|This email was sent to you by:|
Harry Chriest |
Mortgage News Daily
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
Auction Undetectable, Sideways Grind Continues
Posted to: Micro News
Tuesday, December 11, 2012 1:21 PM
MBS prices are at the same levels as the morning update and haven't strayed more than 2 ticks in either direction since then. The 3yr auction was exactly as expected in terms of yield (.327) and much weaker-than-average in terms of bid-to-cover (3.36 vs 3.71 recent average). Also exactly as expected was the auction's inability to suggest any response in the realm of longer Treasury maturities, let alone production MBS.
10yr yields leveled off earlier this morning after topping out at 1.658 and with few exceptions, have traded between there and 1.648--a 0.01% range for almost 4 hours now... 10's are currently at 1.654 while stocks are having their best day in a while with S&Ps up over 15 points. Fannie 3.0s are down only 4 ticks (post-roll) at 104-28.
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.