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MBS RECAP: Putting MBS Underperformance in Perspective
Jun 19 2020, 4:33PM

Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  At times (like today), we may see the mortgage market weaken while Treasuries improve.  Today's video breaks that down in easily digestible detail.

Econ Data / Events
Market Movement Recap
08:43 AM

Bonds began the overnight session fairly flat but popped (higher in yield) in concert with stock prices on news that China was planning on expanding US agricultural purchases.  Early domestic trading brought a bit of follow-through.  10yr up 2.8bps at .735.  UMBS 2.0 down an eighth vs yesterday.

11:47 AM

Nice bounce at .74% ceiling in 10yr yields, and now below .72% pivot point.  Nearly unchanged now. Stock slump helping.  MBS lagging, no change since last update.

01:34 PM

Treasury rally continued all the way into positive territory as stocks sold off more aggressively.  Unable to stay below 0.69%, but still close at .694.  MBS still lagging despite trying to rally a bit just after the noon hour.

04:27 PM

Treasuries trickling to lowest yields as the day winds down.  MBS prices recovered, but haven't made it into positive territory.  All the underperformance was broken down in today's Huddle video


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
UMBS 2.0
101-28 : -0-02
Treasuries
10 YR
0.6920 : -0.0020
Pricing as of 6/19/20 4:31PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:51PM  :  If You Were Planning on Locking Today...
12:04PM  :  Treasuries Turn Green; MBS Lagging
9:05AM  :  Weaker Overnight, But Showing Some Resilience

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "FED'S CLARIDA SAYS THERE IS NO LIMIT TO FED'S PURCHASES OF TREASURY SECURITIES OR MORTGAGE-BACKED SECURITIES"

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Jun 22
10:00 Existing home sales (ml)* May 4.10 4.33
10:00 Exist. home sales % chg (%)* May -3.0 -17.8

About the Author

Chief Operating Officer, Mortgage News Daily / MBS Live
A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

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