Mortgage levels are now unchanged from pre-auction levels

16 billion of 30 year bonds changed hands at a yield 4.469%, bid to cover 2.26 to 1 (average 2.45 to 1), indirect bidders took 44% of the paper, and the final yield on a price weighted basis created a 3.5 bps tail (not so hot).  Overall, we’ll give this one a C.  Fast money traders sold the market post auction but currently, we are making a comeback.  Mortgage levels are now unchanged from pre-auction levels with only the 30 year note underwater (down 11/32’s).

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