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MBS Make It Back Into Positive Territory
Posted to: Micro News
Wednesday, November 14, 2012 10:43 AM
After opening at the lowest levels in a week, MBS have rallied nicely since about 9:30am, when domestic stock markets open for cash trading. At that time, Fannie 3.0s were trading at 104-21, but have since moved up to 104-31+, a total of 4 ticks higher than yesterday's closing levels. During that same time, S&Ps sold off 10 points and 10yr yields dropped 3bps.
The earlier negativity all occurred BEFORE most lenders generate their first rate sheets of the day, with the ensuing rally taking place both before and after rate sheet time. That makes things a bit uncertain as far as determining the general level of reprice risk as the day progresses and we'd advocated making a note of where Fannie 3.0s were trading when a particular lender released their first rate sheet of the day.
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