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You are viewing Micro News from Wednesday, Jun 18, 2014 - View all recent Micro News
  • 6/18/14
    Markets Soothed by Fed's Status Quo; Positive Reprices

    Both stocks and bonds are at their best  levels of the day after Yellen ended her press conference.  Neither there, nor in the FOMC statement itself did we get any meaningful news.  On an MBS-positive note, Yellen reiterated that the Fed was "very unlikely to sell mortgage-backed securities" despite eventually returning to a portfolio that consists largely of Treasuries.

    This has enabled MBS to keep better pace with the bounce back seen in Treasuries.  Both are near yesterday's opening lows (before CPI caused a quick sell-off in anticipation of a more hawkish Fed approach today).

    For 10yr yields, that's 5.24bps lower at 2.599 and 15 ticks higher in Fannie 3.5s to 102-05.  Both moves are incredibly uneventful in the bigger picture (consider the range in 10's has been 2.57-2.66) and only add up to such large day-over-day numbers because of yesterday's weakness.

    Several lenders have already repriced positively.  If you haven't seen one yet, it looks increasingly likely.

    Category: MBS, UPDATE
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  • 6/18/14
    Knee Jerks Starting to Even Out; MBS in Positive Territory

    As liquidity returns to MBS screens, they've fallen more in line with the Treasury market's post-FOMC trade.  10yr yields are down to 2.628, a bit better than the morning range and MBS are behaving similarly, now up 7 ticks at 101-30 in Fannie 3.5s.  This is not negative reprice territory.   Knee jerks grow increasingly less likely from here, but become a risk again during Yellen's press conference.

    Category: MBS, UPDATE
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  • 6/18/14
    Although bond markets initially popped into stronger...
    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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  • 6/18/14
    Bond Markets Inching to Best Levels Ahead of Fed

    With 10 minutes to go now until the FOMC Announcement and Forecasts, Treasuries and MBS are at their best levels of the day.  Fannie 3.5s are up 8 ticks overall to 101-30 and 10yr yields are down 3.25bps at 2.62. 

    Category: MBS, UPDATE
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  • 6/18/14
    Bond Markets Hold Technical Support Overnight, Slightly Stronger This Morning

    For all intents and purposes, the overnight and early morning story has been about a simple 'range-holding' in domestic bond markets.  10yr yields hit 2.66 on the nose overnight and bounced well before anything from the European session suggested a move lower.

    Point being, it would be easy enough to say that Bank of England's 'Minutes' release--which was an obvious net-positive for EU bond markets--was somehow helping US bond markets, but the fact is they'd already definitively helped themselves.  In fact, when EU bond markets moved into weaker territory right at their open, Treasuries didn't really budge (10's were very close to 2.66 at the time).

    It looks like the range will persist into the afternoon's FOMC events.  10yr yields improved moderately most of the morning, bringing MBS along for the ride.  10's are down 1.8bps on the day to 2.635 and Fannie 3.5s are up 5 ticks at 101-27.

    The FOMC Announcement and Economic Projections are out at 2pm and Yellen's Press Conference begins at 2:30pm.

    Category: MBS, UPDATE
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  • 6/18/14

    Both stocks and bonds are at their best  levels of the day after Yellen ended her press conference.  Neither there, nor in the FOMC statement itself did we get any meaningful news.  On an MBS-positive note, Yellen reiterated that the Fed was "very unlikely to sell mortgage-backed securities" despite eventually returning to a portfolio that consists largely of Treasuries.

    This has enabled MBS to keep better pace with the bounce back seen in Treasuries.  Both are near yesterday's opening lows (before CPI caused a quick sell-off in anticipation of a more hawkish Fed approach today).

    For 10yr yields, that's 5.24bps lower at 2.599 and 15 ticks higher in Fannie 3.5s to 102-05.  Both moves are incredibly uneventful in the bigger picture (consider the range in 10's has been 2.57-2.66) and only add up to such large day-over-day numbers because of yesterday's weakness.

    Several lenders have already repriced positively.  If you haven't seen one yet, it looks increasingly likely.

    Category: MBS, UPDATE
    Share:   
  • 6/18/14

    As liquidity returns to MBS screens, they've fallen more in line with the Treasury market's post-FOMC trade.  10yr yields are down to 2.628, a bit better than the morning range and MBS are behaving similarly, now up 7 ticks at 101-30 in Fannie 3.5s.  This is not negative reprice territory.   Knee jerks grow increasingly less likely from here, but become a risk again during Yellen's press conference.

    Category: MBS, UPDATE
    Share:   
  • 6/18/14
    Although bond markets initially popped into stronger...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 6/18/14

    With 10 minutes to go now until the FOMC Announcement and Forecasts, Treasuries and MBS are at their best levels of the day.  Fannie 3.5s are up 8 ticks overall to 101-30 and 10yr yields are down 3.25bps at 2.62. 

    Category: MBS, UPDATE
    Share:   
  • 6/18/14

    For all intents and purposes, the overnight and early morning story has been about a simple 'range-holding' in domestic bond markets.  10yr yields hit 2.66 on the nose overnight and bounced well before anything from the European session suggested a move lower.

    Point being, it would be easy enough to say that Bank of England's 'Minutes' release--which was an obvious net-positive for EU bond markets--was somehow helping US bond markets, but the fact is they'd already definitively helped themselves.  In fact, when EU bond markets moved into weaker territory right at their open, Treasuries didn't really budge (10's were very close to 2.66 at the time).

    It looks like the range will persist into the afternoon's FOMC events.  10yr yields improved moderately most of the morning, bringing MBS along for the ride.  10's are down 1.8bps on the day to 2.635 and Fannie 3.5s are up 5 ticks at 101-27.

    The FOMC Announcement and Economic Projections are out at 2pm and Yellen's Press Conference begins at 2:30pm.

    Category: MBS, UPDATE
    Share:   
 
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