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MBS at Lows; Potentially Holding Ground, but Some Reprice Risk
Posted to: Micro News
Friday, May 9, 2014 11:34 AM

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MBS have fallen to their lows of the day, with Fannie 3.5s down 6 ticks at 101-28.  That's just on the outside edge of negative reprice risk territory for some lenders, but reprices would be more of a concern if MBS fell another 2/32nds.  In short, reprices are just now becoming possible in isolated cases, but not yet probable.

There's little to credit for the weakness apart from MBS underperformance and overall technically-driven bond market weakness.  2.625 in 10yr yields is a good line in the sand for a potential shift into weaker territory.   10's are currently at 2.616.

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Mortgage Rates:
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  • 15 Yr FRM 3.13%
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  • Jumbo 30 Year Fixed 3.65%
MBS Prices:
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  • 30YR FNMA 5.0 110-05 (-0-03)
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  • 30YR FNMA 5.5 111-20 (-0-05)
Recent Housing Data:
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  • Refinance Index -7.48%
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  • Purchase Index -5.65%