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Bond Markets Head-Fake Higher After Data, but no Follow-Through
Posted to: Micro News
Thursday, January 23, 2014 10:22 AM

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After rallying all morning, bond markets hesitated to extend gains at first following the weaker-than-expected Existing Home Sales data.  In the past few minutes, MBS were finally able to add another tick to the to already solid gains and 10yr yields broke below 2.80.  Both have subsequently shied away from those levels, however.

Here's the rundown of the data:

  • Existing Sales 4.87 mln unit rate vs 4.94 forecast
  • November revised to 4.82 mln from 4.90 previously
  • Inventory of homes for sale at 1.86 mln units, 4.6 months worth
  • median price $198,000, up slightly from November
  • 14 pct were distressed sales
  • Full Release

With the brief extension of strength and pull-back, there has been no net-effect from the data.  Equities markets (i.e. the "stock lever") look to be as much of a consideration as anything so far today.  Stock prices and bond yields have been highly correlated.




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Mortgage Rates:
  • 30 Yr FRM 4.43%
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  • 15 Yr FRM 3.49%
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  • Jumbo 30 Year Fixed 4.21%
MBS Prices:
  • 30YR FNMA 4.5 106-30 (0-06)
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  • 30YR FNMA 5.0 109-06 (0-03)
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  • 30YR FNMA 5.5 110-12 (0-01)
Recent Housing Data:
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  • Refinance Index -3.75%
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  • FHFA Home Price Index 0.67%