Hot news from http://AzHomeHelp.com:
Posted To: MBS Commentary
What started as profit taking in the overnight hours led to an exodus of bargain buyers which exacerbated weakness and eventually evolved into all out liquidation. It was a brutal day for production MBS coupons and the Treasury notes that dictate our directionality. 5 year Treasury note yields rose 21.3bps. 7 year note yields moved 23.8bps higher. And 10s retraced another 20.6bps. The resulting impact on "rate sheet influential" MBS prices was a 1-10/32 price decline for Fannie Mae 4.0s and a 31/32 dip for the new production coupon title belt holder, the FNCL 4.5. Lenders were forced to reprice for the worse on multiple occasions. The best execution 30 year fixed mortgage rate has moved firmly up to 4.75%. Blah. This is that "snowball selling" we have referred to in the past, specifically on...(
read more)
Source:
www.mortgagenewsdaily.com
No comments:
Post a Comment