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MBS at Lows; On the Edge of Negative Reprice Risk
Posted to: Micro News
Wednesday, February 19, 2014 12:03 PM

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Bond markets have been trending into weaker territory all morning.  Movement in Treasuries has been more linear while MBS had been holding more sideways until the past 20 minutes.  It's conceivable that some lenders took pricing indications while Fannie 3.5s and 4.0s were 5 ticks higher.  That 5 tick gap is theoretically enough for negative reprice risk, but we'd probably need to see a bit more weakness in order to make reprices anything but an outside possibility for a few lenders.

Currently, bond markets are fighting to hold their ground, marked by support levels just over 2.70 in 10yr yields and at 100-31 in Fannie 3.5s (or 104-13 in Fannie 4.0s).  Breaking these would suggest another incremental increase in negative reprice risk.

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  • 30YR FNMA 5.0 110-19 (0-02)
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