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Posted To: MBS Commentary
It was an exceptionally flat day for MBS with Fannie 3.5s holding between 103-24 and 103-27 for the entire session. More than 90% of today's trades took place within half a tick of 103-26. If there was a detectable bias, it was toward slightly stronger levels as the day progressed. The same couldn't be said for Treasuries, which generally weakened overnight and into the domestic session. The major issue for Treasuries was corporate issuance . That means that corporations announced new bond offerings. These not only bring extra supply to bond markets, but the financial firms that conduct the sales often sell Treasuries as a part of the hedging process, thus making for a double whammy for Treasuries. If it seems like I've been harping on this before, during, and after it happened...(
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http://www.mortgagenewsdaily.com/mortgage_rates/blog/510084.aspx- For more real estate news visit our website at http://www.AzHomeHelp.com
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