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MBS in Positive Territory After Tepid Existing Sales Data
Posted to: Micro News
Thursday, May 22, 2014 10:12 AM

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Existing Home Sales:

  • April Existing Sales 4.65 mln (annual pace) vs 4.68 mln forecast, 4.59 mln in March
  • Inventory 2.29 mln units or 5.9 months worth -- highest since August 2012
  • Median Price $201,700, +5.2% year-over-year, slowest pace since March 2012
  • 15% were distressed vs 18% a year ago

Bond markets were already holding steady to slightly improved before the data, and haven't really reacted since then.  Fannie 3.5s improved 1 tick for a total of 2 ticks on the day (102-19 currently).  10yr yields are in the same range as yesterday afternoon.  Very boring so far, but with rates within striking distance of 11-month lows and MBS outperforming, boring is fine.

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Mortgage Rates:
  • 30 Yr FRM 3.64%
  • |
  • 15 Yr FRM 2.93%
  • |
  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-32 (0-02)
  • |
  • 30YR FNMA 5.0 110-19 (-0-00)
  • |
  • 30YR FNMA 5.5 111-28 (0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%