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You are viewing Micro News from Monday, Jun 23, 2014 - View all recent Micro News
  • 6/23/14
    Just another incremental increase in negative reprice...
    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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  • 6/23/14
    The last alert was fairly equivocal. This one isn't...
    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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  • 6/23/14
    Most of the day has been mostly sideways. There's...
    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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  • 6/23/14
    Bond Markets Weaker After Existing Home Sales

    MBS and Treasuries are at the weakest levels of the day after a one-two punch from stronger manufacturing data and Existing Home Sales.  This brought Fannie 3.5s into negative territory  on the day at 102-11 (just ticked back up to 102-12).  That's 2-3 ticks weaker than some lenders' initial rate sheet print times.  At the weakest level, moments ago, some of the jumpiest lenders may have been close to considering negative reprices, but are more likely to wait for additional weakness at this point. 

    10yr yields are still lower than Friday's latest levels, but up from 2.59 lows at 2.606% currently.  Here's a run-down of Home Sales data:

    • May existing sales 4.89 mln vs 4.73 mln forecast (annual pace)
    • April revised to 4.66 mln from 4.65 mln
    • Inventory at 5.6 months from 5.7 months previously
    • Median price $213.4k vs $203.1k same month last year

    Category: MBS, UPDATE
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  • 6/23/14
    Bond Markets Slightly Stronger Overnight; Range Remains Intact

    Almost any movement that occurs in the context of "the range" will struggle to be interesting.  This is due both to the narrowness of the range and its persistence.  As noted in The Day Ahead, this has been going on for 19 straight days--the longest flat streak of the year.

    Treasuries pulled back less than 2bps during Asian market hours, but weak European data proved to be a bigger consideration for global bond markets.  Core European debt rallied as weaker-than-expected PMI's (Purchasing Manager's Indices) came out in Germany, France, and the combined Eurozone.

    Treasuries followed the move lower in yield.  While this hasn't yet threatened "the range," it's still a noticeable improvement from Friday.  10's are currently down 3.23 bps at 2.592.  MBS are underperforming but still following the move with Fannie 3.5s up 5 ticks at 102-16.

    The day's only significant data is out at 10am with Existing Home Sales.

    Category: MBS, UPDATE
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  • 6/23/14
    Just another incremental increase in negative reprice...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 6/23/14
    The last alert was fairly equivocal. This one isn't...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 6/23/14
    Most of the day has been mostly sideways. There's...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 6/23/14

    MBS and Treasuries are at the weakest levels of the day after a one-two punch from stronger manufacturing data and Existing Home Sales.  This brought Fannie 3.5s into negative territory  on the day at 102-11 (just ticked back up to 102-12).  That's 2-3 ticks weaker than some lenders' initial rate sheet print times.  At the weakest level, moments ago, some of the jumpiest lenders may have been close to considering negative reprices, but are more likely to wait for additional weakness at this point. 

    10yr yields are still lower than Friday's latest levels, but up from 2.59 lows at 2.606% currently.  Here's a run-down of Home Sales data:

    • May existing sales 4.89 mln vs 4.73 mln forecast (annual pace)
    • April revised to 4.66 mln from 4.65 mln
    • Inventory at 5.6 months from 5.7 months previously
    • Median price $213.4k vs $203.1k same month last year

    Category: MBS, UPDATE
    Share:   
  • 6/23/14

    Almost any movement that occurs in the context of "the range" will struggle to be interesting.  This is due both to the narrowness of the range and its persistence.  As noted in The Day Ahead, this has been going on for 19 straight days--the longest flat streak of the year.

    Treasuries pulled back less than 2bps during Asian market hours, but weak European data proved to be a bigger consideration for global bond markets.  Core European debt rallied as weaker-than-expected PMI's (Purchasing Manager's Indices) came out in Germany, France, and the combined Eurozone.

    Treasuries followed the move lower in yield.  While this hasn't yet threatened "the range," it's still a noticeable improvement from Friday.  10's are currently down 3.23 bps at 2.592.  MBS are underperforming but still following the move with Fannie 3.5s up 5 ticks at 102-16.

    The day's only significant data is out at 10am with Existing Home Sales.

    Category: MBS, UPDATE
    Share:   
 
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