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Slight Pressure Building Into Afternoon; Reprice Risk at Bay
Posted to: Micro News
Monday, December 09, 2013 3:00 PM

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Just a heads up that we're 4 ticks off the highs of the day in Fannie 4.0s, though only 2-3 ticks off rate sheet print time levels depending on the lender. That almost certainly precludes any price-based reprice risk unless we were to see another 2-3 ticks of weakness.

Treasuries and MBS turned the corner together right after 12:30pm. The day's second round of Fed Treasury buying gave way to a bit of volatility heading into 2pm, and 10yr yields broke over 2.85. After a quick bounce, they've back up to 2.855 currently and Fannie 4.0s are down to 102-27 (still 2 ticks into positive territory on the day).

Markets may be starting to think about Treasury supply coming up during the next three days and if 10yr yields break their highs, it could be one of those situations where MBS quickly follow. 10's are RIGHT THERE at the moment, so things could change quickly if yields rise any more.

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Mortgage Rates:
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  • 15 Yr FRM 3.50%
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  • Jumbo 30 Year Fixed 4.20%
MBS Prices:
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  • 30YR FNMA 5.0 109-08 (0-01)
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  • 30YR FNMA 5.5 110-13 (0-00)
Recent Housing Data:
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  • Refinance Index -3.75%
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  • FHFA Home Price Index 0.67%