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Positive Reprice Potential as MBS Trickle into Highs
Posted to: Micro News
Friday, March 21, 2014 12:06 PM

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We're currently seeing a synergistic combination of MBS outperformance (carrying over from yesterday) combined with just moderately positive tradeflows surrounding Treasury options expiries.

Even then, Fannie 4.0s are up only 3 ticks on the day and 10yr yields are down only 1.4bps--still range-bound overall. 

The positive reprice potential would be a factor of earlier rate sheets coming out shortly after MBS swung to the lows of the morning.  Even though prices began to bounce back before the rate sheets printed, the first sheets of the day will always take the entirety of morning price action into consideration. 

The bounce back was "too new" to fully price in with the first sheets.  Hence the Wells reprice a few minutes ago, and the prospect for a few others while these prices hold. 

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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:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%