MBS Live: MBS RECAP
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FNMA 3.5
103-18 : -0-03
FNMA 4.0
105-11 : -0-03
FNMA 4.5
106-15 : -0-05
FNMA 5.0
107-29 : -0-02
GNMA 3.5
105-03 : -0-03
GNMA 4.0
107-31 : +0-02
GNMA 4.5
108-31 : +0-00
GNMA 5.0
110-11 : +0-03
FHLMC 3.5
103-11 : -0-02
FHLMC 4.0
105-01 : -0-03
FHLMC 4.5
106-04 : -0-05
FHLMC 5.0
107-18 : -0-02
Pricing as of 3:59 PM EST
Afternoon Market Updates
A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard.
11:19AM  :  ALERT: Negative Reprice Risk Picks up as MBS Hit Lows
We're seeing a thicker than normal volume of trading following the Fed's scheduled buyback in the long end. The Fed clearly favored the shorter duration offerings (2036-2039), and left most of the 2040+ offers out to dry.

It's not uncommon to see a bit of a whipsaw after scheduled Fed buying, but it normally hasn't left us at the worst levels of the day as it is currently.

Fannie 3.5's are down 6 ticks at 103-15 and bounced as low as 103-13. 10yr yields touched 1.98 and currently sit at 1.977. For lenders that priced early enough in the day, negative reprices are a risk.
Featured Market Discussion
A recap of the featured comments from the Live Discussion on the MBS Live Dashboard.
Andy Pada  :  "and lucky to have live pricing at the cash window so it actually reflects these levels"
Brent Borcherding  :  "You're very smart, AP."
Andy Pada  :  "I've been looking at the 103-10 to 103-19 range and everytime we break above 103-19, I'm locking loans."
Adam Dahill  :  "I'm about 80% locked but just got a crop of new deals so I'm debating taking my 60 day price"
Andy Pada  :  "I've been locking"
Mike Drews  :  "oh..well then THAT makes more sense"
Brent Borcherding  :  "2.038 to be precise."
Brent Borcherding  :  "Looks like we'll be sitting right at 2.04 on the 10 by tomorrow afternoon, so NFP can help determine whether we maintain the range."
Jason Zimmer  :  "funny how the new ML has the MI going up April 9th and the MI going down for the SL June 11"
Tim McNerney  :  "REPRICE: 12:12 PM - Provident Funding Worse"
Matt Hodges  :  "let us know if we can confuse you any further"
MortgageMan007  :  "true true MH, yeah that's the monthly....k will do, I'll be sobbing for the next 15 minutes watching Peyton Mannings press conference..."
Matt Hodges  :  "annual is likely 12X that amount, MM7"
MortgageMan007  :  "like literaly their bottom line is like 43 bucks to do the streamline and it's giving me an apr of like 5.5%...there's over 4k in credits...la is 110K"
Alan Craft  :  "MM& - Go to TIL and click on prepaid finance chrges link - that will show what APR is being calculated on"
MortgageMan007  :  "nope, but I'm not putting any months of mip on the gfe"
Matt Hodges  :  "and annual?"
MortgageMan007  :  "I'm paying their upfront too...."
Matt Hodges  :  "upfront and annual"
Steven Stone  :  "you still have to pay MI"
MortgageMan007  :  "guys I need help with a TIL....broker side.....using calyx...if you are doing a true no oost loan shouldn't the note rate and the APR should be almost identical right...that's how I have always done it, however now with listing all the credits and such, I'm getting an apr of like 5.5% on a 4.0% FHA no cost loan...."
Ira Selwin  :  "Sung: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/ref/hsgregst"