MBS ALERT: Rates Move Higher After Data Release
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The NAR just released April Pending Home Sales Data....
Pending Home Sales Month over Month Change: +6.7%....the street was expecting +0.5%...way better than expected
After the release the 10 yr TSY note yield rose from 3.65 to 3.70...consequently "rate sheet influential" MBS prices moved considerably lower. We are now down 10 ticks from the open...
If your lender already published rate sheets...expect them to recall and reprice