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Strategies & Market Trends : Ask DrBob

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To: Drbob512 who started this subject	6/14/2002 4:54:23 PM
From: longdong_63	Read Replies (1) of 100058

11:17 AM MORTGAGE TALK: The duration on Fannie Mae's 6.5% mortgage-backed security is now at 3.2 years compared to 3.4 years yesterday and 3.8 years last Friday. The current level is now the lowest since last November. Duration reached a low of 2.0 years last October and the yield on the 10-year T-note fell to a low of 4.18% in the weeks that followed. Low rates spurred a refinancing boom unmatched historically, with over $1.0 trillion of mortgages refinanced. Rates are now moving in territory that could spur a surge in refis, albeit in a smaller wave than the wave seen last year. This would result in forced buying of Treasuries as MBS investors hedge against falling duration levels.

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