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European Close, Positive Tradeflows, Stock Lever Help MBS
Posted to: Micro News
Wednesday, February 20, 2013 11:40 AM

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Equities were sold at 11am to cover shorts in bond markets after the Fed's scheduled round of Buying in the 7-10yr sector from 10:15 to 11:00am. This coincides with EU bond markets closing marks with equities following at 11:30am. All of the above have acted as sort of a pressure release for domestic bond markets which have since seen actual buyers emerge post-short-covering.

It's nothing definitive so far, but it has made for a quick 2bp drop in 10yr yields and a quick 3 ticks higher in MBS prices. If we hold here for more than a moment or two, some of the early pricing lenders could already be poised for a positive reprice. That said, we'd expect generally conservative strategies ahead of FOMC Minutes at 2pm.

10's are currently down to 2.01 and Fannie 3.0s are up 3 ticks on the day at 102-27. S&P's are off a quick 7 points from opening levels and the stock lever has been well connected all morning.

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Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
  • |
  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%