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Mortgage News Daily

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MBS-Specific Weakness Following Scheduled Fed Buying
Posted to: Micro News
Monday, August 4, 2014 12:38 PM

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The day's scheduled Fed buying in MBS wrapped up at 11:45am.  Not even one minute later, MBS reversed course and began losing ground.  Not only that, but they increasingly underperformed Treasuries in the process.  Fannie 3.5s are down a fairly quick 6 ticks, introducing some small measure of negative reprice risk.

That risk is limited to "on the horizon" for the most part as the 6/32nds of weakness is based on the day's highs.  No lenders released rates at the highs.  Prices are only 1-3 ticks off from rate sheet print times.  If the weakness continues, however, negative reprice risk would increase with another 2 ticks of losses (102-09 and below).

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Mortgage Rates:
  • 30 Yr FRM 3.90%
  • |
  • 15 Yr FRM 3.16%
  • |
  • Jumbo 30 Year Fixed 3.68%
MBS Prices:
  • 30YR FNMA 4.5 108-17 (0-01)
  • |
  • 30YR FNMA 5.0 110-08 (0-03)
  • |
  • 30YR FNMA 5.5 111-25 (0-06)
Recent Housing Data:
  • Mortgage Apps -6.71%
  • |
  • Refinance Index -7.48%
  • |
  • Purchase Index -5.65%