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MBS and Treasuries Breaking into Day's Best Levels; Some Early Reprice Potential
Posted to: Micro News
Thursday, April 10, 2014 10:32 AM

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While bond markets coped with a bit of weakness immediately following the stronger-than-expected Jobless Claims data, the supportive undertones we noted in the morning update ended up marking the extent of that weakness (i.e. 10yr yields did indeed treat the 2.68's as an overhead support level).

10's were at their weakest levels for the last time right as stocks opened and have gradually improved since then.  MBS have been improving since 9am and are currently up 6 ticks on the day, with some lenders seeing as much as a 5 tick gain from initial rate sheet print times.  That means positive reprices are technically possible for a few of the early lenders, but would become more probable with a few more ticks of improvement, or more time spent holding current levels.

The extent to which bond markets are willing to rally strongly ahead of an afternoon Treasury auction is questionable, but that would leave a post-auction relief rally as a possibility. 

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Mortgage Rates:
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  • 15 Yr FRM 2.92%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (-0-02)
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  • 30YR FNMA 5.0 110-22 (0-03)
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  • 30YR FNMA 5.5 111-26 (-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%