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Bond Markets Weaker After ISM Non-Manufacturing Data
Posted to: Micro News
Wednesday, June 4, 2014 10:12 AM

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The ISM Non-Manufacturing Index is one of the most potent market-movers when it comes to economic data.  Today's report was just slightly stronger than expected, but has reinforced the selling pressure.

Here's a run-down of the data:

  • ISM Non-Manufacturing PMI (purchasing manager's index--the 'headline' of the data) 56.3 in May vs 55.5 forecast, 55.2 in April
  • Business Activity 62.1 vs 60.0 forecast
  • New Orders 60.5 vs 58.2 forecast
  • Employment 52.4 vs 51.3 forecast

10yr yields are up to new highs for the day at 2.604.  Fannie 3.5s have fallen 6 ticks from their highs, but remain 2 ticks up on the day at 102-06.  Negative reprices aren't likely on most lenders' radar unless we lose a few more ticks.  It can't be ruled out completely any time we're moving lower like this, but prices are only 2-3 ticks off from most lenders' rate sheet print times.

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Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (0-00)
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  • 30YR FNMA 5.0 110-25 (0-03)
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  • 30YR FNMA 5.5 111-30 (0-04)
Recent Housing Data:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%