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Edging Into Positive Reprice Territory for Some Lenders
Posted to: Micro News
Thursday, March 27, 2014 11:51 AM

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Bond markets have performed surprisingly well after morning data that certainly would have been within its rights to have a negative impact (mostly thinking about Jobless Claims here).  Apart from that, everything else was at least slightly weaker than expected. 

Some of the strength could be due to the ongoing seesaw between shorter and longer maturity Treasuries since last week's FOMC events.  Today has seen the longer end benefit at the expense of the shorter end.  Fortunately, MBS identify more with the longer end.

Fannie 4.0s are up 2 ticks on the day now, which is 4 ticks (.125) above 9:30am levels.  That's just enough for the early lenders to begin considering positive reprices.  Even at certain times after 10am, prices dipped back to 104-02, meaning they too are looking at 4+ ticks of improvement.

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Mortgage Rates:
  • 30 Yr FRM 3.68%
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  • 15 Yr FRM 2.96%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-02)
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  • 30YR FNMA 5.0 110-21 (0-00)
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  • 30YR FNMA 5.5 111-28 (0-03)
Recent Housing Data:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%