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Reprice Risk Increasing as Afternoon Leakage Shows Up
Posted to: Micro News
Friday, July 11, 2014 2:51 PM
Perhaps the last update shouldn't have tempted fate by saying "there's always a chance that prices will leak lower into the afternoon. If that's going to happen, it will probably be apparent soon," because it's quickly become apparent.
Fannie 3.5s are off a quick 2.5 ticks since the last update (102-13 currently) and 10's broke above the supportive 2.516 level that'd been intact since 11am (currently up to 2.521). That puts MBS roughly 4 ticks lower than the prices in force during some lenders' positive reprices.
This slightly increases the risk of negative reprices this afternoon, but at current levels, most lenders are still positioned well enough to avoid it.
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