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Uneventful Trading Day Despite Technical Test
For all that we've talked about the 4.32% technical level and considering yields hit the 3pm close at 4.338, one might expect today to have been important, interesting, or eventful. In truth, it was none of those things as this magnitude of breakout is well within the margin of error typically applied to broad technical targets. Even then, what would a breakout really mean if we're still waiting for Wednesday's Fed events to confirm or reject a breakout? In other words, Monday can't be anything other than a placeholder.
Market Movement Recap
09:31 AM Flat overnight and modestly weaker in early trading. MBS down an eighth and 10yr up 1.2bps at 4.32.
12:22 PM Bouncing around the weakest levels of the day. MBS down 5 ticks (.16) and 10yr up 2.8bps at 4.336.
02:02 PM Weakest levels of the day with MBS off 7 ticks (.23) and 10yr yields up 3.6bps to 4.344.
MBS Commentary
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Uneventful Trading Day Despite Technical Test
For all that we've talked about the 4.32% technical level and considering yields hit the 3pm close at 4.338, one might expect today to have been important, intere... (read more)
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Mortgage Rate Watch
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Rates marched higher to the highest levels in March today, but most lenders are only microscopically worse off than Friday afternoon. In the slightly bigger picture rates have moved up roughly a quarter of a percent in just over a week and that... (read more)
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Rob Chrisman
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Lenders are refinancing borrowers who took out intermediate ARMs 3, 5, or 7 years ago and whose rates have gone up. Some here in Las Vegas, walking around humming this tune while at the ICE and Lender Toolkit event, will say that adjustable-rate mort... (read more)
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