Bonds got back to their weaker ways after a very brief, shallow correction last Friday.  We had increasingly expected that "green day," and were under no illusions about it starting a new trend.  If we strike Friday's trading from the record, today's weakness would only have constituted a moderate extension of the same old trend that's been intact for 12 days.  It's really just about that simple.

If there's a complicating factor today, it was a big slate of corporate debt issuance, led by an unexpected deal from Verizon.  If you're not sure why that should matter for mortgage rates or just need a refresher, you can get caught up with the primer HERE.

Bonds sold early and often, with a noticeable acceleration in the weakness following the European close and again during the end of the day when the Verizon deal was hitting the market.  Our worse-case-scenario technical levels remained intact (intraday highs at 2.641% on 10yr yields, from back in December), but unfortunately, that's not so much significant as it was coincidental.  Rates are ready to break higher or lower depending on what we hear from the Fed forecasts.


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 3.5
100-25 : -0-11
Treasuries
10 YR
2.6258 : +0.0438
Pricing as of 3/13/17 5:36PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
4:48PM  :  ALERT ISSUED: More Negative Reprices Now Likely
1:11PM  :  ALERT ISSUED: Negative Reprices Becoming More Likely
11:55AM  :  ALERT ISSUED: Negative Reprice Risk Increasing
10:07AM  :  Verizon Corporate Issuance Adds Pressure, but Bonds Holding Ground

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Victor Mendoza  :  "I have a client in my office. What will rates be next Tuesday..."
Matthew Graham  :  "It's hard to imagine lenders coughing up much improvement if bonds are green tomorrow. Since Friday afternoon, any float decision became a Wednesday afternoon commitment."
lisa oglesby  :  "FLOAT OVERNIGHT?"
Matthew Graham  :  "too many"
Sergio Szyrko  :  "how many days in a row is that now, with negative alerts? :("