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Equities Lead Bounce, MBS At Lows, Negative Reprice Risk?
Posted to: Micro News
Friday, March 01, 2013 10:41 AM
MBS are down to their lows of the morning as a well-connected stock lever has been leading yields higher in the bond market. 10 yr TSYs rejected yet another move below mid 1.84's, and important long and short term technical resistance level.
Fannie 3.0s are unchanged on the day but down to to 103-19 from 103-24 earlier. Some lenders that priced just before 10am may already be considering negative reprices, but the chances are still small for now, for most lenders.
A break below yesterday's at 103-18 would be more probable reprice territory for lenders that were already out with rate sheets. We're keeping an eye on S&Ps for a break above yesterday's close (1514), and any concomitant reaction in Treasuries as early warning signs of such a move.
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