ARM Index Bulletin See the latest ARM indexes here Occasional news & changes about adjustable rate mortgage indexes and other financial indicators

May 5, 2008

No USD BBA Libor rates for May 5 (which would normally be reported tomorrow as per the traditional one day delay) as British bankers enjoy their Early May Bank Holiday.

Wednesday, April 30, 2008

This may be the last of the Fed rate cuts for a while.

The Prime Rate will, as usual, follow.

Monday, March 24, 2008

Remember: no daily Libor values were released Friday, and there won't be any today, so Thursday's numbers are still in effect.

Friday, March 21, 2008

IT'S GOOD FRIDAY, which means no daily Libor values will be issued today or on Monday; thus, the values for yesterday are in effect until Wednesday.

Fannie Mae and Freddie Mac are open for business, but Fannie's RNYs are not up yet (10 AM ET).

UPDATE: It's 11 AM, and the reports are going out without the Fannie RNYs.

UPDATE 2: They're closed, contrary to the assurances of the front desk.

Wednesday, March 19, 2008

As expected in the wake of yesterday's 3/4% cut in the Fed Funds rate, the Prime Rate is down to 5.25%. The GSE RNYs have been pogo-sticking around for several days; I'm glad I'm not a lender in these times.

Monday, March 17, 2008

Much news today: First, another emergency discount rate cut by the Fed, from 3.5% to 3.25%. Second, the Fed has established the Primary Dealer Credit Facility, which allows primary dealers (like Bearn Stearns) to borrow directly from the Fed window. In essence, it's a discount window for financial firms, like the one banks use.

In related news, RNYs and daily Libor values are falling again.

Wednesday, February 27, 2008

AND AGAIN: Freddie Mac's quotes are showing up late.

Tuesday, February 26, 2008

FREDDIE MAC is still having difficulties posting RNYs to its website.

UPDATE: The first posting is time-stamped 9:43. Reports going out.

Monday, February 25, 2008

FREDDIE MAC IS LATE posting its RNYs, so we will delay sending the reports for a short time.

UPDATE: 11 am and no RNYs - shipping the reports.

Wednesday, January 23, 2008

Rates and RNYs are, predictably, falling in the wake of yesterday's emergency Fed action to cut short-term rates. The Prime now stands at 6.50%; it was last at this level on 09-Aug-2005... but on the way up.

Tuesday, January 22, 2008

THE FED'S EMERGENCY RATE CUTS are in the online headines, including ours, so you already know that the Federal Funds rate is falling to 3.5% and that the the Discount Rate is falling to 4% (not that far below what the 30-year Treasury was trading at recently).

This prompted an email from a subscriber who'd heard that the WSJ Prime had fallen, and when we would report that. My reply:

We also hadn't heard that the Prime was falling, though we've no doubt it will (if grudgingly).

Monday, January 14, 2008

LIBOR RATES STILL FALLING: Libor yields continue to plummet - the short-term USD values are hovering around 4%, while the longer values are well under 4%.

All the cheaper money being made available by the Term Auction Facility is also having an effect (indirect as it may be) on home mortgage rates; the conforming national average has fallen to 5.87%, the lowest point since late September 2005. The average 5/1 ARM hit its lowest point in nearly two years.

Friday, January 11, 2008

We're doing some server maintenance - the reports will be delayed a bit longer this morning.

Wednesday, January 2, 2008

Freddie Mac's Required Net Yields page isn't updating. The Cash Desk is aware of the issue, so we're delaying the DIUS reports for a little while (but no later than 11 am ET) in hopes of getting them.

UPDATE: It's after 11 AM - the reports are going out w/out today's Freddie RNYs.

UPDATE II: First appearance at 1:25 PM ET.

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