40 billion of 5 year notes hit the auction block with a not so hot response. Indirect bidding wasn’t bad at 48% but the issue produced a 3 bps tail. Give this one a C. The lack luster auction gave traders a reason to go palms out (turn sellers), taking the 10 year note down 12/32’s in a nano second. Mortgage backs followed suit, falling 8/32’s in the same time period. Market jitters are in play as the Fed is 45 minutes away. Buckle up!
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About the Author: Max Leaman Austin Mortgage
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Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.