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Bond Markets Slightly Weaker After Housing Starts Data
Posted to: Micro News
Wednesday, December 18, 2013 9:07 AM

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It was another inconsequential overnight session as global financial markets await today's FOMC Announcement. Volume was low and volatility was completely absent until 8am.

After that, it became apparent that domestic accounts already had selling on their mind and were just waiting for the open. Volume picked up a bit and 10yr yields began rising ahead of the Housing Starts data, moving from 2.848 to 2.864.

During that same time, MBS were still getting their bearings for the morning as they tend to struggle with liquidity much more than Treasuries in the first hour. Fannie 4.0s opened 4/32nds weaker and fell another 2/32nds before the data.

After the data, both MBS and Treasuries sold off a bit further, but nothing commensurate with the magnitude of the Housing Starts 'beat.' In other words, we'd probably have seen much more weakness if we weren't waiting for the FOMC Announcement this afternoon.

From 2.864, 10yr yields rose to just under 2.88 and are now back down to 2.867. Interestingly enough, but perhaps unsurprisingly, all of this morning's movement has been well inside this week's previous highs and lows for both Treasuries and MBS.

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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:
  • 30YR FNMA 4.5 106-21 (-0-12)
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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%