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Reprice Risk As MBS Hit New Lows Following Obama Speech
Posted to: Micro News
Wednesday, November 28, 2012 12:34 PM
There was a bit of "which way do we go" after Obama's political appeal to middle class Americans to Tweet their Congresspeople about resolving the Fiscal Cliff. But we're now seeing the answer is "lower" for MBS, which have now moved to their session lows, down 1 tick at 105-03. Meanwhile, stocks are at their highs, as are Treasury yields with some additional pressure created by the need to take down the 5yr Note auction at 1pm.
Depending on what time of day a particular lender was out with their first rate sheets, we've now crossed into "negative reprice risk" territory. For some lenders, this may not be a foregone conclusion, but the faster-acting lenders could be close at these levels.
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