MBS RECAP: Bond Markets Tag-Teamed By ECB, FOMC, and NFP

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Overnight, the ECB reported on the LTRO repayments for the first time since handing out the cheap 3-yr loans in late 2011. It turns out more than half of the 523 banks in the program decided to pay the ECB back as soon as they'll be allowed (5 days from now), which makes for an amount more than 33% bigger than expectations. This is a huge hit for the "EU is gonna collapse!" crowd. Without saying anything about the nature of economic growth in the EU, the that "crowd" is a major reason that rates have been as low as they were/are. If the EU looks less on the bring of utter collapse, rates rise, as they have been for the past 7 months (it's been harder to see in terms of mortgages due to the timing of QE3. Then there's the domestic situation. It might not...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/293081.aspx

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