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MBS Shake Off Afternoon Weakness, Sideways Ahead Of Greece News
Posted to: Micro News
Monday, November 26, 2012 3:03 PM

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Following the 11:00am conclusion of the Fed's scheduled "twist" buying in the 25-30yr maturity range, bond markets looked to have put in their best levels of the day, and indeed this has been the case so far. 10yr yields never made it lower than 1.64 and Fannie 3.0s topped out at 104-31. MBS followed Treasuries weaker, but held their ground just after 2pm.

It's becoming apparent that markets won't get an announcement on the Greek bailout payment until after the close, and thus seem content to fly holding patterns until then. So whatever market-moving potential the announcement (or lack thereof) ends up having, will be more readily seen in the overnight session and possibly even tomorrow.

In other recent news, the White House announced that the President held talks over the weekend with Speaker Boehner and Majority Leader Reid on the Fiscal Cliff. Equities markets briefly traded higher on the announcement (despite its lack of detail) and bond markets briefly followed higher in yield, but nothing substantial on either side. Fannie 3.0s continue to hold a tight range between 104-27 and 104-29 since just before 1pm.

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Mortgage Rates:
  • 30 Yr FRM 3.67%
  • |
  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
  • |
  • 30YR FNMA 5.0 110-17 (-0-04)
  • |
  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%