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MBS-Specific Weakness Following Scheduled Fed Buying
Posted to: Micro News
Monday, August 04, 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 3.89%
  • |
  • 15 Yr FRM 3.11%
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  • Jumbo 30 Year Fixed 3.73%
MBS Prices:
  • 30YR FNMA 4.5 108-18 (-0-03)
  • |
  • 30YR FNMA 5.0 110-27 (-0-02)
  • |
  • 30YR FNMA 5.5 111-29 (-0-01)
Recent Housing Data:
  • Mortgage Apps 4.93%
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  • Refinance Index 0.90%
  • |
  • FHFA Home Price Index 0.67%