Bonds are largely range-bound and nothing new or interesting is happening this afternoon. That said, MBS have now drifted down to new lows for the day (just barely) with current prices an eighth of a point below mid-day highs.
Most lenders priced this morning when MBS were only a hair higher than they are now. Thus, those lenders aren't looking at any serious negative reprice risk. Lenders who repriced for the better, however, could be considering reprices.
No major reaction to ADP data. MBS down 2 ticks (.06) and 10yr up 0.7bps at 4.27
10:03 AM
Weaker ISM Services and a slight rally in bonds. 10yr was 4.29, but now down to 4.272. MBS are 2 ticks (.06) off the lows, but still down 2 ticks on the day.
02:53 PM
MBS down 3 ticks (.09) and 10yr up 1.3bps at 4.276
Bonds are largely range-bound and nothing new or interesting is happening this afternoon. That said, MBS have now drifted down to new lows for the day (just barely) with current prices an eighth of a point below mid-day highs.
Most lenders priced this morning when MBS were only a hair higher than they are now. Thus, those lenders aren't looking at any serious negative reprice risk. Lenders who repriced for the better, however, could be considering reprices.