• One of the most anticlimactic days in recent memory
  • bonds did nothing other than shuffle through some incidental 'housekeeping' trades
  • yields closed in same spot for 3rd straight day
  • bigger decisions on hold (again)

These recaps tend to fall in the same old word-count range on any given day, but scarcely enough happened today to get us there.  Bonds were sharply and aggressively lifeless on a Friday where they could have done very little to surprise.  A strong move back into the previous range would have made it look like markets were calling the Fed's bluff and a massive sell-off would have made it look like the broader shift in the rate-hike outlook was still being priced in.  

As it stands, we were treated to neither eventuality.  10yr yields hit the 3pm CME close right in line with the same 1.85-ish levels seen on the previous two closes.  Until next week, that's that.

Existing Home Sales data came out generally in line with expectations but did absolutely nothing to move markets.  

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
102-09 : +0-02
Treasuries
10 YR
1.8370 : -0.0080
Pricing as of 5/20/16 5:03PMEST
Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:38AM  :  Bonds Confirm Disinterest in Data; The Fizzle is Palpable
MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Caroline Roy  :  "laces out buddy. What's the LTV?"
Ethan Brizzi  :  "Investor kicks that one like Ray Finckle"
Timothy Baron  :  "He's been all over the place employment wise. I see the underwriter's position, if not his/her explanation."
Caroline Roy  :  "i think you should be ok on that one. I have a guy right now who left marketing industry for six years as a mountaineering guide on Ranier. Just got back into marketing with a salary position. 800 credit, 20% down."
Matthew Graham  :  "I wouldn't approve that loan without hefty compensating factors, just sayin'"
Dustin McAlister  :  "no, not in the same field. 791 score. went from working for a bank for 6 months to bartending for 1 year 7 months, to a marketing company for last 6 months as a systems manager, got his degree in business admin back in 2012. UW says doesn't have 2 year history of employment in his field of study. Wasn't aware you needed that on a DU approve eligible asking for a paystub and w2 from prior year."
Timothy Baron  :  "Not sure if 6 months is the silver bullet. Maybe. I think it will depend on the previous 2 yrs job history. What does that look like? All in same field? increasing pay/responsibility with each change? Etc..."
Dustin McAlister  :  "if you have an approve eligible on DU, conventional deal, salary borrower, 6 months on the job, no gap more than 30 days in last 2 years between employers can UW deny for job history? IF you have 6 months on current job you should be ok right?"
Matthew Graham  :  "Not as exciting as it sounds... journey to center of MG's mind"
Matt Hodges  :  "everyone should stop what they are doing and watch it immediately. fantastic analysis"