MBS MORNING: Sideways Regardless of Stock Lever. Auction Outlook

Posted To:MBS Commentary

Its been an interesting morning in the rates market. After showing signs of a possible bounce yesterday afternoon, stocks have broken the 1087 support level. The S&P is -1.41% at 1082 at the moment. This was not done is high volume so nothing has been confirmed, however if traders are not looking to cover shorts and add new “bargain” positions…it could be a sign of a shift in sentiment in stocks. Recently, the stock lever has been pretty influential over rates directionality. Not so much today. “Rate sheet influential” MBS coupons are trading in a tight sideways range. Positive price progress has failed to pick up momentum, regardless of weakness in stocks. The FN 4.0 is currently -0-04 at 97-17 and the FN 4.5 is -0-04 at 100-20. The benchmark 3.375 coupon bearing…(read more)

This mortgage update is brought to you by: Adam Quinones – You can read the full article at MBS MORNING: Sideways Regardless of Stock Lever. Auction Outlook

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