Bond market regained strength yesterday mid-day then lost momentum overnight
Mortgages have retraced yesterday's gains as well. The FN 4.0 is
-0-07 at 97-29 yielding 4.201% and the FN 4.5 is -0-05 at 100-29
yielding 4.401%. The secondary market current coupon is now 4.371%.
The CC yield is +66.7bps over the 10 year TSY note and +57.4 over the
10 yr swap rate. The FN 4.5 has found support at 101-00...the next
inflection point is 100-24. A move that low would warrant reprices for
the worse from lenders.
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