The Day Ahead: Risking Unbroken Monotony Before 3-Day Weekend

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Posted To: MBS Commentary

Thursday, with it's 30yr Bond Auction and survey week Jobless Claims numbers, stood a decent chance the break the recent monotony for broader bond markets. "Monotony" is a bit of a deceiving term , because it connotes a lack of importance whereas the the stakes are actually quite high. Rather, the gist of the message was that trading ranges in rates benchmarks had been contained in increasingly narrow ranges. Unfortunately for MBS, those ranges touched on some scary territory and made things more dramatic for rate sheets, but Thursday's mini-rally helped facilitate a modest bounce back in that regard. While the 11 tick improvement for Fannie 3.0s was a welcome development in the seemingly neverending string of down days, it was more of a relief rally for a sensitive and scared coupon near the...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/296165.aspx

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