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Bond markets back in positive territory after Retail Sales and Jobless Claims
Posted to: Micro News
Thursday, June 12, 2014 8:42 AM

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Both of this morning's 8:30am data sets were bond-market-friendly.  Trading levels were slightly weaker overnight and heading into the data, but both MBS and Treasuries have moved into positive territory afterward.

Jobless Claims

  • 317k vs 310k forecast
  • Continued Claims 2.614 mln vs 2.598 mln
  • share of morning market movement: 35%

Retail Sales

  • May Retail Sales +0.3 vs +0.6 forecast
  • April revised to +0.5 from +0.1
  • Excluding Auto sector +0.1 vs +0.4 forecast
  • Excluding Auto/Gas/Building Materials/Food +0.0 vs +0.4 forecast
  • share of morning market movement: 65%

The gains have been nothing if not moderate and bonds are only barely in the green at the moment.  The strong revisions in the Retail Sales data  rob it of some of it's bond market benefit.

Fannie 3.5s are now 101-26, up 2 ticks on the day.  They were as low as 101-21 before the data.  10yr yields are down 0.7bps on the day at 2.6331.  They were as high as 2.659, which is an important technical level (2.66%).

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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 4.5 109-00 (0-02)
  • |
  • 30YR FNMA 5.0 110-21 (-0-04)
  • |
  • 30YR FNMA 5.5 111-24 (-0-06)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%