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Mortgage News Daily

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MBS RECAP: Slow And Sideways At Recent Highs
Posted to: MBS Commentary
Tuesday, December 04, 2012 4:07 PM

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MBS Live: MBS Afternoon Market Summary
Today was about as slow as they come in terms of--well--just about everything.  Even on the approach, there were no significant economic reports scheduled, and no major headlines to anticipate.  Any potential market movers were assumed to be either hiding or completely absent.  The latter proved to be the case with the benefit of hindsight as even the one Fed speaker of the day didn't cover monetary policy in his prepared remarks on the "industrial organization of the the financial industry."  There was a small amount of volatility following the Fed's scheduled "Twist" buying at 11:00, but not only did it work in the favor of bond markets, it was small enough as to be inconsequential to the two day trend.  In other words, if you erase the hour of trading from 11 to Noon, you'd simply be left with a smooth trend toward very slightly lower yields and/or higher prices.
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
105-10 : +0-02
FNMA 3.5
106-28 : +0-03
FNMA 4.0
107-08 : +0-02
FNMA 4.5
107-28 : +0-02
GNMA 3.0
106-25 : +0-01
GNMA 3.5
108-27 : +0-00
GNMA 4.0
109-17 : +0-02
GNMA 4.5
109-08 : +0-09
FHLMC 3.0
105-00 : +0-03
FHLMC 3.5
106-14 : +0-01
FHLMC 4.0
106-23 : +0-01
FHLMC 4.5
107-04 : +0-01
Pricing as of 4:03 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.

3:22PM  :  Another Day, Another Uneventful, Slightly Positive Afternoon
While today continues to be plagued by the "little to report" phenomenon, we can't really complain about the price action. In a relative carbon copy of yesterday's pattern, we made gains in the morning and have been holding calmly sideways into the afternoon, with an ever-so-slight positive bias.

Fannie 3.0s are into their best levels since November 9th, currently up 2 ticks at 105-10 and have traded within 2 ticks of that mark all afternoon. 10yr yields have been similarly coasting between 1.600 and 1.614 over the same time. We've seen a few positive reprices come across thankd to the stability.

With essentially nothing on the calendar today, things have been understandably slow. But that changes first thing tomorrow morning, at least in terms of economic data as the flow of news and events will be relatively brisk through Friday morning's NFP.
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.

Rob Clark  :  "REPRICE: 3:13 PM - Provident Funding Better"
Jeff Anderson  :  "Came in just aft 2pm."
Jeff Anderson  :  "REPRICE: 2:47 PM - Chase Better"
Matthew Graham  :  "It's Q4 presently. MBS buying is open ended, with no indications that it'll stop soon. Twist expires 12/28/12, and the expectation is that the Fed will announce a mere continuation of Twist purchases at next week's meeting/announcement rather than simply allow Twist buying to expire."
Matt Hodges  :  "Tim - two different buying programs - MBS is 40b into the future...this is the switch on twist"
Tim Mitchell  :  "if operation switch focuses on T Bills instead of MBS in Q4, doesn't that translate to a .25 rate jump in early Jan?"
Matthew Graham  :  "RTRS- OBAMA SAYS NOT GOING TO BE ABLE TO COME UP WITH COMPREHENSIVE TAX, ENTITLEMENT REFORM PACKAGE IN NEXT TWO WEEKS - BBG TV "
Ira Selwin  :  "Andy - Ridgewood goes to $3.5mm "
Andy Pada  :  "Who do you guys use for jumbo loans? >$2M"
Grant R. Menard  :  "Noticed that myself Nate. "
Nate Miller  :  "wow the AMC's just keep getting worse...ours just implemented cost adjustments based on sq. ft., 100-3K sq ft is first bucket, then 3K-5K, 5K-7K, 7K+. "
Matthew Graham  :  "Props to Ira for mentioning DU 9.0 update about a month ago and props to Glenn for building a slick chat search feature that let me find it quickly."
Jason Zimmer  :  "thanks MG. that's why i couldn't find it under ML"
Matthew Graham  :  "https://www.fanniemae.com/content/faq/do-du-release-10202012-faqs.pdf"
Jason Zimmer  :  "what they are asking for in regards to paying off a 30 day account. and any other info from that notification."
Matthew Graham  :  "JZ, what specifically are you looking to confirm or refute? Regarding counting amex-type accounts in ratios?"

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Mortgage Rates:
  • 30 Yr FRM 4.25%
  • |
  • 15 Yr FRM 3.37%
  • |
  • Jumbo 30 Year Fixed 4.09%
MBS Prices:
  • 30YR FNMA 4.5 107-30 (0-10)
  • |
  • 30YR FNMA 5.0 110-14 (0-04)
  • |
  • 30YR FNMA 5.5 110-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 2.43%
  • |
  • Refinance Index 4.14%
  • |
  • FHFA Home Price Index 0.67%