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Uneventful Overnight Session; Slow Morning; Modest Gains
Posted to: Micro News
Tuesday, December 17, 2013 9:25 AM

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Treasuries drifted into moderately stronger territory during Asian market hours, but any movement was just an incidental byproduct of an incredibly small amount of trading. In other words, if wouldn't take much to move markets in this super low volume environment.

Treasuries stayed flat during European hours despite a stronger-than-expected ZEW Sentiment Survey in Germany (an important economic report for European bond markets).

The onset of domestic trading activity made for more movement, but "more" is a relative term in this case as 10yr yields continue trading a range of less than 2bps. Fannie 4.0s opened roughly in line with yesterday's latest levels and improved after the 830am data, even if not because of it.

MBS are holding 4 tick (4/32nd or .125) gains so far despite unchanged levels in Treasuries. The next data of the morning hits at 10am with the NAHB Housing Market Index.

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