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Bond Markets Improve Despite Generally Stronger Data; Some Resistance Now
Posted to: Micro News
Thursday, January 02, 2014 10:48 AM

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Quick roundup of the morning's economic data:

Jobless Claims

  • 339k vs 341k previously
  • Continued Claims 2.833 mln vs 2.931 previously

Markit Manufacturing PMI

  • PMI 55.0 vs 54.4 previously

Construction Spending

  • +1.0 vs +0.6 forecast
  • Private Spending +2.2, Public -1.8

ISM Manufacturing PMI

  • PMI 57.0 vs 57.0 forecast, 57.3 previously
  • Internal components were broadly stronger
  • New Orders 64.2 vs 63.6, highest since 4/2010
  • Employment 56.9 vs 56.5, highest since 6/2011

Throughout the morning of economic data, MBS and Treasuries have improved fairly steadily.  Fannie 4.0s hit 103-07 at their best levels and are currently back down to 103-04, still 6/32nds up on the day. 

10yr yields are in positive territory at 2.997 but just bounced multiple times at 2.987.  This could prove to be technical resistance that serves to dissuade further progress this morning, but the move back in the other direction has been anything but swift just yet.

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Mortgage Rates:
  • 30 Yr FRM 4.44%
  • |
  • 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)
  • |
  • 30YR FNMA 5.0 109-02 (-0-06)
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  • 30YR FNMA 5.5 110-07 (-0-07)
Recent Housing Data:
  • Mortgage Apps -6.27%
  • |
  • Refinance Index -7.74%
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  • Purchase Index -3.49%