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At Weakest Levels; Right on the Edge of Reprice Risk
Posted to: Micro News
Tuesday, February 4, 2014 11:37 AM

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As equities have gradually chopped toward better levels ("chopped" as in it's been a choppy move), bond markets have gradually acquiesced to higher yields, though in a less volatile manner.  As of right now, we're seeing technical support come in at 2.628 in 10yr yields.  If that were to break, the next move higher could be more pronounced.  They're right on the edge at the moment.

MBS are at their weakest levels of the day, but not quite down enough for material reprice risk.  Fannie 4.0s are down 7 ticks but only 2 since 930am.  Fannie 3.5s are down 12 ticks, with only 4 of those being since 9:30am.  We'd consider that to be the bleeding edge of negative reprice risk, so the jumpiest lenders may already be considering it, but more so if we lose a bit more ground.

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