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Negative Reprices Becoming More Possible
Posted to: Micro News
Tuesday, June 10, 2014 10:37 AM
Prices have been trending lower since just before 9am. Treasuries have been trending lower since the start of the European session at 3am--not to mention since the end of May.
Yesterday and the day before, we had trends in limbo--waiting for some commentary/input from market movements. They did a great and frustrating job of avoiding that commentary yesterday, leaving multiple doors open. So far today, it looks like we're confirming the potential move back above 2.60 in 10yr yields.
Fannie 3.5s are down 10 ticks on the day with 7 of them coming since lenders' initial rate sheet print times. That makes negative reprices a distinct possibility--if not probability--for several lenders.
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