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You are viewing Micro News from Tuesday, May 27, 2014 - View all recent Micro News
  • 5/27/14
    Positive Reprices More Likely as MBS Extend Gains

    10yr yields are now approaching 2-day lows in an illiquid post-holiday-weekend trading session.  MBS are doing even better with Fannie 3.5s now 3 ticks beyond Friday's best levels.  There are no overt market-movers in play apart from the proverbial ball, and this is the way it happens to be bouncing.

    In other words, we're not seeing trading levels react to headlines or events--simply to other trades.  The fact that those are fewer and farther between today makes the road a bit bumpy, but it's still been heading in the right direction.

    At current levels, positive reprices are more likely as most lenders are looking at 4-6 ticks of improvement since morning rate sheet print times.

    Category: MBS, UPDATE
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  • 5/27/14
    MBS holding Best Levels; Treasury Auction a Non-Issue

    While Treasury auctions can often have varying levels of impact on MBS prices, the 2yr Note auction is rarely one of them.  Today is no exception as MBS were completely unchanged through the 1:01:30pm auction results.

    Fannie 3.5s have been at the day's best levels for nearly an hour, up 4 ticks at 102-20.  We've seen one positive reprice so far and a few more wouldn't be out of the question, but most lenders would need more improvement before repricing.

    Category: MBS, UPDATE
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  • 5/27/14
    Even Faster Than it Arrived, Weakness Evaporates

    Given the volatile moves so far this morning, there's no telling whether or not we'll be right back into weaker territory in half an hour, but for now, the latest bout of weakness is gone.  Shortly after cresting 2.55%, 10yr yields saw yet another technical bounce (the day's first two bounces were also prompted by breaks above 2.55%). 

    The move hasn't been amazingly strong, but it was quick.  10yr yields are back down to 2.539 and Fannie 3.5s are back to +0-01 on the day at 102-18.  Negative reprice risk is averted.

    Category: MBS, UPDATE
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  • 5/27/14
    Bond markets are once again moving into weaker territory...
    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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  • 5/27/14
    Bond Markets Back to 'Unchanged' Ahead of Confidence Data

    The weakness seen after this morning's Durable Goods data was fairly short-lived, not to mention fairly shallow overall.  There's no overt factor behind the bounce back.  Buyers simply stepped in after 10yr yields hit 2.552 for the second time.  To that end, we can also suggest that breaks above 2.55 have provided similar cues on several occasions since May 14th.

    10yr yields are currently almost perfectly unchanged at 2.534 and Fannie 3.5s are up 2 ticks at 102-18. 

    The home price data out at 9am was stronger than expected, but had no impact on trading levels.  The next potentially significant market mover remains the 10am release of Consumer Confidence.

    Category: MBS, UPDATE
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  • 5/27/14
    Bond Markets Weaker After Durable Goods Data

    The Durable Goods headline was much stronger than expected, though that strength was mostly isolated in the defense sector.  Here's the rundown:

    • April Durable Goods +0.8 vs -0.5 forecast
    • March revised to +3.6 from +2.5 previously
    • Excluding Transportation +0.1 vs +0.0 forecast
    • Excluding Defense -0.8
    • Excluding Aircraft -1.2

    In other words, without the contribution from spending on capital goods and aircraft in the Defense sector, total orders would have been in negative territory, as expected.

    Despite the caveats, bond markets moved into weaker territory on the data after making it through the overnight session relatively unscathed.  10yr yields are up 1.4 bps at 2.548 and Fannie 3.5s are down 3 ticks at 102-14. 

    Home price data is coming at at 9am, but Consumer Confidence at 10am is the bigger potential market mover.

    Category: MBS, UPDATE
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  • 5/27/14

    10yr yields are now approaching 2-day lows in an illiquid post-holiday-weekend trading session.  MBS are doing even better with Fannie 3.5s now 3 ticks beyond Friday's best levels.  There are no overt market-movers in play apart from the proverbial ball, and this is the way it happens to be bouncing.

    In other words, we're not seeing trading levels react to headlines or events--simply to other trades.  The fact that those are fewer and farther between today makes the road a bit bumpy, but it's still been heading in the right direction.

    At current levels, positive reprices are more likely as most lenders are looking at 4-6 ticks of improvement since morning rate sheet print times.

    Category: MBS, UPDATE
    Share:   
  • 5/27/14

    While Treasury auctions can often have varying levels of impact on MBS prices, the 2yr Note auction is rarely one of them.  Today is no exception as MBS were completely unchanged through the 1:01:30pm auction results.

    Fannie 3.5s have been at the day's best levels for nearly an hour, up 4 ticks at 102-20.  We've seen one positive reprice so far and a few more wouldn't be out of the question, but most lenders would need more improvement before repricing.

    Category: MBS, UPDATE
    Share:   
  • 5/27/14

    Given the volatile moves so far this morning, there's no telling whether or not we'll be right back into weaker territory in half an hour, but for now, the latest bout of weakness is gone.  Shortly after cresting 2.55%, 10yr yields saw yet another technical bounce (the day's first two bounces were also prompted by breaks above 2.55%). 

    The move hasn't been amazingly strong, but it was quick.  10yr yields are back down to 2.539 and Fannie 3.5s are back to +0-01 on the day at 102-18.  Negative reprice risk is averted.

    Category: MBS, UPDATE
    Share:   
  • 5/27/14
    Bond markets are once again moving into weaker territory...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/27/14

    The weakness seen after this morning's Durable Goods data was fairly short-lived, not to mention fairly shallow overall.  There's no overt factor behind the bounce back.  Buyers simply stepped in after 10yr yields hit 2.552 for the second time.  To that end, we can also suggest that breaks above 2.55 have provided similar cues on several occasions since May 14th.

    10yr yields are currently almost perfectly unchanged at 2.534 and Fannie 3.5s are up 2 ticks at 102-18. 

    The home price data out at 9am was stronger than expected, but had no impact on trading levels.  The next potentially significant market mover remains the 10am release of Consumer Confidence.

    Category: MBS, UPDATE
    Share:   
  • 5/27/14

    The Durable Goods headline was much stronger than expected, though that strength was mostly isolated in the defense sector.  Here's the rundown:

    • April Durable Goods +0.8 vs -0.5 forecast
    • March revised to +3.6 from +2.5 previously
    • Excluding Transportation +0.1 vs +0.0 forecast
    • Excluding Defense -0.8
    • Excluding Aircraft -1.2

    In other words, without the contribution from spending on capital goods and aircraft in the Defense sector, total orders would have been in negative territory, as expected.

    Despite the caveats, bond markets moved into weaker territory on the data after making it through the overnight session relatively unscathed.  10yr yields are up 1.4 bps at 2.548 and Fannie 3.5s are down 3 ticks at 102-14. 

    Home price data is coming at at 9am, but Consumer Confidence at 10am is the bigger potential market mover.

    Category: MBS, UPDATE
    Share:   
 
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