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Back at Yesterday's Highs; Positive Reprice Potential
Posted to: Micro News
Tuesday, May 06, 2014 12:21 PM
While Treasuries continue struggling to get past this morning's best levels, MBS are already back to yesterday's in Fannie 4.0s, and very close in 3.5s. 10yr yields are roughly half-way to yesterday's lows, currently pressing into the 2.59s vs the 2-day lows in the 2.57's.
There is no overt "cause and effect" in bond markets today. It's been a fairly quiet session with the exception of lop-sided buying interest right at the CME 'pit open.' Weakness in stocks looks like a moderate benefit for now.
Many lenders have now seen roughly 4/32nds of price improvement since releasing their first rate sheets this morning, putting us in a position to see some positive reprices. The longer these gains are held or improved upon, the greater the reprice possibilities.
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