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You are viewing Micro News from Friday, Apr 11, 2014 - View all recent Micro News
  • 4/11/14
    Reprice Risk on Hold Along with Stock Rally

    After spending the morning trading mostly sideways Treasury yields and stocks broke higher into the 11am hour.  This brought MBS just barely into their weakest levels of the day, but right on the edge of negative reprice risk for some lenders who were looking at 4 ticks (.125) of weakness since their first rate sheets.

    We've pulled back from that 'edge' by at least 2 ticks now (2 for Fannie 4.0s and 3/32nds for Fannie 3.5s).  Stocks and bonds continue sticking close to each other.  Bonds are right back in yesterday afternoon's range.  There's little else to report until/unless stocks  start making bigger moves.

    Category: MBS, UPDATE
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  • 4/11/14
    Bond markets are at their weakest levels of the morning...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
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  • 4/11/14
    Consumer Sentiment Stronger Than Expected; Limited Reaction so Far

    Here's the run-down on the just-released Consumer Sentiment data:

    • Headline sentiment for April 82.6 vs 81.0 forecast, 80.0 in March
    • 'Current Conditions' 97.1 vs 96.3 forecast
    • 'Expectations' 73.3 vs 71.4 forecast
    • All of the above are at the highest levels since at least August of last year

    10yr yields and MBS are both close to unchanged compared  to pre-data levels, but modest amount of movement seen has been weaker (as the stronger economic data would suggest).  That said, the overall reaction suggests markets aren't overly concerned with this report.  If we move, it will be for other reasons.

    Category: MBS, UPDATE
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  • 4/11/14
    Stronger Overnight, but Sideways After PPI; Waiting for Stocks' Next Move

    Bond markets were unchanged for most of the overnight session, but began moving with equities around 5am.  10yr yields fell from the 2.65's to just under 2.61 between 4:40am and 8:20am--a fairly big move for any 4-5 hours, let alone those falling in the overnight session.

    MBS opened at stronger levels as a result, but remained within yesterday's trading range. 

    The morning's first economic data--Producer Prices--came in stronger than expected.

    • March PPI +0.5 vs +0.1 forecast, biggest rise since June 2013
    • Core PPI +0.6 vs +0.2 forecast, -0.2 in Feb
    • Year over year +1.4 vs +1.1 forecast

    This flies in the face of the 'deflationary panic' that is credited with some of strong movement in bond markets over the past few days.  As such, the morning rally paused when the data came out, and even took a few steps back. 

    There hasn't been a 180 degree turn though.  Instead, both MBS and Treasuries have been sideways at slightly stronger levels, ostensibly waiting to see what happens with the cash open in stocks about 15 minutes from now.

    Category: MBS, UPDATE
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  • 4/11/14

    After spending the morning trading mostly sideways Treasury yields and stocks broke higher into the 11am hour.  This brought MBS just barely into their weakest levels of the day, but right on the edge of negative reprice risk for some lenders who were looking at 4 ticks (.125) of weakness since their first rate sheets.

    We've pulled back from that 'edge' by at least 2 ticks now (2 for Fannie 4.0s and 3/32nds for Fannie 3.5s).  Stocks and bonds continue sticking close to each other.  Bonds are right back in yesterday afternoon's range.  There's little else to report until/unless stocks  start making bigger moves.

    Category: MBS, UPDATE
    Share:   
  • 4/11/14
    Bond markets are at their weakest levels of the morning...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 4/11/14

    Here's the run-down on the just-released Consumer Sentiment data:

    • Headline sentiment for April 82.6 vs 81.0 forecast, 80.0 in March
    • 'Current Conditions' 97.1 vs 96.3 forecast
    • 'Expectations' 73.3 vs 71.4 forecast
    • All of the above are at the highest levels since at least August of last year

    10yr yields and MBS are both close to unchanged compared  to pre-data levels, but modest amount of movement seen has been weaker (as the stronger economic data would suggest).  That said, the overall reaction suggests markets aren't overly concerned with this report.  If we move, it will be for other reasons.

    Category: MBS, UPDATE
    Share:   
  • 4/11/14

    Bond markets were unchanged for most of the overnight session, but began moving with equities around 5am.  10yr yields fell from the 2.65's to just under 2.61 between 4:40am and 8:20am--a fairly big move for any 4-5 hours, let alone those falling in the overnight session.

    MBS opened at stronger levels as a result, but remained within yesterday's trading range. 

    The morning's first economic data--Producer Prices--came in stronger than expected.

    • March PPI +0.5 vs +0.1 forecast, biggest rise since June 2013
    • Core PPI +0.6 vs +0.2 forecast, -0.2 in Feb
    • Year over year +1.4 vs +1.1 forecast

    This flies in the face of the 'deflationary panic' that is credited with some of strong movement in bond markets over the past few days.  As such, the morning rally paused when the data came out, and even took a few steps back. 

    There hasn't been a 180 degree turn though.  Instead, both MBS and Treasuries have been sideways at slightly stronger levels, ostensibly waiting to see what happens with the cash open in stocks about 15 minutes from now.

    Category: MBS, UPDATE
    Share:   
 
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