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Bond Markets Surge After Weaker-Than-Expected ISM Data
Posted to: Micro News
Monday, February 3, 2014 10:16 AM

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MBS just jumped well into new highs for the day and year following a weaker-than-expected ISM Manufacturing report.  Fannie 4.0s are up 6 ticks on the day at 105-00.  They haven't been in the 105's since November 20th. 

10yr yields dropped from 2.67 to 2.63 on the news and have inched down to 2.62 since then.  The ISM data series--both the manufacturing and non-manufacturing are some of the biggest market movers outside Nonfarm payrolls data.  This instance was particularly weak though, adding to the punch.

ISM Manufacturing Recap

  • PMI at 51.3 vs 56.0 forecast, 56.5 previously
  • Prices Paid 60.5 vs 54.0 forecast
  • New Orders 51.4 vs 64.4 previously
  • Employment 52.3 vs 55.8 previously
  • Activity and Orders lowest since May
  • Drop in orders is largest since Dec 1980
  • Employment lowest since June
  • Full Release

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Mortgage Rates:
  • 30 Yr FRM 3.77%
  • |
  • 15 Yr FRM 3.05%
  • |
  • Jumbo 30 Year Fixed 3.58%
MBS Prices:
  • 30YR FNMA 4.5 108-21 (0-02)
  • |
  • 30YR FNMA 5.0 110-21 (0-03)
  • |
  • 30YR FNMA 5.5 111-32 (0-07)
Recent Housing Data:
  • Mortgage Apps -2.58%
  • |
  • Refinance Index 0.28%
  • |
  • Purchase Index -7.02%