Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
33,877
# of User Comments
 

Send Article via Email

REGISTERED USERS (Free!):
Can forward to 6 email addresses at a time. Register or Login

Registered users also get the additional advantage of Co-branded Emails and Landing Pages. Learn more about these features.

Your Name: 
Your Email: 
I want to forward this to
(Enter Email Address Below) :
Include a Personal Message (optional)

Please add 1 and 1 and type the answer here:
Leave this field blank.
Email Preview Below:
This feature is now 100% free. Learn More About Co-branded Email and our other Co-branded Services.
 
This email was sent to you by:
Harry Chriest |
Mortgage News Daily

Message:   YOUR MESSAGE HERE
Email alerts, such as this one, are a free service provided by Mortgage News Daily. If you would like to receive an alert when important news breaks please register to join our community.
Bond Markets Slightly Stronger On European Headlines
Posted to: Micro News
Monday, December 10, 2012 9:53 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Bond markets continue to trade in their post-NFP ranges, though both MBS and Treasuries are on the stronger end of those ranges. December Fannie 3.0 MBS are up 5 ticks at 105-07 for their farewell performance (MBS ROLL Tonight) and 10yr yields are down about 1.5bps at 1.608.

Italian political uncertainty and Greece's labored efforts to get to the finish line with bailout requirements helped German Bund yields moved down a quick 4 bps at their open, with US Treasuries and stock prices following. Italy's Prime Minister says he will resign after the 2013 budget is passed, which is viewed as a net-negative for Italian austerity measures.

Spain's Economy Minister himself, noted that pressure on Italian bond markets overnight was weighing on Spanish debt as well as the fact that Spain has no plans for additional austerity measures. Yields in both countries rose while Greece extended it's debt buyback offer in order to reach it's €30 bln target required for Thursday's check-signing (currently over €26 bln, so failure isn't likely, but an outside possibility adding to the drama).

There's no relevant economic data this morning and the events later in the week already look to be keeping the trading range compressed in domestic bond markets. Treasuries have continued to hover around 1.61 despite rising stock prices and a full reversal in German Bunds. S&P's are now up a few points from Friday's close.

We're keeping an eye on the 1.613 pivot in 10yr yields from the overnight session. A break higher although not incredibly significant, would be a break of the overnight inflection point and even if it isn't a prelude to a sell-off, could at least reinforce resistance to further improvements. MBS may have already found that resistance with a rejection of a break into Thursday afternoon's lows at 105-07.




More from MND:

 

If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.

Forward this email:  Send a copy of this story to someone you know that may want to read it.

 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.95%
  • |
  • 15 Yr FRM 3.13%
  • |
  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 108-09 (0-00)
  • |
  • 30YR FNMA 5.0 110-21 (0-01)
  • |
  • 30YR FNMA 5.5 111-18 (0-00)
Recent Housing Data:
  • Mortgage Apps 11.56%
  • |
  • Refinance Index 23.29%
  • |
  • FHFA Home Price Index 0.67%