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MBS RECAP: Tough Day For Mortgages, Treasuries Outperform
Posted to: MBS Commentary
Tuesday, November 13, 2012 4:06 PM

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MBS Live: MBS Afternoon Market Summary
MBS struggled all day long despite the fact that Treasuries enjoyed a reasonably smooth and uneventful ride near the stronger side of Friday's range.  For Treasuries, the day was seen as calmly holding a moderate 2bp improvement.  But for MBS, things were quite different.  Fannie 3.0s started out roughly 2 ticks weaker on the day and, factoring out the effects of the roll, did spend most of the morning in positive territory.  Since 11am, however, MBS have been on the ropes, ratcheting lower in 2 discrete waves--the first into the noon hour and the 2nd into 4pm.  The latter brings us just a bit lower than than the noon-hour weakness and kept negative reprice risk on the table for any lenders who hadn't repriced earlier in the day.
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
104-29 : -0-05
FNMA 3.5
106-11 : -0-05
FNMA 4.0
106-25 : -0-06
FNMA 4.5
107-15 : -0-06
GNMA 3.0
106-12 : -0-05
GNMA 3.5
108-13 : -0-05
GNMA 4.0
108-28 : -0-06
GNMA 4.5
108-04 : -0-04
104-19 : -0-05
105-31 : -0-05
106-08 : -0-09
106-24 : -0-07
Pricing as of 4:05 PM EST
Afternoon Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.

2:24PM  :  Budget Deficit Rises To $120 Billion In October
(Reuters) - The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.

The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.

Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.
11:27AM  :  ALERT ISSUED: Negative Reprice Risk Increasing As MBS Hit Lows Of The Day
Germany's Shaeuble is out in confirmation of earlier news that Germany is indeed discussing paying three of Greece's scheduled bailout payments in one lump sum. Bond markets resisted the initial "risk-on" swing at first, but have since slipped to their weakest levels of the day.

Fannie 3.0 MBS are down 3 ticks now at 104-31 and 10yr yields just crossed higher over 1.60. It doesn't currently look like it will be a runaway sell-off, but negative reprice risk is elevated for now.
Live Chat Featured Comments
A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.

Tom Schwab  :  "REPRICE: 3:50 PM - AMC Worse"
Tom Schwab  :  "REPRICE: 3:20 PM - Franklin American Worse"
Victor Burek  :  "REPRICE: 1:27 PM - Nexbank Worse"
Eric Franson  :  "REPRICE: 12:56 PM - Wells Fargo Worse"
Debbie Petilos  :  "I think M&T will do up to 125% on Freddie"
Grant R. Menard  :  "can do up to 175% (DU) no problm with UWM. (unted wholesale mortgage). NO mi transfers though.. "
Chris Kopec  :  "Over 105% seems to be a wasteland now. Someone needs to tell the government nobody is doing their programs."
DK  :  "curt i think I've heard Quicken? But not sure"
Tom Schwab  :  "REPRICE: 11:59 AM - Flagstar Worse"
Curt Sandfort  :  "lemme try this again....who is taking open access at 116% LTV, can't seem to find a home over 105%"

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.77%
  • |
  • 15 Yr FRM 3.05%
  • |
  • Jumbo 30 Year Fixed 3.58%
MBS Prices:
  • 30YR FNMA 4.5 108-19 (-0-01)
  • |
  • 30YR FNMA 5.0 110-18 (0-01)
  • |
  • 30YR FNMA 5.5 111-25 (-0-03)
Recent Housing Data:
  • Mortgage Apps -3.37%
  • |
  • Refinance Index -2.90%
  • |
  • Purchase Index -3.65%