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Econ Data Helps, But Resisting Breaks Into The Green
Posted to: Micro News
Tuesday, January 22, 2013 10:57 AM

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The weaker-than-expected Existing Home Sales data provided domestic bond markets with their best boost of the morning. True to recent form, equities participated in the move as well with S&P futures falling on the news. MBS rose several ticks, but remain mostly thwarted by Friday's closing levels at 104-04.

The post-data rally for bond markets looks like it's encountered its most meaningful push back just after 10:30am when equities markets managed to put in their most convincing bounce. The stock lever has been well-connected during earnings season and in the absence of more substantial bond-market-specific guidance. But true to form, bond markets aren't following the same magnitude ebbs and flows of stocks.

MBS are 2 ticks off their highs at 104-03 and 10yr yields have risen merely from 1.8488 to 1.8523. Meanwhile S&P's have risen 3 points from their lows. Morning ranges continue to be narrow, but we've been in slightly better shape thanks to data.

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Mortgage Rates:
  • 30 Yr FRM 3.77%
  • |
  • 15 Yr FRM 3.05%
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  • Jumbo 30 Year Fixed 3.58%
MBS Prices:
  • 30YR FNMA 4.5 108-19 (-0-01)
  • |
  • 30YR FNMA 5.0 110-18 (0-01)
  • |
  • 30YR FNMA 5.5 111-25 (-0-03)
Recent Housing Data:
  • Mortgage Apps -2.58%
  • |
  • Refinance Index 0.28%
  • |
  • Purchase Index -7.02%