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Bond Markets Weaker After Existing Home Sales
Posted to: Micro News
Monday, June 23, 2014 10:11 AM

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MBS and Treasuries are at the weakest levels of the day after a one-two punch from stronger manufacturing data and Existing Home Sales.  This brought Fannie 3.5s into negative territory  on the day at 102-11 (just ticked back up to 102-12).  That's 2-3 ticks weaker than some lenders' initial rate sheet print times.  At the weakest level, moments ago, some of the jumpiest lenders may have been close to considering negative reprices, but are more likely to wait for additional weakness at this point. 

10yr yields are still lower than Friday's latest levels, but up from 2.59 lows at 2.606% currently.  Here's a run-down of Home Sales data:

  • May existing sales 4.89 mln vs 4.73 mln forecast (annual pace)
  • April revised to 4.66 mln from 4.65 mln
  • Inventory at 5.6 months from 5.7 months previously
  • Median price $213.4k vs $203.1k same month last year

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Mortgage Rates:
  • 30 Yr FRM 3.64%
  • |
  • 15 Yr FRM 2.93%
  • |
  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (0-02)
  • |
  • 30YR FNMA 5.0 110-19 (0-02)
  • |
  • 30YR FNMA 5.5 111-26 (-0-04)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%