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MBS RECAP: Locking vs Floating Remains a Question of Covid vs The Economy
Jun 22 2020, 3:06PM

Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  Keep the underlying, gradual, uptrend in rates in mind on days where it seems like things are going well for bonds.  Those can be great days to lock in this environment.

Econ Data / Events
  • 11:30-11:50 AM (ET) - Fed 30yr UMBS Buying  

  • Existing Home Sales: 3.91m vs 4.12m f'cast, 4.33m prev

Market Movement Recap
08:19 AM

Bonds traded about as flat as they ever trade overnight despite a modest push back toward higher levels in stocks.  The domestic session is starting with 10yr yields and MBS both within one trade of unchanged.

12:29 PM

Modest reversal from the day's best levels.  MBS were up nearly an eighth of a point, but are back to unchanged now.  10yr yields are up to .687 from .674.  Very small moves, light volume, narrow ranges.

01:04 PM

Weakness a bit more pronounced now, with UMBS 2.0 coupons down to 101-26 (101.81), which is just over an eighth of a point weaker from some lenders' rate sheet print times.  10yr yields just turned higher on the day by half a bp.


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
101-27 : -0-02
Treasuries
10 YR
0.7090 : +0.0100
Pricing as of 6/22/20 3:04PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:00PM  :  MBS Bounce Back; Reprice Risk Ebbs
1:22PM  :  ALERT ISSUED: Negative Reprices Becoming a Bigger Risk Now
12:41PM  :  ALERT ISSUED: Negative Reprice Risk Increasing Modestly
8:28AM  :  Super Flat Trading; Bonds Starting Out Roughly Unchanged

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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