasting method would be to tailor every recommendation based on your unique preferences. Otherwise it would be similar to a financial advisor recommending the same investment portfolio for all of our members. We always provide the most up to date assessment of MBS market conditions and risks on the horizon, so that you can make the best decisions when you need to based on the amount of risk you are comfortable with.

By nature, markets react to the unknown. In most cases, we believe that an accurate assessment of the riskiness of the market, meaning how likely it is that there will be large price movements, is the proper criteria for making your decisions.
Am I allowed to put your information on my website or in my newsletter?
No. Our Terms of Use do not permit you to reproduce any material from MBSQuoteline without our permission. Please contact us at 1-800-627-1077 if you are interested in finding out more.
When do MBS markets open and close?
MBS markets trade continuously around the world, but for all practical purposes US investors focus on a trading day between 8:00 AM est and 4:00 PM est. On volatile days, MBS prices occasionally continue to move after 4:00 PM et, so we monitor the market and display prices on the daily graph until 6:00 PM et.

The daily pricing is typically released by investors around 9:45 AM est, and repricing will usually occur during business hours.
How will I be billed?
Features
What is the Mini-Window?
The Mini-Window is located in a dropdown box below the pricing chart on the Homepage. It allows you to select one of three options to display in a small window which can remain open even if you minimize the website. The three choices include a Summary Prices table, FNMA Change Tracking, and GNMA Change Tracking. Please note that if other programs are open, they must be partially minimized (not take up the full screen) or they will cover the Mini-Window.
What information is displayed on the Home Page Chart?
The chart on the Home Page displays MBS prices for the current day, which enables you to judge the price action at a glance. The side axis shows the price change in units of 1/32 of a point. The bottom axis runs from 8:00 AM et to 6:00 PM et. You can quickly get a feel for the volatility of each session, and you can conveniently look up the price at any time earlier in the day, such as the morning pricing level. In addition, you can see the reaction to an important piece of news. Placing the mouse on a point on the chart will display the price and time associated with that piece of data. You will quickly see that this chart is a valuable tool for efficient information management.

Prices on the chart reflect the gains or losses since the prior day's close. For example, a change of .02 means that MBS prices are 2/32 higher than yesterday's closing level. Similarly, -.04 means 4/32 lower, and .00 indicates no change from the prior day's closing level. Positive changes for the day are shown in black and negative changes for the day are shown in red.

You can choose to display the GNMA pricing chart on the homepage in place of the FNMA chart. You can easily switch back and forth between the two charts at any time with one button click.

Please note that the quoted pricing in all our updates is based on FNMA pricing.

Located below the pricing chart, there is a conversion table dropdown box which shows the conversion between 32nds and basis points.
What information is displayed on the RNY chart?
The chart of FNMA RNY shows the daily movement for the last three months. You can change the time frame to show periods between one month and twelve months of daily data, as well as 3,5, or 10 years of monthly data.
Why don't you display trading volume for MBS markets?
If it were available, we would display trading volume for MBS markets. Volume measures are generally available only for equity markets, however. For bond markets, Wall Street dealers often have a pretty good sense of the trading volume, based on the volume observed at their own firm and through talking to other dealers, but there is no overall collection of volume data.

Trading volume sometimes has an impact on MBS markets. During periods of light trading volume, movements in MBS prices may be larger than average. With fewer active participants, prices might have to move by a greater amount to find someone willing to take the opposite side of a large trade.
What features do you offer?
We offer streaming real-time prices for mortgage-backed securities and treasuries, top stories and analysis of news moving the MBS market, and more.
What economic events do you cover?
Economic reports covered include: Chicago Purchasing Managers Index, Conference Board Consumer Confidence, Consumer Price Index (CPI), University of Michigan Consumer Sentiment, Construction Spending, Durable Goods Orders, Employment Cost Index, Employment Report, Existing Home Sales, Factory Orders, FOMC Meetings, Gross Domestic Product (GDP), Housing Market Index, Housing Starts & Building Permits, Industrial Production, Capacity Utilization, Initial Jobless Claims, ISM Manufacturing Index, Index of Leading Indicators (LEI), MBA Applications Survey, New Home Sales, Non-Farm Payrolls, NY Fed Empire State Manufacturing Survey, Personal Income, Personal Spending, Producer Price Index (PPI), Productivity, Regional Manufacturing Surveys, Retail Sales, Unemployment Rate, and Wholesale Inventories. Also covered are economic events that shape the market - Federal Open Market Committee (FOMC), G7 meetings, Treasury Auctions, Federal Reserve Speakers and other key speakers.
What does live pricing mean?
Unlike others, we offer streaming real-time prices. This means that as soon as MBS traders execute a trade, we post the price of the trade within seconds. In short, we immediately update prices taken straight from the source.
What pricing data do you provide?
We offer streaming real-time prices for mortgage-backed securities and treasuries including Fannie Mae (FNMA), Ginnie Mae (GNMA), and Freddie Mac (FHLMC). For the complete list of additional prices, go to the MBS Prices & Money Rates Section.
Why do you offer daily, weekly, and monthly analysis?
This is for your benefit. Different time frames will give you different perspectives and serve different purposes.

Daily News & Analysis
Get right to the meat of the market by following top stories as they happen. With MBSQuoteline, you're constantly connected to the news and events moving the MBS market, including expert analysis that digs even deeper into what's happening. When you know what's moving the market and why, your clients see you as the expert, and knowledge becomes more than power, it becomes profit.
Week in Review
With a quick, concise weekly recap, you know where you've been and where you're going. Not only can you reflect on the news and numbers that shaped the market last week, you can give your clients something to think about. Use the MBSQuoteline Week In Review as an update for clients, or to keep in touch with realtors. It's an impressive reminder of how diligently you're tracking the market on their behalf. This great marketing tool -- an MBSQuoteline exclusive -- is e-mail and printer friendly. Just click on the link and send it on.
Month in Review
There's nothing like a little historical perspective when it comes to the market. A comprehensive look at where last month went and where next month is going, puts yet another powerful tool in your hands. Why not share it with your clients and realtors? Interesting and informative, it's another great marketing tool available exclusively to MBSQuoteline subscribers.
Can I access past news and analysis?
Yes. All of our daily, weekly, and monthly reports are archived and conveniently organized for your quick access at any time.
Can I access past data?
Yes. Our charting tools allow you to see historical data with a few simple clicks of your mouse. For example, you can see either one week or one month of events on the Economic Calendar simply by clicking on the week or month you want to see.
Company
How will a MBSQuoteline membership benefit me?
From loan officers to managers MBSQuoteline puts all the tools that mortgage professionals need to make savvy decisions in one place. Get streaming real-time prices for mortgage-backed securities and treasuries, top stories and analysis of news moving the MBS market, and more. Now you can manage risk to your advantage and handle every turn the market takes. MBSQuoteline is designed to make you more successful, from making better lock/float decisions, to marketing yourself as a trusted advisor.
What makes real-time prices and updates critical?
MBS prices can move at any time. When important news is released, for example, they often react instantly, which makes it critical to be informed immediately. Sometimes the news is scheduled in advance, such as economic data releases and Federal Reserve meetings. In these cases, we will inform you in advance that a potentially volatile event is on the horizon so you can plan accordingly, and then we will report the outcome to you as it happens, allowing you to be one of the first to react. Occasionally unexpected news occurs, such as a terrorist attack or a hurricane, and this provides a much greater challenge for a mortgage professional. You can't plan for the unknown. For these situations, it's absolutely critical to have access to real-time analysis and pricing, and this is when you will gain the greatest advantage over your competitors by using MBSQuoteline. You will discover that in uncertainty lies the greatest opportunity. Handled properly, your early reaction will lead to better execution prices and greater profits. Finally, since investors can trade for their own reasons, prices sometimes move at seemingly random times for no apparent reason.
What is MBSQuoteline?
MBSQuoteline is the total resource for mortgage professionals, including streaming real-time prices. Thousands have turned to us over the last 15 years to report all the relevant news in clear, concise language. Please go to About Us for a complete description of MBSQuoteline and its staff.
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Yes. Please call to discuss corporate or group rates.
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Yes. With one simple phone call to our 800 number you can cancel at any time with no hassle and no pressure.
How will I be billed?
This credit card will be billed monthly on an automatic basis unless you cancel your subscription. Please see Terms and Conditions for our cancellation policy.
How can I become a member?
You can quickly become a member by filling out our short Join page.
How does your guarantee work?
We're so confident that your MBSQuoteline subscription will help you make better lock/float decisions, make more money and become more of an expert in your clients' eyes, that at any time within 30 days of joining, if you are not completely satisfied you can cancel your subscription and receive a full refund. No questions asked. We've taken all the risk out of subscribing to MBSQuoteline, so you can take advantage of all the rewards. See Terms and Conditions for more information.
Will I receive a lot of unwanted emails from you?
Absolutely not. Our purpose is to increase your efficiency, not to waste your time with frivolous emails. You will have the option to receive valuable email alerts about price movements, but we will send them only if you choose to receive them. Otherwise we will send out unsolicited emails very infrequently to tell you about new features or for similar purposes.
Will you share my information?
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Am I allowed to put your information on my website or in my newsletter?
No. Our Terms of Use do not permit you to reproduce any material from MBSQuoteline without our permission. Please contact us at 1-800-627-1077 if you are interested in finding out more.
Can I send your info to a friend or share it with my customers?
Yes. You can easily email a page from the MBSQuoteline website, such as a daily report, to a friend or customer subject to the Terms of Use.
How often do your web pages refresh?
MBSQuoteline will automatically refresh every time we post any new information so you will always receive the most recent information. New prices will be sent within seconds every time there is a change in prices, as soon as the trade occurs in the market.
Markets
Does MBSQuoteline make lock/float recommendations?
We constantly watch the MBS markets and alert you in advance whenever repricing is likely, so that you will have time to react before it occurs. We believe that getting an occasional extra eighth or quarter of a point is a big deal.

We also analyze every event in both the short term and the longer term that may impact MBS prices and address the degree of risk each poses. Our approach recognizes that the risk tolerance and time horizon of each person is different, so the only proper forecasting method would be to tailor every recommendation based on your unique preferences. Otherwise it would be similar to a financial advisor recommending the same investment portfolio for all of our members. We always provide the most up to date assessment of MBS market conditions and risks on the horizon, so that you can make the best decisions when you need to based on the amount of risk you are comfortable with.

By nature, markets react to the unknown. In most cases, we believe that an accurate assessment of the riskiness of the market, meaning how likely it is that there will be large price movements, is the proper criteria for making your decisions.
What information is displayed in the Home Page Pricing Tables?
MBS prices for the 3 major agencies for 15 yr and 30 yr securities are displayed. The gains or losses since the prior day's close are also shown. For example, a change of .020 means that MBS prices are 2/32 higher than at yesterday's closing level. Similarly, -.040 means 4/32 lower, and .000 indicates no change from the prior day's closing level. Positive changes for the day are shown in black and negative changes for the day are shown in red.

MBS prices by convention are quoted in thirty-seconds of a point. In our price presentation the first two numbers after the decimal point will always range from 00 to 31. A price of 100.040 means 100 and 4/32. Since 1/32 is equal to 0.03125, a simple rule to convert from from fractions to decimals is to multiply the number of 32nds by 3. For example, 4/32 is about equal to 0.12 or 12 basis points. A conversion table dropdown box with the exact conversions is available on the homepage.

Our prices also display a third digit after the decimal point, which could be 0,1,2,3,+,5,6, or 7. These represent eighths of a 32nd, with the + replacing a 4. For example a third digit that's a 7 means the price is some number of 32nds plus 7/8 of a 32nd, while a + means 4/8 or 1/2 of a 32nd. To sum up, a price of 100.173 means 100 and 17/32 and 3/8th of a 32nd. (In basis points this would be a price of 101.54297.) We round the third digit in all commentary.

Can I see prices in basis points rather than 32nds?

You have an option to receive our emailed market updates and alerts and our text messaged alerts with the MBS prices and price changes discussed in basis points. This option can be made through the My Profile section of the web site under the Edit Delivery Preferences tab, or you can call in your request to 800-627-1077 or email info@mbsquoteline.com.

Selecting this option will not change what you see on the MBSQuoteline website. The prices and price changes on the website will continue to be shown in 32nds, as described above.

Every time a trade takes place in the market, the prices will update within seconds. The 9:45 est pricing level (a benchmark time around which most price sheets are issued) is displayed just above the prices table.
Can I see prices in basis points rather than 32nds?
You have an option to receive our emailed market updates and alerts and our text messaged alerts with the MBS prices and price changes discussed in basis points. This option can be made through the My Profile section of the web site under the Edit Delivery Preferences tab, or you can call in your request to 800-627-1077 or email info@mbsquoteline.com.

Selecting this option will not change what you see on the MBSQuoteline web sites. The prices and price changes on the web sites will continue to be shown in 32nds, as described above.
Why does repricing occur at different prices?
It can be very confusing keeping track of MBS prices and pricing levels. The answer to your question is that lenders issue repricing based on the change in prices from their original pricing level. MBS prices, like other markets, are quoted as the change from the prior day's close. Lenders, however, use the current price at around 9:45 est to issue their pricing. If prices at 9:45 est are -8/32, for example, and fall to -14/32 at noon est, lenders might issue repricing because prices fell 6/32 from their 9:45 pricing level. The next day prices may be +31/32 at 9:45 est, meaning that they have risen almost a point since the close the night before. This time, lenders will likely issue repricing if prices fall to +25/32, which is a drop of equal magnitude, 6/32. You just need to keep track of your reference point. We try to clearly point out the change from the original pricing level in our updates.
When do MBS markets open and close?
MBS markets trade continuously around the world, but for all practical purposes US investors focus on a trading day between 8:00 AM est and 4:00 PM est. On volatile days, MBS prices occasionally continue to move after 4:00 PM et, so we monitor the market and display prices on the daily graph until 6:00 PM et.

The daily pricing is typically released by investors around 9:45 AM est, and repricing will usually occur during business hours.
What is the relationship between Treasury prices and MBS prices?
Unfortunately there is no simple answer to this question. Treasury securities and MBS are substitute investments for a fixed income portfolio, but MBS are more complicated. The main thing to keep in mind is that nearly every event which causes Treasury prices to rise will also cause MBS prices to rise, and likewise if the former fall, then the latter will, too. For a more comprehensive explanation please read Understanding the Markets.
What is a MBS?
MBS are actually pools, or groups, of mortgages packaged into securities for sale in the secondary market. One security may, for example, be made up of 500 loans totaling $75,000,000. These MBS are traded in markets in a manner very similar to stocks and other fixed income securities, and what investors will pay for these drives interest rates. For a more comprehensive explanation please read Understanding the Markets.
Why are MBS prices more volatile on some days than on others?
Price changes typically occur in response to the release of news. Some days simply contain what traders deem to be more important news. Examples of news which may affect MBS markets include the release of economic data, statements by Federal Reserve officials, election results, and terrorist activities. For these situations, it's absolutely critical to have access to real-time analysis and pricing, and this is when you will gain the greatest advantage over your competitors by using MBSQuoteline.
Why are MBS prices shown for the current and upcoming month?
When a loan is closed, and ultimately placed in a Mortgage Backed Security, determines what price that loan brings. The sooner it can be placed, the more value it has in the market. Conversely, if a loan won't close, and thus won't be placed in a security, for a longer period of time, it has less value. This is exactly why longer term locks are more costly than shorter term locks. Just like you can get a better price on a 15 day lock than a 60 day lock, investors can do the same. We show prices on the current and upcoming month so you can see what that price difference is. So if you are watching the market to make an informed decision about a 15-30 day lock, you should look at the current month's prices, and the upcoming month for a 45-60 day lock.
Why are coupons with different interest rates shown?
Depending on market conditions at the time, the price change for different interest rates may not always be the same. For example, you may have seen investors re-price lower (discount points increase), and the price for some rates moves by .25 points, while others only move .125 points.
So suppose you have two loans, one at 6% and one at 5.25%, and you are watching the market to make an informed decision about when to lock them. The 6% loan would likely be placed in a 5.5% MBS coupon, while the 5.25% loan might be placed in a 5% MBS coupon. These coupons not only have different prices, but how much their price changes as the market moves can be different too. So we provide you all the coupon prices so you have the information you need for any loan you have.
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