Apology for Technical Issues; Bond Markets Sideways

Not for the first time today, 10yr yields are trading just over 3%, currently up 1.3bps at 3.004.  Along with MBS, they hit their best levels of the day just before 11am. 

MBS have been moving into weaker territory since then as well, but not at any sort of alarming pace just yet.  Fannie 4.0s are still up 1 tick on the day (just hit ‘unchanged’ and bounced) at 102-28. 

With previous highs at 103-01, this is technically enough movement to be on the very edge of negative reprice risk, but only for lenders who priced or repriced near those higher levels.  All in all that makes reprices fairly unlikely for almost everyone, but not something that could be completely ruled out. Bottom line: if you weren’t planning on locking today, this shouldn’t change that, but if you were, now’s as good a time as any.

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/337270.aspx

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