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Bond Markets Weaker before and after Sentiment Data;Negative Reprice Risk Increasing
Posted to: Micro News
Friday, March 14, 2014 10:06 AM

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This morning's potential issue is the timing of the gains and losses in MBS.  Most importantly, the second mini-rally of the morning topped out right in line with the time of day that some of the early lenders are generating rate sheets.  As such, even though we're only down 1 tick day-over-day, we're off 5 ticks since 9:20am--enough for negative reprice risk for some of the early lenders.

The losses were creeping up even before the mixed reading on Consumer Sentiment out at 9:55am.  In short, the headline was slightly weaker, as were expectations, while current conditions were stronger.  It had very little impact overall. 

  • Sentiment 79.9 vs 82.0 forecast
  • Current Conditions 96.1 vs 95.8 forecast
  • Expectations 69.4 vs 73.0 forecast

After a bit of sideways grind following the data, bond markets just ticked into their weakest levels of the day.  In the time it's taken to type the intervening words, MBS are down another 2 ticks, further increasing negative reprice risk for lenders that were already out with rate sheets.

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Mortgage Rates:
  • 30 Yr FRM 3.66%
  • |
  • 15 Yr FRM 2.94%
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  • Jumbo 30 Year Fixed 3.61%
MBS Prices:
  • 30YR FNMA 4.5 108-31 (0-01)
  • |
  • 30YR FNMA 5.0 110-20 (0-01)
  • |
  • 30YR FNMA 5.5 111-29 (0-03)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%