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Bond Markets Weaker Overnight, Bouncing Back This AM
Posted to: Micro News
Monday, February 11, 2013 8:50 AM

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With Japan and China both on holiday on Monday, the overnight session didn't begin for Treasuries until 2:30am (normally 7pm on Sunday night). This made for understandably light volume by the time domestic trading got underway, and exclusively driven by European markets.

To that end, German Bunds moved quickly higher in yield from 3am to 5am, perfectly retracing the weakness they experienced during Friday morning. Treasuries followed, but to a lesser extent, with 10's only moving up to 1.98 before domestic trading got underway.

Volume picked up from "non-existent" to modest around 7:20am with 10's moving lower in yield from there. MBS opened a few ticks weaker from Friday's POST-ROLL close of 103-00, but have since come back to within a tick of unchanged (currently 102-31+, down half a tick vs Friday).

10's have continued the march lower as domestic traders reject the overnight highs, currently down to 1.954. It's been a "risk-off swing for stocks as well with S&P futures shedding 3-4 points from overnight highs, now down to 1513 which is roughly in line with levels seen during the European open.

There is no significant economic data set for today, so the stock lever could continue to be in play in a general sense. Technicals and tradeflows, along with any potential headlines should help to flesh out the rest of the motivational picture.

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Mortgage Rates:
  • 30 Yr FRM 3.67%
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  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%