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MBS Hit New Lows Of the Morning As Treasuries Leak Higher
Posted to: Micro News
Thursday, December 13, 2012 10:45 AM

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MBS have been doing a decent job of holding onto sideways support at their previous lows of 104-16. They're not doing a terrible job of trying to stay there, but have slipped a bit in recent minutes after increasing pressure from broader bond markets.

The tenor there is "up and up" in terms of yields with 10's continuing a steady leak higher all morning--and very much in line with yesterday's post-FOMC series of highs. 10's are currently up another 3.5 bps vs yesterday at 1.7368.

MBS continue to hold up relatively better than Treasuries with 3.0s down only 7 ticks on the day, at the moment, at 104-17 after getting a decent bounce off the 104-14 lows of the morning just now.

For lenders that priced around the 9:30 time frame, we haven't seen sufficient losses to warrant excessive negative reprice risk. That said, negative reprices can't be ruled out completely in this situation as there's a clearly negative trend in play from yesterday afternoon.

The risks are more developed with a sustained break below 104-16.

Next up: 30yr auction at 1pm

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Mortgage Rates:
  • 30 Yr FRM 3.67%
  • |
  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%