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Negative Reprice Risk Already Approaching Depending on Lender
Posted to: Micro News
Tuesday, June 10, 2014 10:11 AM

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Bond markets have been on the back foot all morning, but the weakness has picked up into the stock market open and after the 10am Wholesale Inventories data (+1.1 vs +0.5 forecast, and an indirect suggestion for Q2 GDP strength).

10's are only up another bp from the last update, but every bp higher is more confirmation of "range-re-entry" at current levels.  MBS are down 6 ticks day-over-day, but 2-3 of those have come since some lenders' initial rate sheets. 

We would probably avoid most any negative reprice risk if MBS bounce here, but conversely, any additional weakness from here would take reprice risk from "unlikely" to "possible."




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Mortgage Rates:
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  • 15 Yr FRM 3.17%
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  • Jumbo 30 Year Fixed 3.93%
MBS Prices:
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  • 30YR FNMA 5.0 110-22 (0-03)
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  • 30YR FNMA 5.5 111-21 (0-01)
Recent Housing Data:
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  • Refinance Index 23.29%
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  • FHFA Home Price Index 0.67%