32 billion of the odd ball Treasury just hit the tape to yield 3.374% with 41.9% taken by Indirect Bidders. Stateside account took only 8.1% with the bid to cover 2.61 to 1. The issue created a .4 bps tail, just like the 5 year. The “Street” have given this one a grade of D. Post auction, selling tanked the market for another ½ point in the 30 year bond. With mortgage backs off a smooth 17/32’s, there is no place to hide. Buckle up and stay defensive until the shootin’ stops!
Austin Mortgage Update – 7-Year Note Auction
March 25, 2010|Austin Mortgage Market|
About the Author: Max Leaman Austin Mortgage
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