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Slow Start; Slightly Positive; No Data
Posted to: Micro News
Monday, January 13, 2014 9:38 AM

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Levels of activity have been typical for a Monday morning with an empty economic calendar.  The slowness was compounded by "Coming of Age" day in Japan, which is apparently a national holiday that includes bond market closures.  When Japan is closed, Treasuries don't trade overnight until the European session.

As for Europe, core debt (like German Bunds--generally the most highly correlated to US Treasuries and MBS) was in "catch up" mode following Friday's big move in the US.  Treasuries held flat between 2.85 and 2.86 while Bunds rallied about 3bps.

The domestic session has been mostly uneventful and slightly positive so far.  MBS are in a 3 tick range between 103-24 and 103-27, currently at the highs of the day.  10yr yields are down just over 1bp at 2.8487, also the best levels of the day/week/month.

There is no significant scheduled data on the calendar, unless you count the Treasury Budget at 2pm (and you shouldn't).

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Mortgage Rates:
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  • 15 Yr FRM 2.92%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
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  • 30YR FNMA 5.0 110-22 (0-03)
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  • 30YR FNMA 5.5 111-26 (-0-02)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%