The bond market's reaction to 830AM data was not originator friendly. Cash market TSY yields are higher. The 10yr TSY note is trading -0-15 at 101-10 yielding 3.464%. Mortgages reacted poorly too, but not as bad as TSYs. MBS prices have already bounced from the post data knee jerk lows. After going down 13 ticks to 98-09, the FN 4.0 is currently -0-08 at 98-14 yielding 4.162%. The FN 4.5 fell as far as 100-24 before reversing course, the FN 4.5 is currently -0-06 at 101-00 yielding 4.379%. The secondary market current coupon is 4.303%.
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