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Back at Yesterday's Highs; Positive Reprice Potential
Posted to: Micro News
Tuesday, May 6, 2014 12:21 PM

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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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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 4.5 108-31 (0-01)
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  • 30YR FNMA 5.0 110-25 (0-00)
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  • 30YR FNMA 5.5 111-27 (-0-03)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%