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Bond Markets Flat Overnight, Stronger into Domestic Session
Posted to: Micro News
Tuesday, February 25, 2014 9:00 AM

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Even before any of this morning's economic data, bond markets are picking up some steam as domestic trading gets underway.  Treasuries stayed flat during Asian hours and just barely followed core sovereign debt (Germany, UK, etc.) during European hours.  That ultimately resulted in 8am levels that were within 1bp of yesterday's latest.  MBS opened 2 ticks higher.

Since then, both MBS and Treasuries have seen tradeflow-based gains.  Domestic accounts have been better buyers from the outset, even before the 820am CME open.  That's unusual.  It's more common to see these nice little gluts of pre-data momentum take shape at or after 820am. 

That said, 820am brought more volume and positivity to the table.  10's just moved down to a 3bp yield gain on the morning, currently 2.719.  Fannie 4.0s are 6 ticks higher at 104-013.  House price data is coming up right now.

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Mortgage Rates:
  • 30 Yr FRM 3.67%
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  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%