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MBS Fall Quickly to Lows After Senate GSE Deal Announcement
Posted to: Micro News
Tuesday, March 11, 2014 10:21 AM

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To be clear, there is no new legislation being voted on today or probably even soon.  But Senators Jobson and Crapo have announced an agreement, in principle, on the fate of Fannie and Freddie.  Under the hypothetical deal, the GSEs would be liquidated in order to build a new framework that does the same thing Fannie and Freddie currently do.  Your move, logic...

MBS weakened versus Treasuries following the news though Treasuries have weakened themselves (making things doubly bad for MBS. 

This puts several lenders at risk for negative reprices already, depending on the time of morning that initial rate sheets were released (the assumption being that the earlier the rate sheet, the higher the risk).

Fannie 4.0s are down 4 ticks on the day and 10yr yields are up 1bp. 




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Mortgage Rates:
  • 30 Yr FRM 3.86%
  • |
  • 15 Yr FRM 3.12%
  • |
  • Jumbo 30 Year Fixed 3.73%
MBS Prices:
  • 30YR FNMA 4.5 108-12 (-0-00)
  • |
  • 30YR FNMA 5.0 110-12 (0-00)
  • |
  • 30YR FNMA 5.5 111-26 (0-01)
Recent Housing Data:
  • Mortgage Apps 4.93%
  • |
  • Refinance Index 0.90%
  • |
  • FHFA Home Price Index 0.67%