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MBS and Treasuries extend gains despite stock market strength
Posted to: Micro News
Monday, May 19, 2014 11:05 AM

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Even though stocks shot into positive territory at the open, Treasuries have been building on a positive technical bounce at 2.525 (treating that like a ceiling in 10yr yields).  With little on the calendar, traders are watching other traders for cues and this has resulted in small amount of 'snowball buying' so far (i.e. traders who had been expecting rates to go slightly higher are forced to buy bonds if rates fall, which in itself pushes rates lower and forces in more buyers).

MBS are along for the ride and performing well vs Treasuries thanks to lighter MBS-specific supply.  Fannie 3.5s are up 7 ticks at 102-15.  This is only 2 ticks higher than early rate sheet print times, thus limiting positive reprice potential.  10yr yields are down just under 2 bps at 2.50. 

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Mortgage Rates:
  • 30 Yr FRM 3.67%
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  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%