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You are viewing Micro News from Thursday, Apr 11, 2013 - View all recent Micro News
  • 4/11/13
    Treasuries Pop Higher, MBS Heading Lower, Risk Uncertainty
    We're not seeing any major headline or any correlated movement in other markets, but there was just a brisk move higher in Treasury yields just after 1:30pm. 10's moved from 1.793 to 1.804 in a few trades and MBS fell to their lowest levels since this morning's data.

    It's very early to start talking about negative reprice risk and the actual gap between current prices and those in force during rate sheet print times is just barely edging into that .125 point difference.

    So if this turns out to be a chunky tradeflow in Treasuries that works itself out, we may see no reprices, but if 10's continue pushing into the 1.8's and assuming MBS continue to allow this to suggest a test below 103-20, reprice risk is increasing. It's a few minutes too soon to tell how it will pan out, but for now, it looks like this might settle down, allowing MBS to escape unscathed.
    Category: MBS, UPDATE
    Share:   
  • 4/11/13
    FHFA Extends HARP to 2015
    Washington, DC – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013.

    “More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

    In addition, FHFA will soon launch a nationwide campaign to inform homeowners about HARP. This campaign will educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends. HARP is uniquely designed to allow borrowers who owe more than their home is worth the opportunity to refinance their mortgage. Extending the program will continue to provide borrowers opportunities to refinance, give clear guidance to lenders and reduce risk for Fannie Mae, Freddie Mac and taxpayers.
    Category: MBS, INDUSTRY
    Share:   
  • 4/11/13
    Stronger Following Jobless Claims, Uneventful Overnight
    Bond markets pulled back from Wednesday's sell-off somewhat during the Asian session, ultimately hitting 1.788 (10yr yields) around 3am. Yields then reversed course and headed right back to 1.81 by 8am. This is a fairly narrow range, and could just as easily be considered a "flat" overnight session.

    Domestic traders started buying longer maturity Treasuries right around 8am, helping 10's rally into the Jobless Claims data. The data itself, was better than expected--a fact that would normally pose some challenges for bond markets.

    Indeed there was a brief (very brief) spat of weakness following the initial print, but it lasted all of 2-3 minutes before reversing course and taking both MBS and Treasuries to their best levels of the morning.

    Fannie 3.0 30yr MBS are up 4 ticks at 103-20 and 10yr Treasuries are down 1bp at 1.7913%. S&P futures are about a half a point in the green ahead of the cash open a 9:30. The only other significant scheduled event for the day is the 30yr Bond Auction at 1pm.
    Category: MBS, UPDATE
    Share:   
  • 4/11/13
    ECON: Import Prices As Expected, Export Prices Lower
    - Import Prices -0.5 vs -0.5 consensus
    - Export Prices -0.4 vs +0.1 consensus
    - Market Reaction: None. This data set is a benchwarmer

    The price index for U.S. imports declined 0.5 percent in March, the U.S. Bureau of Labor Statistics reported today, following increases of 0.6 percent in February and 0.5 percent in January. The March decrease was primarily led by a downturn in fuel prices. U.S. export prices fell 0.4 percent in March after rising 0.7 percent in February.
    Category: MBS, ECON
    Share:   
  • 4/11/13
    ECON: Jobless Claims Lower Than Expected
    - Claims 346k va 365k Consensus
    - Previous week revised higher to 388k
    - 4 week average rises to 358k from 355k
    - Continued claim 3.079 mln vs 3.066 mln consensus
    - Market Reaction: surprisingly resilient. Bond markets stepped back briefly, but are now at their best levels of the morning.

    In the week ending April 6, the advance figure for seasonally adjusted initial claims was 346,000, a decrease of 42,000 from the previous week's revised figure of 388,000. The 4-week moving average was 358,000, an increase of 3,000 from the previous week's revised average of 355,000.

    The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending March 30, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 30 was 3,079,000, a decrease of 12,000 from the preceding week's revised level of 3,091,000. The 4-week moving average was 3,079,250, an increase of 5,250 from the preceding week's revised average of 3,074,000.
    Category: MBS, ECON
    Share:   
  • 4/11/13
    FHFA Extends HARP to 2015
    Washington, DC – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013.

    “More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

    In addition, FHFA will soon launch a nationwide campaign to inform homeowners about HARP. This campaign will educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends. HARP is uniquely designed to allow borrowers who owe more than their home is worth the opportunity to refinance their mortgage. Extending the program will continue to provide borrowers opportunities to refinance, give clear guidance to lenders and reduce risk for Fannie Mae, Freddie Mac and taxpayers.
    Category: MBS, INDUSTRY
    Share:   
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  • 4/11/13
    We're not seeing any major headline or any correlated movement in other markets, but there was just a brisk move higher in Treasury yields just after 1:30pm. 10's moved from 1.793 to 1.804 in a few trades and MBS fell to their lowest levels since this morning's data.

    It's very early to start talking about negative reprice risk and the actual gap between current prices and those in force during rate sheet print times is just barely edging into that .125 point difference.

    So if this turns out to be a chunky tradeflow in Treasuries that works itself out, we may see no reprices, but if 10's continue pushing into the 1.8's and assuming MBS continue to allow this to suggest a test below 103-20, reprice risk is increasing. It's a few minutes too soon to tell how it will pan out, but for now, it looks like this might settle down, allowing MBS to escape unscathed.
    Category: MBS, UPDATE
    Share:   
  • 4/11/13
    Washington, DC – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013.

    “More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

    In addition, FHFA will soon launch a nationwide campaign to inform homeowners about HARP. This campaign will educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends. HARP is uniquely designed to allow borrowers who owe more than their home is worth the opportunity to refinance their mortgage. Extending the program will continue to provide borrowers opportunities to refinance, give clear guidance to lenders and reduce risk for Fannie Mae, Freddie Mac and taxpayers.
    Category: MBS, INDUSTRY
    Share:   
  • 4/11/13
    Bond markets pulled back from Wednesday's sell-off somewhat during the Asian session, ultimately hitting 1.788 (10yr yields) around 3am. Yields then reversed course and headed right back to 1.81 by 8am. This is a fairly narrow range, and could just as easily be considered a "flat" overnight session.

    Domestic traders started buying longer maturity Treasuries right around 8am, helping 10's rally into the Jobless Claims data. The data itself, was better than expected--a fact that would normally pose some challenges for bond markets.

    Indeed there was a brief (very brief) spat of weakness following the initial print, but it lasted all of 2-3 minutes before reversing course and taking both MBS and Treasuries to their best levels of the morning.

    Fannie 3.0 30yr MBS are up 4 ticks at 103-20 and 10yr Treasuries are down 1bp at 1.7913%. S&P futures are about a half a point in the green ahead of the cash open a 9:30. The only other significant scheduled event for the day is the 30yr Bond Auction at 1pm.
    Category: MBS, UPDATE
    Share:   
  • 4/11/13
    - Import Prices -0.5 vs -0.5 consensus
    - Export Prices -0.4 vs +0.1 consensus
    - Market Reaction: None. This data set is a benchwarmer

    The price index for U.S. imports declined 0.5 percent in March, the U.S. Bureau of Labor Statistics reported today, following increases of 0.6 percent in February and 0.5 percent in January. The March decrease was primarily led by a downturn in fuel prices. U.S. export prices fell 0.4 percent in March after rising 0.7 percent in February.
    Category: MBS, ECON
    Share:   
  • 4/11/13
    - Claims 346k va 365k Consensus
    - Previous week revised higher to 388k
    - 4 week average rises to 358k from 355k
    - Continued claim 3.079 mln vs 3.066 mln consensus
    - Market Reaction: surprisingly resilient. Bond markets stepped back briefly, but are now at their best levels of the morning.

    In the week ending April 6, the advance figure for seasonally adjusted initial claims was 346,000, a decrease of 42,000 from the previous week's revised figure of 388,000. The 4-week moving average was 358,000, an increase of 3,000 from the previous week's revised average of 355,000.

    The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending March 30, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 30 was 3,079,000, a decrease of 12,000 from the preceding week's revised level of 3,091,000. The 4-week moving average was 3,079,250, an increase of 5,250 from the preceding week's revised average of 3,074,000.
    Category: MBS, ECON
    Share:   
  • 4/11/13
    ECON: Import Prices As Expected, Export Prices Lower
    - Import Prices -0.5 vs -0.5 consensus
    - Export Prices -0.4 vs +0.1 consensus
    - Market Reaction: None. This data set is a benchwarmer

    The price index for U.S. imports declined 0.5 percent in March, the U.S. Bureau of Labor Statistics reported today, following increases of 0.6 percent in February and 0.5 percent in January. The March decrease was primarily led by a downturn in fuel prices. U.S. export prices fell 0.4 percent in March after rising 0.7 percent in February.
    Category: MBS, ECON
    Share:   
  • 4/11/13
    ECON: Jobless Claims Lower Than Expected
    - Claims 346k va 365k Consensus
    - Previous week revised higher to 388k
    - 4 week average rises to 358k from 355k
    - Continued claim 3.079 mln vs 3.066 mln consensus
    - Market Reaction: surprisingly resilient. Bond markets stepped back briefly, but are now at their best levels of the morning.

    In the week ending April 6, the advance figure for seasonally adjusted initial claims was 346,000, a decrease of 42,000 from the previous week's revised figure of 388,000. The 4-week moving average was 358,000, an increase of 3,000 from the previous week's revised average of 355,000.

    The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending March 30, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 30 was 3,079,000, a decrease of 12,000 from the preceding week's revised level of 3,091,000. The 4-week moving average was 3,079,250, an increase of 5,250 from the preceding week's revised average of 3,074,000.
    Category: MBS, ECON
    Share:   
 
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