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Jonathan Rhode

Todays Economic News

Thursday, August 29, 2013 - Article by: Jonathan Rhode - Cornerstone Mortgage Group - Message

In Better Territory; Need More Improvement for Broad-Based Reprice Potential MBS are on the edge of justifying positive reprices as bond markets continue to push back against the initial weaker response to this morning's stronger data. 10's just hit their low yields of the morning and Fannie 4.0s are only 1 tick from positive territory. Even holding here will be good enough for a few of the early priced lenders to consider a reprice. The longer that continues or is improved upon, the wider the doors open for other lenders to get on board. Improvements are currently contending with resistance at overnight lows in Treasuries. In other words, while yields are at their lowest levels of the domestic session, they're only *in line* with the lowest levels from European hours. Looks like we're breaking those now... Last caveat: keep an eye on rate sheet print times. Some lenders will have based sheets off prices that had already rallied. They'd be slower to reprice, naturally, if at all.

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