By now, today's broken range is fairly old news.  It's not only old news in the sense that it's been covered today, but indeed the POTENTIAL range break (including the likelihood that it would be in an unfriendly direction) is about all we've been able to discuss amid the lack of other substantive data. 

In case you missed it, the gist of that discussion was that bond markets were having a very hard time breaking through resistance levels in April.  Those were marked by 10yr yields around 1.84-1.86.  The saving grace was that rates were similarly not threatening a break above support levels.  The risk was that the sources of motivation in those thin market conditions were also potentially making a negative turn.  Europe was one of the most obvious as German Bund yields moved off their most recent surge to new all-time lows.

Indeed, Bunds look to have led the charge here as yields rose from 0.06 yesterday to 0.165 today.  By comparison, the move in US Treasuries didn't even look that out-of-place in the 2 month trend.  European weakness was met with stronger economic data domestically as Existing Home Sales trumped expectations.  Bonds continued selling after that and then just drifted moderately weaker into the afternoon.  MBS didn't lose ground quite as aggressively as Treasuries, but most lenders ended up repricing for the worse.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
102-04 : -0-10
FNMA 3.5
104-31 : -0-06
FNMA 4.0
106-29 : -0-03
Treasuries
2 YR
0.5490 : +0.0290
10 YR
1.9820 : +0.0720
30 YR
2.6650 : +0.0810
Pricing as of 4/22/15 4:44PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:57PM  :  ALERT ISSUED: Another Incremental Increase in Reprice Risk
10:30AM  :  ALERT ISSUED: Negative Reprice Risk Increases as Technical Break Runs Its Course
10:02AM  :  ALERT ISSUED: First Move After Home Sales Data is Weaker
9:34AM  :  ALERT ISSUED: Europe Corporate Debt Hitting Bonds; Maybe Even Some Reprice Risk

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "correct. It's a package deal. Fundamentals, technicals, related (overseas markets), tradeflows from asset allocation (money managers making compulsory adjustments based on index changes), and corporate bond issuance hedging, just to name a few. Most of that list has recently been trumping BOTH fundamentals and technicals, so we'll have to wait and see how the remainder of this week looks. "
Randall Brown  :  "There's also fundamentals to consider. Just because they break technical indicators doesn't necessarily mean anything."
Matthew Graham  :  "And even then, moving averages aren't necessarily magical lines that can't be rebroken--more like general guideposts to let us know how a particular technical move is progressing. There are other technicals to consider. When they're all pointing to similar conclusions, then we're on to something."
Timothy Baron  :  "One silver lining to today's action: I won a hard fought competition for a borrower's business and locked him yesterday. The other lender can't call him today and say rates got better. Today is a little insurance for me."
Steve Chizmadia  :  "At this point it has to cross the 100 day to even get to the 50 day. All 3 moving average crossed paths, just north of 2.00, so I think that is the key level to watch and has been along with 1.84 since we broke below 2.0 in mid March."
Timothy Baron  :  "They are pretty close together so I'd guess that busting through one would mean busting through the other."
Gilbert Denizard  :  "technical question...is it worse for the 10 yr to climb above the 50 day or 100 day moving average at this point?"
Matt Hodges  :  "fannie does not"
Matt Hodges  :  "yes"
Timothy Baron  :  "Freddie still allows blended ratios on non-occ co-borrowers, right?"
Phillip Cannon  :  "http://mndne.ws/1JuHPHt"
Phillip Cannon  :  "AC, Radian offers MI on N/O/O with 15% down with DU approval"
Victor Burek  :  "AC, i would suggest they come up with another 5%"
Alan Craft  :  "NOO purchase with 15% down. Any suggestions for MI?"