Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
# of Questions Answered

Send Article via Email

Can forward to 6 email addresses at a time. Register or Login

Registered users also get the additional advantage of Co-branded Emails and Landing Pages. Learn more about these features.

Your Name: 
Your Email: 
I want to forward this to
(Enter Email Address Below) :
Include a Personal Message (optional)

Please add 5 and 6 and type the answer here:
Leave this field blank.
Email Preview Below:
This feature is now 100% free. Learn More About Co-branded Email and our other Co-branded Services.
This email was sent to you by:
Anonymous |
Mortgage News Daily

Email alerts, such as this one, are a free service provided by Mortgage News Daily. If you would like to receive an alert when important news breaks please register to join our community.
Bond Markets hit Weakest Levels After Stronger Data
Posted to: Micro News
Tuesday, August 5, 2014 10:12 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Both of the 10am economic reports came in stronger than expected, and bond markets have weakened as a result.  Fannie 3.5s are at the lows of the day, down 4 ticks at 102-06.  10yr Treasury yields are up 1.8bps at 2.509.

Prices haven't moved low enough to suggest negative reprice risk yet, but that could be the case if we lose a few more ticks. Here's a run-down of the data

ISM Non-Manufacturing

  • ISM PMI 58.7 vs 56.3, highest since December 2005
  • Business Activity 62.4 vs 58.1, highest since Feb 2011
  • New Orders 64.9 vs 61.2 previously, highest since August 2005

Factory Orders

  • June Orders +1.1 vs +0.6 forecast
  • June Durable Orders revised to +1.7 from +0.7

Given the strength of those reports, bonds are actually holding their ground remarkably well.  As we discussed in this morning's 'day ahead,' part of the reason may be that these reports are falling AFTER the NFP/GDP readings.  In addition, it could just be taking time for the full effects to be felt in slower, summertime trading.

More from MND:


If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.

Forward this email:  Send a copy of this story to someone you know that may want to read it.


More From MND

Mortgage Rates:
  • 30 Yr FRM 3.55%
  • |
  • 15 Yr FRM 2.90%
  • |
  • Jumbo 30 Year Fixed 3.41%
MBS Prices:
  • 30YR FNMA 4.5 108-19 (0-02)
  • |
  • 30YR FNMA 5.0 110-14 (-0-01)
  • |
  • 30YR FNMA 5.5 112-02 (0-00)
Recent Housing Data:
  • Mortgage Apps 9.34%
  • |
  • Refinance Index 15.85%
  • |
  • Purchase Index 0.23%