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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.MBS ALERT: Following The 3 Year Auction, MBS Move Back To Lows
In the few short minutes after the $40 3yr note auction, MBS have moved sharply into their lows of the day. Reprices for the worse are very possible even though post-auction trading is normally quite volatile. As far as the culprit, here are the relevant bullets on the auction.
- High yield of 1.223 % constituted an uncommon and somewhat significant tail vs. historical performance. Just over half the bids were taken at the high yield
- Bid to cover 2.98. Seems high, but last go-round was over 3.0, so don't read too much into it.
- Primary dealers took 14.41 bln and indirects at 24.25 bln
MBS chart:
[Image or graph removed from email. View full article with images]
We'd post links to lock section of all your lender's LOS's, but gotta draw the line somewhere. Shorter term deal and can't afford to hold out for a late day correction or the rest of the auction cycle in the coming days? You know what to do!
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Message:
YOUR MESSAGE HERE
MBS ALERT: Following The 3 Year Auction, MBS Move Back To Lows
In the few short minutes after the $40 3yr note auction, MBS have moved sharply into their lows of the day. Reprices for the worse are very possible even though post-auction trading is normally quite volatile. As far as the culprit, here are the relevant bullets on the auction.
- High yield of 1.223 % constituted an uncommon and somewhat significant tail vs. historical performance. Just over half the bids were taken at the high yield
- Bid to cover 2.98. Seems high, but last go-round was over 3.0, so don't read too much into it.
- Primary dealers took 14.41 bln and indirects at 24.25 bln
MBS chart:
We'd post links to lock section of all your lender's LOS's, but gotta draw the line somewhere. Shorter term deal and can't afford to hold out for a late day correction or the rest of the auction cycle in the coming days? You know what to do!
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.