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MBS RECAP: Quiet Session, Still Eyeing Bernanke And Italian Elections
Posted to: MBS Commentary
Friday, February 22, 2013 4:09 PM

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MBS Live: MBS Afternoon Market Summary

Earlier in the week, we posited that if FOMC Minutes didn't ruffle too many feathers, then next week's 2-day Bernanke Congressional Testimony would give the the follow-up and conclusion to the collective FOMC stance.  Said stance seems staid.  Alliteration aside, the minutes didn't surprise, and there's a decent enough chance that Bernanke won't either.  In fact, it's entirely possible that the early January FOMC Minutes simply nudged sleepy markets, introducing the possibility that they might need to emerge from the QE-induced dream at some point in the future, but could continue mostly dozing for now.  False Alarm?

This leaves the door open for myriad other considerations in the coming two weeks.  This isn't to say that Bernanke couldn't be a huge factor for bond markets, but rather, that he won't be a factor if he doesn't much deviate from what's already been said.  In other words, markets aren't waiting for clarity on an already existing picture, but rather to make sure that nothing comes along to change the picture as it's currently perceived.  Even before Bernanke, Italian elections on Sunday and Monday could be a big deal (or no deal at all).  Follow all that up with a boat-load of economic data and it's off the races again in the week ahead.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
102-30 : +0-03
FNMA 3.5
105-09 : +0-01
FNMA 4.0
106-10 : +0-01
FNMA 4.5
107-14 : +0-01
GNMA 3.0
104-02 : +0-05
GNMA 3.5
107-03 : +0-04
GNMA 4.0
108-09 : +0-05
GNMA 4.5
109-02 : +0-02
102-14 : +0-02
104-28 : +0-00
105-30 : +0-00
106-22 : +0-00
Pricing as of 4:06 PM EST
Afternoon Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.

12:15PM  :  MBS Catch Up To The Rally (Somewhat), Positive Reprices
We've seen a few positive reprices come across as Fannie 3.0s finally get with the program in terms of catching up to yesterday's better levels at 103-00. Treasuries were already back at theirs (1.96) and may already be experiencing some technical resistance to further improvements.

As such, we can't necessarily expect the rally to continue, but for now, making it back to 103-00 has been enough of a move for a few lenders and others may be considering reprices as well. It would take another 2-3 ticks to get a majority on board, however.
Live Chat Featured Comments
A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.

Tom Schwab  :  "REPRICE: 1:22 PM - AMC Better"
Victor Burek  :  "REPRICE: 1:02 PM - Plaza Better"
Steve Chizmadia  :  "REPRICE: 1:01 PM - Sun West Mortgage Better"
Eric Franson  :  "REPRICE: 12:46 PM - Wells Fargo Better"
Victor Burek  :  "stock lever must be attached"
Steven Stone  :  "i think we are just seeing that unwind"
Steven Stone  :  "GNMA was underperforming yesterday"
Mike Drews  :  "when was the last time GNMA outperformed treasuries?"
Steve Chizmadia  :  "Good to know Nate. Was unawre LP viewed it so differently"
Nate Miller  :  "just found in ALLREGS, looks like they will let you the income if you hvae 30%+ equity in the departing residence but you must have a 2 year histroy of managing rentals...lame. If you don't have 30% equity you can't use the rent period. DU is way better on that..."
Steve Chizmadia  :  "I don't even think it will need to be rented yet, but an execute lease, copy of deposit check and first months rent check with proof it was deposited into the borrowers account"
John Tassios  :  "Gus / Nate:: Can you use rental income even if less than 1 month rented with LP, as long as 30% equity?"
Nate Miller  :  "without a prior rental income history reported on 1040s?"
Gus Floropoulos  :  "short answer Nate is YES"
Nate Miller  :  "anyone know with LP, can you use rental income on a departing residence to off-set the payment like you can with FNMA/DU as long as the departing residence has 30% equity...LP approves the deal but the feedback doesn't address the departing residence rental income whatsoever..."
Jeff Anderson  :  "REPRICE: 12:01 PM - Chase Better"
Rob Clark  :  "REPRICE: 11:57 AM - Provident Funding Better"

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.79%
  • |
  • 15 Yr FRM 3.08%
  • |
  • Jumbo 30 Year Fixed 3.67%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-03)
  • |
  • 30YR FNMA 5.0 111-03 (-0-00)
  • |
  • 30YR FNMA 5.5 112-17 (0-01)
Recent Housing Data:
  • Mortgage Apps -1.26%
  • |
  • Refinance Index -2.94%
  • |
  • Purchase Index 1.88%