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Back to Best Levels after FOMC Knee-Jerk
Posted to: Micro News
Wednesday, January 29, 2014 3:02 PM

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As far as knee-jerk reactions to FOMC Announcements go, today's wasn't too big, but big enough to keep things interesting.  The initial reaction to another round of tapering was a move toward weaker prices for bond markets, but this soon reversed course and leveled-off.  Prices and yields returned to pre-FOMC levels just briefly and have now taken off into positive territory.

10's are carving out new multi-month lows and MBS new highs.  Fannie 4.0s are up 13 ticks at 104-24 and 10yr yields are down 7.3bps at 2.6767.   Equities markets and Yen have followed bond markets in lock-step, and emerging market currencies to a lesser degree. 

Much like the earlier weakness wasn't far enough from rate sheets to suggest much by way of negative reprice risk, current strength isn't far enough in the other direction to guarantee positive reprices.  That said, some lenders may still reprice based on the trend.

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Mortgage Rates:
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  • 15 Yr FRM 2.99%
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  • Jumbo 30 Year Fixed 3.49%
MBS Prices:
  • 30YR FNMA 4.5 108-21 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-03)
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  • 30YR FNMA 5.5 112-09 (0-03)
Recent Housing Data:
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  • Refinance Index 0.28%
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  • Purchase Index -7.02%