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On the Edge of Negative Reprice Risk
Posted to: Micro News
Wednesday, March 19, 2014 12:30 PM

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While we're not in a situation where reprices are likely by any means, a few lenders could be considering it depending on the timestamp and pricing on their initial rate sheets.

Fannie 3.5s are currently 4/32nds off the morning highs (100-27 vs 100-31), which is just on the edge of negative reprice risk.  Fannie 4.0s are in a similar spot, down 4/32nds at 104-09. 

Treasuries are boding ill for the general momentum as well, with 10yr yields rising at their fastest pace of the day to fall right in line with the highest levels seen since last Wednesday. 

Any further weakness in MBS would incrementally increase negative reprice risk.  2-3 more ticks would make reprices more likely.  Holding here, they remain an outside possibility for all but a few lenders.




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Mortgage Rates:
  • 30 Yr FRM 3.89%
  • |
  • 15 Yr FRM 3.11%
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  • Jumbo 30 Year Fixed 3.73%
MBS Prices:
  • 30YR FNMA 4.5 108-18 (-0-03)
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  • 30YR FNMA 5.0 110-27 (-0-02)
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  • 30YR FNMA 5.5 111-29 (-0-01)
Recent Housing Data:
  • Mortgage Apps 4.93%
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  • Refinance Index 0.90%
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  • FHFA Home Price Index 0.67%