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MBS Back To Highs As Treasury Yields And Stocks Come Off Theirs
Posted to: Micro News
Monday, December 10, 2012 1:26 PM

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When the range is this narrow, it doesn't take much to move from the lows to the highs. Such is the fate of Fannie 3.0s, which just edged into their best levels of the session at 105-08 after hitting lows roughly 1 hour earlier.

There's been little by way of market-moving news or events to cause the shift, but it does coincide with a broadly connected "risk-off" bounce shared by stocks and Treasuries. S&P's took two stabs at breaking Friday morning's highs and failed on both accounts. 10yr yields shied away from breaking their Friday highs as well. All in all, we're left with the impression that markets have taken the safe route and decided to stay inside Friday ranges in relatively low volume.

Previously growing reprice risk fades from concern at current levels, and "stability" reprices would be more likely. That said, "no reprices" remain the most likely scenario unless MBS add a few more ticks.

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Mortgage Rates:
  • 30 Yr FRM 3.66%
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  • 15 Yr FRM 2.94%
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  • Jumbo 30 Year Fixed 3.61%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (0-02)
  • |
  • 30YR FNMA 5.0 110-19 (0-02)
  • |
  • 30YR FNMA 5.5 111-26 (-0-04)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%