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Negative Reprice Risk Already a Consideration for Some Lenders
Posted to: Micro News
Tuesday, July 22, 2014 10:13 AM
The timing of this morning's gains and losses makes for one of the earliest possible reprice risk situations. Indeed, there are still lenders that have yet to put out their first rate sheet of the day while others may already be considering changing theirs.
Reason being: the highs of the morning were in right at the time of morning when the earliest lenders are generating rate sheets for the day. Since then, MBS have fallen 6 ticks, more than enough for reprices for some lenders. While lenders likely didn't base rates off those brief highs, it's still enough weakness that negative reprices among a few early lenders can't be ruled out.
Fannie 3.5s are down 3 ticks on the day at 102-13.
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