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At Session Lows, on the Edge of Negative Reprice Risk
Posted to: Micro News
Monday, April 21, 2014 1:24 PM

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First thing's first: from the rate sheet print times, in the worst case scenario, lenders are seeing 4/32nds of weakness at current levels.  This puts us right on the outside edge of negative reprice risk and only a few lenders will be considering them at this point. 

That said, if we fall any further, the next few ticks of weakness would make reprices increasingly likely for the average lender (whereas they're merely "possible" among "aggressive/fast-acting" lenders at the moment). 

Fannie 4.0s are still up 3 ticks on the day at 104-02, but well off the 104-07 highs earlier.  Fannie 3.5s are also up 3 at 100-25.  10yr yields are close to unchanged at 2.708.

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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 4.5 108-30 (0-00)
  • |
  • 30YR FNMA 5.0 110-25 (0-03)
  • |
  • 30YR FNMA 5.5 111-30 (0-04)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%