If you are an MBS Live member, today's recap has already been written in this update and in The Huddle.  Non-MBS Live members can get a pretty solid idea from the free mortgage rate article HERE.

For those who don't like to click links, suffice it to say that the upper range boundary that we've been paying so much attention to ended up being the key ingredient in today's movement.  Technical ceilings in rates can either serve to motivate follow-through selling when broken, or they can serve as a cue for buyers to get back in the market and push rates back into the range.  Today saw the former.

10yr yields were as high as 2.897% just after the Philly Fed data (much stronger than expected).  But buyers were waiting and had already made their presence known after overnight highs in the same vicinity.  Yields dropped to 2.84+ by the 3pm CME close and have been drifting sideways since then.  Fannie 4.0 MBS gained 6/32nds (.19) over the same time, hitting 102-02 (102.06) by 3:30pm.  


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 4.0
102-01 : +0-05
Treasuries
10 YR
2.8417 : -0.0333
Pricing as of 7/19/18 4:01PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:27PM  :  Buyers Were Waiting at The Ceiling
8:36AM  :  Overnight Losses Extend on Stronger Philly Fed Data

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "I don't remember. Not super important. More relevant that the President is once again commenting on his preference for low rates. Someone might mention to him that rates are rising in large part due to fiscal policy creating the need for more Treasury issuance and/or creating upside economic risk that necessitates Fed hikes to keep the economy from overheating."
Gilbert Denizard  :  "wait, wasn't he campaigning on the strong dollar and lamenting rates were way too low?"
Matthew Graham  :  "TRUMP SAYS CONCERNED FED RATE HIKES MAY PUT U.S. AT 'DISADVANTAGE' AS ECB, BOJ KEEP MONETARY POLICY LOOSE - CNBC"
Matthew Graham  :  "U.S. PRESIDENT TRUMP SAYS STRONG DOLLAR "PUTS US AT A DISADVANTAGE" - CNBC"
Matthew Graham  :  "- U.S. PRESIDENT TRUMP SAYS HE'S 'NOT THRILLED' ABOUT INTEREST RATE HIKES - CNBC"

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Jul 19
8:30 Philly Fed Business Index * Jul 25.7 21.5 19.9
8:30 Jobless Claims (k) w/e 207 220 214