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Bouncing Against Negative Reprice Risk Levels For Some
Posted to: Micro News
Thursday, January 09, 2014 10:36 AM

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MBS had been descending and Treasury yields rising almost perfectly in line with the time that Mario Draghi finished his press conference this morning.  We're currently in limbo as to whether the weakness will continue, but leaning toward a friendly bounce.

There was perhaps a small amount of negative reprice risk for a lender or two, but it's faded as we hold our ground.  Those most as risk would be the ones who priced before 9:30, when prices were at their highs.  Fannie 4.0s were 4/32nds (.125) lower since then a moment ago, but have bounced a tick higher. 

10yr yields are doing their best to stay contained, holding just inside positive territory at 2.982.  As of right now, MBS are holding their ground and look to be bouncing off the lows.  We can't completely rule out reprice risk, but it would be an aggressive move.  Reprices would be more likely if we broke below 103-04, and even then, not widespread.




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Mortgage Rates:
  • 30 Yr FRM 3.94%
  • |
  • 15 Yr FRM 3.12%
  • |
  • Jumbo 30 Year Fixed 3.88%
MBS Prices:
  • 30YR FNMA 4.5 108-10 (0-00)
  • |
  • 30YR FNMA 5.0 110-19 (0-01)
  • |
  • 30YR FNMA 5.5 111-17 (0-00)
Recent Housing Data:
  • Mortgage Apps 5.62%
  • |
  • Refinance Index 10.63%
  • |
  • FHFA Home Price Index 0.67%