Expect further price changes for the worse as the 10 year note is currently down 13/32’s (3.75%) and MBS down a smooth 10/32’s.

The 10 year note auction crossed the tape at 3.736% with a bid to cover of 2.49 to 1.0.  Indirect bidders (foreign central banks, etc.) took 45.7%.  Overall, not a bad auction with the “street” giving it a grade of B.  Traders however are not in love with it as MBS and the 10 year note are doing the tango, dipping in unison before the FOMC.  Expect further price changes for the worse as the 10 year note is currently down 13/32’s (3.75%) and MBS down a smooth 10/32’s.  More in a few.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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