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Bounce Back Pauses After Stronger Homebuilder Sentiment
Posted to: Micro News
Monday, June 16, 2014 10:12 AM

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After hitting the weakest levels of the day, bond markets began bouncing back just a bit from 9:30am to 10am.  10yr yields made it about 1bp into positive territory and Fannie 3.5s made new highs at 102-04. 

The move was already leveling off before the 10am homebuilder data, but found no reason to resume to positive trend afterward.  Here's the run-down:

  • Housing Market Index 49 vs 47 forecast (highest since January)
  • Current single family sales 54 vs 48 previously
  • Prospective buyers 36 vs 33 previously
  • 6-month outlook 59 vs 56 previously

This isn't a tremendously important market mover as far as economic data goes, but it's been tepid and/or downbeat for long enough that any move away from that is potentially significant in the eyes of investors.  There was almost enough reaction today to infer markets paid any attention, but the movement is small enough to be coincidence as well.

10's are currently still half a bp lower on the day at 2.599 and Fannie 3.5s are 3 ticks higher at 102-02.  They were as high as 102-04 about 15 minutes ago.

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Mortgage Rates:
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  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%