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Bond Markets Stabilize After Knee-Jerk Claims Bounce
Posted to: Micro News
Thursday, February 14, 2013 9:11 AM

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While it may be premature or altogether inapplicable to refer to anything in bond markets as "stabilizing," we can at least take some solace in the fact that we've now recaptured the losses seen after this morning's stronger-than-expected Jobless Claims numbers.

Sadly, even after the bounce back, 10's currently remain mostly on the other side of yesterday's high yields, threatening to make yet another "ratcheting move" higher unless we continue to pick up steam this morning.

The overnight session started out poorly with 10's trading as high in yield as 2.064 in Asian hours. In a break from recent traditions, the European session actually helped Treasuries recover as weaker GDP data and dovish comments from ECB's Constancio conspired to usher German Bunds a hefty 6bps lower in less than 2 hours! Treasuries were willing to follow, but only to the the tune of 3bps at first, though they caught an extra 1.5 in the next two hours, bringing the overnight low to 2.025.

That's strikingly close to the current 2.0243 on screens presently, and a far cry from the 2.054 seen in the moments following Jobless Claims data. MBS opened at 102-22, near yesterday's modal highs, fell precisely to yesterday's lows of 102-19 after Claims, and have actually eclipsed yesterday's highs in the bounce back, currently sitting right on them at 102-25.

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