MBS RECAP: Flat Domestic Session After Overnight Euro Bombs

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Overnight news regarding a bailout plan for Cyprus dominated trading in Asian and European hours as markets took flight from riskier assets (and from Cypriot ATMs) for safer havens such as mattresses, safes, and core country bond markets. Volume was surprisingly light given the apparent level of drama (not lighter than average, but not significantly bigger than average either). By the time US markets were underway, most of the adjustments had played out and we were left with quite a flat range in MBS and Treasuries. 10yr yields favored a channel between 1.9442 and 1.965, effectively grinding around the 1.95 pivot mentioned in the last update. MBS opened just under 103-00 in Fannie 3.0s and stayed within striking distance all day long, giving lenders some...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/300527.aspx

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