MBS RECAP: Uneventful and in Line with Friday's Latest Levels
By:
Matthew Graham
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MBS Live: MBS Afternoon Market Summary
Treasuries were able to hold sideways without going much higher than 2.78. While this isn't as threatening as the 2.79's, there was a notable aversion to breaking back below 2.75% which had been a ceiling until today. MBS fared slightly better and Fannie 3.5s are currently heading toward the close perfectly unchanged from Friday's post-roll closing prices (though they're 5 ticks higher than today's opening prices). A few positive reprices were reported, but they were the exception. The 3yr auction was a non-event and the morning data even less so. Today would be best characterized as having an absence of positivity, though no pronounced incremental negativity for bond markets.
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
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Afternoon Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.
2:54PM :
MBS At Highs; Slight Positive Reprice Potential
Fannie 3.5s have climbed slowly and steady into positive territory as Treasury benchmarks shied away from challenging overnight highs. 10's are currently back down to 2.755 after cresting 2.78 in the noon hour. Fannie 3.5s are up 7 ticks from opening levels and 2 ticks day-over-day to 100-21. If prices hold or improve upon current levels, positive reprices are possible (but not "likely") for a few lenders.
Live Chat Featured Comments
A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.
Victor Burek : "B+ from Santelli"
Matthew Graham : "on the screws, strong demand. B+"
Matthew Graham : "RTRS - U.S. 3-YEAR NOTES BID-TO-COVER RATIO 3.46, NON-COMP BIDS $32.88 MLN "
Matthew Graham : "RTRS- U.S. SELLS $30 BLN 3-YEAR NOTES AT HIGH YIELD 0.644 PCT, AWARDS 85.86 PCT OF BIDS AT HIGH "
Joe Daquino : "If the borrower did the cash out last August, then it has been over a year and I think you will be fine. "
Dennis Oleesky NMLS #448519 : "@Andy, for sure 6 months prob longer depending on overlays"
Jason Anker : "6 months I think based on this B2-1.2-02"
Andy Pada : "borrower did a cashout last august, now wants to rate and term."
Andy Pada : "just to confirm, if someone does a cashout refinance, is there any seasoning period if he/she wants to refinance as a rate/term?"
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