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Bond Markets Reeling After ADP Data; Waiting on ISM
Posted to: Micro News
Wednesday, December 04, 2013 9:10 AM

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Overnight volatility was minimal with 10yr yields holding under 2.81 until the start of the domestic session. The ADP Employment figures hit at 8:15am coming in at 215k payrolls vs a forecast of 173k. Bond markets immediately sold off and have only leaked lower since then.

Fannie 3.5s are off the radar now and we'll be switching to follow 4.0s today (down 18 ticks to 99-22). Fannie 4.0s are down 17 ticks at 103-10. 10yr yields are up more than 7 ticks at 2.8479. S&Ps are off 10 points but did most of their selling before the data.

There's more to come as well. ISM Non-Manufacturing is an important report coming up at 10am and can have a big impact. If it's similarly stronger than expected, MBS could continue lower. If it's weaker, it could mark the point at which we level off for the day.

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Mortgage Rates:
  • 30 Yr FRM 4.44%
  • |
  • 15 Yr FRM 3.49%
  • |
  • Jumbo 30 Year Fixed 4.20%
MBS Prices:
  • 30YR FNMA 4.5 106-21 (-0-12)
  • |
  • 30YR FNMA 5.0 109-02 (-0-06)
  • |
  • 30YR FNMA 5.5 110-07 (-0-07)
Recent Housing Data:
  • Mortgage Apps 4.30%
  • |
  • Refinance Index 6.92%
  • |
  • FHFA Home Price Index 0.67%