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MBS Fall A Quick 4/32nds. Negative Reprice Risk Already Increasing
Posted to: Micro News
Tuesday, November 20, 2012 10:36 AM

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As of now, it looks like bond markets are willing and able to digest a bit of weakness that began at 10:20am. It's not clear whether bond markets are responding to progressive upticks in stocks or if the weakness is owing in some way to the Fed's scheduled Twist buying. It could be as simple as a large block trade in Treasury futures going through around that time.

Causality it less important than the price action and it's effects on MBS. To that end, Fannie 3.0s are 4 ticks lower than they were at rate sheet time, and thus indicating a slight increase in negative reprice risk. It's a bit too early for most lenders, but some may be considering a negative reprice this soon in the day IF they released rate sheets before 10:15am.




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