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Bond Markets Stronger After A+ Auction
Posted to: Micro News
Wednesday, March 26, 2014 1:09 PM

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The 5yr Auction killed it.

Bid-to-cover (measure of demand) was stellar at 2.99 and the yield award was much lower than the 1pm 'when-issued' yield; 1.715 vs 1.730.  That's the biggest beat in over 2 years, driven primarily by non-dealer bidders.

Bond markets are rallying in response with MBS at new highs for the day, up 9 ticks at 104-03.  10yr yields are soaking up some of the sunshine, down to new lows of 2.714.  5yr yields are the best performers though (obviously), having moved down to 1.679 from 1.70, and down more than 4bps on the day vs 10yr's 2.3bps day-over-day gain.

Positive Reprices are possible if not probably at current levels.

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Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-29 (-0-01)
  • |
  • 30YR FNMA 5.0 110-24 (-0-01)
  • |
  • 30YR FNMA 5.5 111-30 (0-00)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%