MBS UPDATE: POST-PRESENT OPENING CLEAN UP

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MBS spreads continue to move wider as the yield curve has barely budged today....its Friday, there is basketball on TV  and the feeling of spring is an overwhelming distraction. Lender's have been known to act erratically following busy lock desk days...I am sorry if this trend of "slow to reprice for better/quick to reprice for the worse" continues to linger over/deteriorate your state of mind...all we can do is hope for the best...right?

APRIL FN30_____________________________

FN 4.0 -------->>>> -0-05 to 100-11 from 100-16

FN 4.5 -------->>>> -0-05 to 102-00  from 102-05

FN 5.0 -------->>>> -0-02 to 102-31 from 103-01

FN 5.5 -------->>>> -0-02 to 103-15 from 103-17

FN 6.0 -------->>>> +0-00 to 104-00 from 104-00

APRIL GN30__________________________

GN 4.0 -------->>>> -0-06 to 100-16  from 100-22

GN 4.5 -------->>>> -0-05 to 102-08 from 102-13

GN 5.0 -------->>>> -0-01 to 103-15 from 103-16

GN 5.5 -------->>>> -0-01 to 103-28 from 103-29

GN 6.0 -------->>>> 0-01 to 104-03 from 104-04

It looks like pipeline managers and loan officers aren't the only mortgage market participants in "post-Christmas morning present opening" clean up mode today. The MBS market has settled into a range while originators continue to protect profits by making a few more delivery commitments to MBS buyers. Non-Public (not the Federal Reserve) MBS buyers are indeed testing their limits of up in coupon, ALREADY, not to worry though ,the Federal Reserve has over a $1,000,0000,000,000 left to support production mortgage coupons...the bigger issues do remain...will lenders continue to pass along aggressive mortgage pricing and will borrowers qualify?

If you missed my commentary on the obstacles we face in our journey towards "It that shall not be named"...you should read THIS BLOG POST. I would compare the journey we have endured over the past 6 months to the 10 year voyage Odysseus suffered through to reach Ithaca after the fall of Troy (Homer's "The Odyssey" for those of you who slept through Greek Literature class in high school.