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Briefly Weaker After 5yr Auction; Reprice Risk Comes and Goes
Posted to: Micro News
Wednesday, June 25, 2014 1:10 PM

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MBS prices are barely-changed after the 1pm 5yr Note auction, and are not trading very actively at that.  The first move following the auction was slightly higher in Treasury yields and slightly lower in MBS Prices. 

For a brief moment, prices hit a 4/32nds gap from some lenders' rate sheet print times--technically enough to consider reprice risk--but it was short-lived.   Fannie 3.5s are now back in the pre-auction range and 10yr yields are right on the edge at 2.547.

Essentially, the auction tells us nothing and suggests nothing about afternoon momentum.  Those inclined could call it weak due to slightly lower bid-to-cover and light participation among direct bidders, but the result is less weak in the context of the morning's rally. 

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Mortgage Rates:
  • 30 Yr FRM 3.66%
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  • 15 Yr FRM 2.94%
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  • Jumbo 30 Year Fixed 3.61%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (0-02)
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  • 30YR FNMA 5.0 110-19 (0-02)
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  • 30YR FNMA 5.5 111-26 (-0-04)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
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  • Purchase Index 8.43%