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Strong Rally Following Home Sales Data
Posted to: Micro News
Friday, August 23, 2013 10:20 AM
Both MBS and Treasuries are rallying smartly following a much weaker than expected New Home Sales report. Fannie 4.0s are up 7 ticks on the day at 102-13 and 10yr yields are down nearly 4bps at 2.855. They had been at 2.90 before the data.
Positive reprice potential depends on the lender, with those releasing rates before or right at 10am being the most likely contingent. Others will have had an opportunity to digest more of the rally before putting out initial rates.
Whatever the case, though the data is bad for the housing industry, it's good for interest rates today.
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