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Bond Markets Moderately Stronger Overnight; Giving Back Some Gains Now
Posted to: Micro News
Monday, June 16, 2014 8:55 AM

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Bond markets began the overnight session with a move down toward the important technical level of 2.57.  While 10yr yields have hit 2.57 itself previously in 2014, the last 2 attempts have stopped short in the mid 2.57's.  Case in point, last night's low was 2.577.

After hitting those lows, there hasn't been much movement into the domestic session.  Empire State Manufacturing data came and went without much fanfare despite the stronger result (19.28 vs 15.0 forecast).  The headline victory could be somewhat offset by the weaker employment component (10.75 vs 20.88 previously).

That said, if there's a detectable trend since the open, it's toward slightly weaker levels.  At 2.593, 10's are currently at their weakest levels of the morning.  MBS are in fairly similar shape, but haven't really moved much at all from their range of +0-02 to +0-03 overnight.

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Mortgage Rates:
  • 30 Yr FRM 3.68%
  • |
  • 15 Yr FRM 2.96%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-26 (-0-02)
  • |
  • 30YR FNMA 5.0 110-22 (0-01)
  • |
  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%