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You are viewing Micro News from Wednesday, Apr 16, 2014 - View all recent Micro News
  • 4/16/14
    MBS and Treasuries Holding Narrow Ranges at Best Levels

    Today continues to be wholly uneventful for bond markets.  After beginning the domestic session just barely inside yesterday's weakest levels, both MBS and Treasuries have simply been drifting sideways and slightly higher in price (lower in yield).

    To reinforce the notion that this is uneventful, MBS still haven't broken into positive territory with Fannie 4.0s down 1 tick on the day at 104-15.  10yr yields are just about 1bp higher than yesterday at 2.6373.

    That said, MBS are an eight of a point higher from the time of day that some lenders released their first rate sheets.  As such, positive reprices are an outside possibility for a few of those lenders, but an eighth of a point is really only the threshold beyond which reprices become possible. 

    It would take a bit more positivity to make them 'probable' outside the one or two lenders that reprice most aggressively.  Additionally, as of right now, we haven't moved past that threshold.  Uneventful...

    Category: MBS, UPDATE
    Share:   
  • 4/16/14
    Stronger Manufacturing Data Gives Bond Markets Pause

    Industrial Production and Capacity Utilization data came out stronger than expected just now.  Here's the run-down:

    • March Industrial Output +0.7 vs +0.5 forecast
    • Big revision in February to +1.2 from +0.6 previously
    • Capacity Use Rate 79.2 vs 78.7 forecast, highest since June 2008

    10yr yields moved relatively quickly to their highest levels of the day.  MBS mimicked the move with less conviction, but are still falling on the data.  Fannie 4.0s are currently down 5 ticks at 104-11 and Fannie 3.5s are down 6 ticks at 101-03.

    Category: MBS, UPDATE
    Share:   
  • 4/16/14
    Holding Ground in Weaker Territory After Lackluster Housing Data

    Bond markets were weaker overnight, further backing away from the geopolitical risk-driven rally that took place yesterday morning.  Stronger Chinese GDP also helped markets move back towards 'risk' (stocks and bond yields higher). 

    By the open, 10yr yields and MBS were both almost perfectly back in line with yesterday's weakest levels.  So far, they've gone no higher thanks to a weaker-than-expected reading on Housing Starts. 

    • March Housing Starts 946k vs 973k forecast
    • February Housing Starts revised to 920k from 907k
    • Housing Permits 990k vs 1008k forecast
    • singe-family permits and starts rose while multifamily fell

    MBS and Treasuries both improved just slightly following the data and are currently at their best levels of the morning.  Stocks are at their weakest levels of the morning--a fact that further helps bond markets in the current environment (where the stock lever has been so well connected).

    Category: MBS, UPDATE
    Share:   
 
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  • 4/16/14

    Today continues to be wholly uneventful for bond markets.  After beginning the domestic session just barely inside yesterday's weakest levels, both MBS and Treasuries have simply been drifting sideways and slightly higher in price (lower in yield).

    To reinforce the notion that this is uneventful, MBS still haven't broken into positive territory with Fannie 4.0s down 1 tick on the day at 104-15.  10yr yields are just about 1bp higher than yesterday at 2.6373.

    That said, MBS are an eight of a point higher from the time of day that some lenders released their first rate sheets.  As such, positive reprices are an outside possibility for a few of those lenders, but an eighth of a point is really only the threshold beyond which reprices become possible. 

    It would take a bit more positivity to make them 'probable' outside the one or two lenders that reprice most aggressively.  Additionally, as of right now, we haven't moved past that threshold.  Uneventful...

    Category: MBS, UPDATE
    Share:   
  • 4/16/14

    Industrial Production and Capacity Utilization data came out stronger than expected just now.  Here's the run-down:

    • March Industrial Output +0.7 vs +0.5 forecast
    • Big revision in February to +1.2 from +0.6 previously
    • Capacity Use Rate 79.2 vs 78.7 forecast, highest since June 2008

    10yr yields moved relatively quickly to their highest levels of the day.  MBS mimicked the move with less conviction, but are still falling on the data.  Fannie 4.0s are currently down 5 ticks at 104-11 and Fannie 3.5s are down 6 ticks at 101-03.

    Category: MBS, UPDATE
    Share:   
  • 4/16/14

    Bond markets were weaker overnight, further backing away from the geopolitical risk-driven rally that took place yesterday morning.  Stronger Chinese GDP also helped markets move back towards 'risk' (stocks and bond yields higher). 

    By the open, 10yr yields and MBS were both almost perfectly back in line with yesterday's weakest levels.  So far, they've gone no higher thanks to a weaker-than-expected reading on Housing Starts. 

    • March Housing Starts 946k vs 973k forecast
    • February Housing Starts revised to 920k from 907k
    • Housing Permits 990k vs 1008k forecast
    • singe-family permits and starts rose while multifamily fell

    MBS and Treasuries both improved just slightly following the data and are currently at their best levels of the morning.  Stocks are at their weakest levels of the morning--a fact that further helps bond markets in the current environment (where the stock lever has been so well connected).

    Category: MBS, UPDATE
    Share:   
 
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