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MBS at Lows of the Day; Negative Reprice Risk on Horizon
Posted to: Micro News
Thursday, July 10, 2014 11:38 AM

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Current prices do NOT yet justify negative reprices, but those risks are on the horizon as bond markets trend into weaker territory this morning.  Treasuries and MBS started the day near their best levels, hitting them shortly after the open.  Since then, they've been fading gradually and both are at their weakest levels of the domestic session.

Fannie 3.5s are still up 5 ticks on the day, but down 5 from the morning's highs (only 2-3 ticks from lender's rate sheet print times).  Nonetheless, with the day starting on a high note and a pervasive, if mild negative trend being intact, we can't completely rule out negative reprices for a few of the jumpier lenders.  It would likely take another 2-3 ticks of weakness before it became more common.

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Mortgage Rates:
  • 30 Yr FRM 3.69%
  • |
  • 15 Yr FRM 2.99%
  • |
  • Jumbo 30 Year Fixed 3.49%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps -2.58%
  • |
  • Refinance Index 0.28%
  • |
  • Purchase Index -7.02%