Today was one of those sessions that seemed to unofficially end early. Bond markets rallied all morning--albeit in a micro range for MBS--and came off their best levels just after the stroke of noon. A few minutes later, both MBS and Treasuries simultaneously bounced back before weakening enough to cause concern, as if to say "move along... nothing to see here." Surprisingly, the morning data proved to be somewhat inspirational for bond markets' stand against the tide this morning. Either that, or Treasuries/MBS were just checking to make sure there wasn't a compelling reason to keep selling off and upon seeing equities markets pull back after the data, took their fingers off the red buttons. Something sort of case could be made for this in that Stocks turned first after the Industrial Production data and Bond Markets followed a few minutes later. Admittedly, we're reaching a bit, and for now, content enough to simply consider today as the "absence of a sell-off." It could be viewed as nothing more than a decision to hold the range in the face of year-end uncertainty.
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Live Chat Featured Comments
akaagassi : "changing rate and payment...HELOC has already been lowered and frozen..."
Dirk Postupack : "I would say if they are reducing the line due to excess limit ok. If lowering to make payments less w/ a lower loan balance to make more affordable I would say they would probably look at that as some type of credit issue."
akaagassi : "Question - Fannie HARP refi w/a subordination. Client just informed me that she is approved for a modification on the 2nd mortgage. Any issues with that?"
Rob Clark : "REPRICE: 12:32 PM - Provident Funding Better"
Thomas Quann : "Same here MC, bunch of my closest friends work at BofA and its the same no matter where you go in the BofA world. They say they have to lock on 90 day commitments and STILL CANNOT deliver in that time frame. Imagine being the borrower and goign through that....just awful"
MC : "I have a few buddies still at BOA/ Retail. BOA is making their LO’s work more and more hours in banking centers now, including Saturdays. And paying less and less. With all the bank duties, you have no real origination time, plus with turn times at 90 days, way too much fallout, even on deals that finally get cleared."
S John Murray : "Jason thanks I just sent that FHA chart to my sales team as well...already a bunch of return thanks..good stuff"
MMNJ : "thats a cool chart -- I just sent out to our LO's"