• Active corporate bond issuance puts pressure on Treasuries
  • MBS only lose 2 ticks
  • lower oil prices were no help
  • European bond markets still having an effect

As is the case with so many Mondays, today could easily have been an unofficial 3rd day of the weekend, but with a bit more hustle and bustle.  Don't mistake that bustling for anything important though.  Trading had the distinct and sterile feeling that can only come from compulsory trades related to corporate bond issuance and beginning-of-week position taking.  

Europe is definitely still a consideration for US bond markets, even though the European Central Bank Announcement is in the rearview.  This has been and will continue to be the case for the foreseeable future.  This morning, it didn't help as European yields spiked around 8:30am, pulling Treasury yields up in the process and bringing MBS prices back into the red.

From there, Treasuries continued trending toward slightly weaker levels for the rest of the day while MBS managed to avoid making any new lows, ending just 2 ticks weaker while 10yr Treasuries lost 7 ticks in price (rising 2.4bps in yield to 1.915).

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
102-00 : -0-01
Treasuries
10 YR
1.9150 : +0.0270
Pricing as of 4/25/16 5:33PMEST
Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
4:11PM  :  ALERT ISSUED: Treasuries at weakest levels. MBS Holding For Now
9:31AM  :  ALERT ISSUED: Technical Break in Bunds Adding Pressure Early
MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Christopher Stevens  :  "A new LE needs to be issued because it will now show rate as locked and expiration date."
Michael Steren  :  "Found that answer recently in the Ellie Mae TRID FAQ - https://www.elliemae.com/rt-faq?part=9&question=9"
Curt Sandfort  :  "if a rate lock does not trigger a change in rate/fees, why is a CIC necessary and new LE being issued?"
Victor Burek  :  "I am with you Edie...I take all loan applications over the phone"
Edie Clark  :  "Thank you, RB and SY....I like the personal connection with my Clients that you don't get through an online app. I do have that ability but since I work with a lot of FTHBs, I find the personal touch is appreciated and often translates into more referrals. It works for me."
Sung Kim  :  "For the record. Being at 1.906 is completely uncalled for. That's my two cents"
Sung Kim  :  "Floaters will be handsomely rewarded"