MBS MID-DAY: Europe Leads Risk Rally, MBS Standing Ground

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Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary Mortgage markets have done almost admirable job of holding their ground against what has been an almost admirable risk rally in Europe. Why only "almost?" As far as the risk rally in Europe is concerned, charts paint an increasingly clear picture of markets that knew they were shutting down for 4 days, erred on the side of risk-aversion heading into it, and have now simply undone some of that preemptive move. For MBS, we'd stop short of assigning an unequivocal "admirable" due to the fact that they've widened out so much into the end of March, and are really only just barely pushing back from their widest spreads vs Treasuries since before QE3. We'll take what we can get though, and so far, it's been "OK" with Fannie 3.0s holding within an eighth of unchanged...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/302407.aspx

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