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Positive Reprice Potential Increasing MBS Hit New Highs
Posted to: Micro News
Tuesday, January 22, 2013 11:53 AM

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MBS have edged up within a tick of Friday afternoon's highs. Treasuries have led the breakout of the morning's narrow range, themselves challenging Friday's lowest yields. The current move is technical and tradeflow-based--not shared by equities markets. Fannie 3.0s are currently up 3 ticks at 104-07 and 10yr yields are down half a bp on the day at 1.8346.

There's clearcut technical resistance here from the longer term uptrend in rates as well as 2-session highs in MBS. If 10y yields were to break much lower, we could see some sort of mini-snowball of follow through. Holding these gains for now though. If MBS continue to hold or improve upon these levels, the "early crowd" may be in for a positive reprice fairly soon, but nothing on the scale that would get a majority of lenders onboard (the total range on the day is still under .25).

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  • 30YR FNMA 5.0 110-19 (0-02)
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  • 30YR FNMA 5.5 111-26 (-0-04)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%