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You are viewing Micro News from Thursday, May 22, 2014 - View all recent Micro News
  • 5/22/14
    The last alert suggested that reprice risk was evolving...
    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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  • 5/22/14
    We're not yet at levels that would suggest widespread...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/22/14
    MBS Off Highs as Treasuries Test Weakest Levels

    After spending better than an hour in positive territory, MBS just slunk back into the red for a few minutes, but have already returned to unchanged levels.  The day is effectively over as far as scheduled market movers are concerned, and nothing put on a very good show.

    Most recently Existing Home Sales came in just a bit under forecast levels and had no pronounced effect on bond markets.  10yr yields rose gradually to their weakest levels of the domestic session but bounced there.  MBS appreciated that and bounced up from negative territory moments later.

    The levels where Fannie 3.5s bounced (101-16) can be viewed as a line in the sand for early reprice risk.  For instance, if we were to break to 101-15 or below, negative reprice risk would be increasing for a few lenders.  The jury looks to be out on the next move, but prices are close enough to justify staying tuned.

    Category: MBS, UPDATE
    Share:   
  • 5/22/14
    MBS in Positive Territory After Tepid Existing Sales Data

    Existing Home Sales:

    • April Existing Sales 4.65 mln (annual pace) vs 4.68 mln forecast, 4.59 mln in March
    • Inventory 2.29 mln units or 5.9 months worth -- highest since August 2012
    • Median Price $201,700, +5.2% year-over-year, slowest pace since March 2012
    • 15% were distressed vs 18% a year ago

    Bond markets were already holding steady to slightly improved before the data, and haven't really reacted since then.  Fannie 3.5s improved 1 tick for a total of 2 ticks on the day (102-19 currently).  10yr yields are in the same range as yesterday afternoon.  Very boring so far, but with rates within striking distance of 11-month lows and MBS outperforming, boring is fine.

    Category: MBS, UPDATE
    Share:   
  • 5/22/14
    Bond Markets Weaker Overnight; Improving Slightly After Jobless Claims Data

    Bond markets began the overnight session moving into weaker territory after stronger-than-expected manufacturing data in Asia.  European markets pulled in the opposite direction, helping Treasuries make it back into yesterday's range by 8am. 

    10yr yields were near 2.55 before this morning's Jobless Claims data and Fannie 3.5s were 5 ticks weaker on the day at 102-13.  After the data, 10's fell under 2.54 and Fannie 3.5s moved up 3 ticks to 102-16

    Here's a run-down of the data:

    • Claims 326k vs 310k forecast
    • Continued Claims 2.653 mln vs 2.66 mln forecast

    This instance of the Jobless Claims data carries a bit more weight than normal because it covers the same week used to determine the upcoming Nonfarm payrolls release (2 weeks from tomorrow).

    Category: MBS, UPDATE
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  • 5/22/14
    The last alert suggested that reprice risk was evolving...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/22/14
    We're not yet at levels that would suggest widespread...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/22/14

    After spending better than an hour in positive territory, MBS just slunk back into the red for a few minutes, but have already returned to unchanged levels.  The day is effectively over as far as scheduled market movers are concerned, and nothing put on a very good show.

    Most recently Existing Home Sales came in just a bit under forecast levels and had no pronounced effect on bond markets.  10yr yields rose gradually to their weakest levels of the domestic session but bounced there.  MBS appreciated that and bounced up from negative territory moments later.

    The levels where Fannie 3.5s bounced (101-16) can be viewed as a line in the sand for early reprice risk.  For instance, if we were to break to 101-15 or below, negative reprice risk would be increasing for a few lenders.  The jury looks to be out on the next move, but prices are close enough to justify staying tuned.

    Category: MBS, UPDATE
    Share:   
  • 5/22/14

    Existing Home Sales:

    • April Existing Sales 4.65 mln (annual pace) vs 4.68 mln forecast, 4.59 mln in March
    • Inventory 2.29 mln units or 5.9 months worth -- highest since August 2012
    • Median Price $201,700, +5.2% year-over-year, slowest pace since March 2012
    • 15% were distressed vs 18% a year ago

    Bond markets were already holding steady to slightly improved before the data, and haven't really reacted since then.  Fannie 3.5s improved 1 tick for a total of 2 ticks on the day (102-19 currently).  10yr yields are in the same range as yesterday afternoon.  Very boring so far, but with rates within striking distance of 11-month lows and MBS outperforming, boring is fine.

    Category: MBS, UPDATE
    Share:   
  • 5/22/14

    Bond markets began the overnight session moving into weaker territory after stronger-than-expected manufacturing data in Asia.  European markets pulled in the opposite direction, helping Treasuries make it back into yesterday's range by 8am. 

    10yr yields were near 2.55 before this morning's Jobless Claims data and Fannie 3.5s were 5 ticks weaker on the day at 102-13.  After the data, 10's fell under 2.54 and Fannie 3.5s moved up 3 ticks to 102-16

    Here's a run-down of the data:

    • Claims 326k vs 310k forecast
    • Continued Claims 2.653 mln vs 2.66 mln forecast

    This instance of the Jobless Claims data carries a bit more weight than normal because it covers the same week used to determine the upcoming Nonfarm payrolls release (2 weeks from tomorrow).

    Category: MBS, UPDATE
    Share:   
 
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