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Adding Insult to Injury, Reprice Risk Already a Consideration
Posted to: Micro News
Tuesday, June 17, 2014 9:55 AM

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If the post-data drop in MBS wasn't unpleasant enough, we're now faced with another move lower at precisely the right time and by precisely the right amount to suggest increasing reprice risk.  Any instance of an eighth of a point of losses between 9:30 and 10am is about as early as it gets in terms of potential reprices.

Fannie 3.5s are down 10 ticks in total, but 5 of them since 9:30am, to 101-26.  10yr yields are up 5bps to 2.648.  Theoretically, they're well within their right to run to 2.66 without breaking any short term ranges.

Some lenders aren't even out with rates yet, but early lenders are likely already considering negative reprices.

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Mortgage Rates:
  • 30 Yr FRM 3.66%
  • |
  • 15 Yr FRM 2.98%
  • |
  • Jumbo 30 Year Fixed 3.48%
MBS Prices:
  • 30YR FNMA 4.5 108-17 (-0-02)
  • |
  • 30YR FNMA 5.0 110-15 (0-01)
  • |
  • 30YR FNMA 5.5 111-32 (-0-02)
Recent Housing Data:
  • Mortgage Apps 9.34%
  • |
  • Refinance Index 15.85%
  • |
  • Purchase Index 0.23%