MBS Live: MBS Afternoon Market Summary
The most interesting thing about today was how extraordinarily quiet it was.  We would expect MBS space to be a relative ghost town with the MBA conference going on until Wednesday, but even in broader bond markets, it was one of the lightest days of the year.  Top that off with trading levels holding inside Friday's range and you have all the ingredients of a real snoozer. 

The economic data this morning was mixed to weaker and it did seem to have a mildly positive effect on bond markets.  But the positivity was just as easily erased late in the day as the low volume meant it only took very little conviction to push trading levels around.  They happened to get pushed down for MBS, with Fannie 3.5s currently heading out in line with their lows (3 ticks lower than the pricing snapshot from 4:08pm).
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
98-24 : -0-01
FNMA 3.5
102-21 : +0-01
FNMA 4.0
105-14 : +0-02
FNMA 4.5
107-06 : +0-00
GNMA 3.0
99-24 : -0-01
GNMA 3.5
103-24 : +0-01
GNMA 4.0
106-12 : +0-06
GNMA 4.5
107-31 : +0-01
FHLMC 3.0
98-10 : -0-02
FHLMC 3.5
102-10 : -0-01
FHLMC 4.0
105-01 : +0-01
FHLMC 4.5
106-30 : +0-00
Pricing as of 4:08 PM EST
Afternoon Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.
1:50PM  :  Still Bouncing Around The Range After 2yr Auction
The afternoon's 2yr Treasury auction was well-enough received to do no harm to the longer end of the Treasury curve (which correlates more to the MBS that most affect rate sheets). 2yr Auctions aren't typically a consideration, but whereas they were altogether off the radar earlier this year, their effects are now occasionally noticeable.

Today may be an example of that as yields had been rising and MBS Prices had been falling from 11:30am to 1pm, but managed to hold their ground and bounce back a bit after the auction. Most importantly, today remains calm and trading ranges remains very narrow. Fannie 3.5s are still in positive territory, up 3 ticks at 102-23.
Live Chat Featured Comments
A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.
Eric Franson  :  "REPRICE: 12:07 PM - Wells Fargo Better"
John Paul Mulchay  :  "And the relationship mitigates some of the risk of smaller down pmt. "
Tony Mango  :  "discrimination is only a factor for race, color, age, etc. A lender could choose to make loans to astronauts if they want."
Justin Heiden  :  "the two are very similar...low down payment, no mi, higher dti, etc."
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Victor Burek  :  "maybe, but that is a added benefit to serving the country"
Justin Heiden  :  "same could said for VA loans...right?"
John Paul Mulchay  :  "Good question. "
Victor Burek  :  "how isn't that program considered discriminatory"
John Paul Mulchay  :  "Just wondering if there is broker access. "
John Paul Mulchay  :  "My understanding is physician program a strong way to establish banking relationship for dr's future wealth so an aggressive mortgage option is made available. "
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