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Mortgage News Daily

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Markets Go "Risk-On." Treasuries Doing OK, But MBS Suffer
Posted to: Micro News
Friday, February 08, 2013 9:18 AM

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The illiquidity potential mentioned in this morning's Day Ahead, is playing out in far far grander fashion than we might have expected with wide buyers and sellers reading from two different scripts, neither side fully sure of where the real market is or should be. The extra bit of volatility and uncertainty that's come along with this morning's illiquidity could, in part, draw on the uncertainty introduced by the Boxer bill being reintroduced yesterday, as well as earlier news that 45 members of the house urged the President to replace DeMarco (Huff Post story).

Whatever the underlying attributions may be, what's clear is that MBS are struggling for MBS-specific reasons. That struggle is only marginally compounded by weaker bond markets into the morning with 10's merely edging up from 1.937 to 1.9517 currently. S&P futures have added a few points ahead of the open and are back in line with 9:50am levels from yesterday (before they started their fairly big slide).

On a positive note, as seen in the chart from the Day Ahead, If MBS manage to stabilize here, we'd still be right around the intermediate support of 103-00 after tonight's roll. The other positive is that the initial slide in prices looks to be settling down here, but perhaps most positive is that the drama is occurring before rate sheet time. That's not positive vs yesterday, but since it's no longer yesterday, we'll look on the bright side.




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Mortgage Rates:
  • 30 Yr FRM 4.24%
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  • 15 Yr FRM 3.39%
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  • Jumbo 30 Year Fixed 4.09%
MBS Prices:
  • 30YR FNMA 4.5 107-16 (0-03)
  • |
  • 30YR FNMA 5.0 109-32 (0-02)
  • |
  • 30YR FNMA 5.5 111-06 (0-00)
Recent Housing Data:
  • Mortgage Apps -7.23%
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  • Refinance Index -10.65%
  • |
  • FHFA Home Price Index 0.67%