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Bond Markets Holding Overnight Gains Ahead of Consumer Sentiment
Posted to: Micro News
Friday, April 25, 2014 9:48 AM

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The overnight session was largely uneventful for bond markets, which merely drifted gently into stronger territory.  There were no major economic events but markets are on the defensive against "headline risk" (the prospects for geopolitical turmoil to create news that causes a quick flight to or from safety in financial markets).

One of the headlines concerned a potentially hijacked Australian plane that was forced to land at the wrong airport.  This turned out to be merely a drunk guy.  C'est la vie.

The bigger headline from around the  same time was an assertion by a Ukrainian presidential aide that any Russian forces that come into the country will be regarded as an invasion and the "attackers" will be destroyed.

10yr yields opened just slightly lower and currently trade 2.6 bps lower at 2.662.  Bonds and stocks are still fairly well connected.  MBS opened stronger and are up 5 ticks at the moment to 104-18 in Fannie 4.0s  Consumer Sentiment is coming up in 7 minutes.

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Mortgage Rates:
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  • 15 Yr FRM 2.94%
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  • Jumbo 30 Year Fixed 3.61%
MBS Prices:
  • 30YR FNMA 4.5 108-31 (0-01)
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  • 30YR FNMA 5.0 110-20 (0-01)
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  • 30YR FNMA 5.5 111-29 (0-03)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%