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Negative Reprice Risk Rising as MBS hit new Lows
Posted to: Micro News
Tuesday, December 31, 2013 11:27 AM

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Fannie 4.0s are now down 7 ticks on the day to 102-31.  Depending on the time of morning that a lender released their first rate sheets, this puts some of them past the 4 tick (.125) mark, and creates some negative reprice risk.  10yr yields are up 4bps to 3.017 and moments ago, hit 2yr+ highs at 3.021.

There is no clearly defined motivation for the weakness apart from end-of-year tradeflows and position squaring.  Volume is still quite low overall and despite the the "highest yields in more than 2 years," today's movement is really quite unimportant in the big picture.




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Mortgage Rates:
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  • 15 Yr FRM 3.49%
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  • Jumbo 30 Year Fixed 4.21%
MBS Prices:
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  • 30YR FNMA 5.0 109-07 (0-04)
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  • 30YR FNMA 5.5 110-13 (0-02)
Recent Housing Data:
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  • Refinance Index -3.75%
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  • FHFA Home Price Index 0.67%