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MBS RECAP: Mortgage Market Looking For a Better Week For Two Reasons

Posted To: MBS Commentary

Mortgage Market Looking For a Better Week For Two Reasons Last week was unpleasant in the mortgage world, to say the least. Rates suffered a double whammy due to the surprise 50bp LLPA on refis and the trend breakout in the broader bond market. Ideally, lenders will have priced in the worst of the LLPA drama last week. Combine that with a potentially supportive reversal in bonds, and this could be a much better week. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) NAHB Builder Confidence 78 vs 73 f'cast , 72 prev NY Fed Manufacturing 3.7 vs 15.0 f'cast , 17.2 prev Market Movement Recap 10:30 AM Bonds opened slightly stronger as they continue lowering the defenses raised to last week's heavy supply. Gains faded a bit at the 9:30am NYSE open, but…(read more)

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