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Prices Trending Lower, but Still in Positive Territory; Limited Reprice Risk
Posted to: Micro News
Monday, May 19, 2014 12:22 PM

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This is going out as an alert despite the fact that negative reprices aren't a significant risk based on the gap between current MBS prices and those seen at rate sheet print times.  Even so, at 102-11 currently vs 102-17 at the highs, Fannie 3.5s are 6 ticks off in just over an hour.  10yr yields are up to their highest levels since 8:30am, but still 0.002% lower on the day at 2.518. 

If MBS continue to fall, it would only take another 2/32nds or so before negative reprice risk is more developed.  For now, that's the direction of the trend, and lenders are aware of that.  As such, despite the fact that prices haven't technically fallen enough to justify it, reprices can't be ruled out, though they become more possible if we lose another few ticks.

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