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Bond Markets Stronger After 30yr Auction
Posted to: Micro News
Thursday, February 13, 2014 1:24 PM

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The 30yr Bond Auction was decent though not stellar.  Demand was a bit lower than average, but so was the awarded yield.  Additionally, a larger-than-normal portion of the demand was accounted  for by indirect bidders, which suggests healthier demand for the debt outside the primary dealers (typically a proxy for foreign buying).

10yr yields moved down to 2.73 from 2.748 immediately following the auction.  They consolidated there and just now broke to 2.728--new lows for the day.

MBS moved modestly higher, falling in line with previous highs at 104-15 in Fannie 4.0s.  They'll likely move higher if Treasuries hold this break below 2.73.  Positive reprices aren't out of the question, but not likely to be widespread if they're seen at all.  Another 2 ticks of improvement would make them more likely.

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Mortgage Rates:
  • 30 Yr FRM 3.64%
  • |
  • 15 Yr FRM 2.93%
  • |
  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (-0-02)
  • |
  • 30YR FNMA 5.0 110-22 (0-03)
  • |
  • 30YR FNMA 5.5 111-28 (0-00)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%