So far this week, both of the trading days have done everything in their power to be as meaningless as possible.  There have been no major attempts to break floors or ceilings in rates, no major correlation between market movement and data/events, and not much by way of data and events in the first place!

Of particular note: the intraday high 10yr yield in the past 4 trading sessions has occurred somewhere in the 2.37's.  That gives us a great preliminary ceiling to watch as we stand guard against the risk of volatility tomorrow.  It will be higher due to the holiday calendar (last day before Thanksgiving weekend) and the presence of the week's only big ticket economic and monetary events (Durable Goods in the morning and Fed Minutes in the afternoon). 

Bonds improved slightly on the day, but pulled back from stronger AM gains.  Yields ended 1bp lower at 2.358 and Fannie 3.5 MBS were 3/32nds higher at 102-21.  Stocks continued to defy gravity and the yield curve (spread between 2 and 10yr Treasury yields) pushed tighter/narrower to another post-crisis record.


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
102-21 : +0-03
Treasuries
10 YR
2.3577 : -0.0123
Pricing as of 11/21/17 5:17PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:14PM  :  ALERT ISSUED: Negative Reprice Risk Increasing
9:54AM  :  NYSE Open Helping Both Stocks and Bonds

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Timothy Baron  :  "tons of detail here: https://www.mgic.com/-/media/MGIC/PDFs/71-41599hopa.pdf"
Sung Kim  :  "Jason - the ONLY thing guaranteed in HOEPA is the 78% rule based on original amortization."
Jason Anker  :  "Homeownership Protection act 1998 - HPA"
Jason Anker  :  "JA, pretty sure they need to follow Fed regs for that"
Sung Kim  :  "Just tell your client it's just easier to refi"
Sung Kim  :  "It's gonna depend on the servicer jeff"
Jeff Anderson  :  "Do all of your lenders, regarding PMI removal, go strictly by the Fannie rules of having an LTV of 75% with a new appraisal or would they remove PMI if an appraisal showed a current LTV under 80%?"