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MBS RECAP: Rising Rates Thwarted By Coronavirus Concerns
Jun 24 2020, 3:28PM

Stop us if you've heard this one before, but rates are low due to an unprecedented global emergency.  Unless coronavirus situations deteriorates significantly, it's only fair for rates to gradually push back toward higher levels.  But when case counts spike, bonds are still willing to respond.

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

  • New Home Sales: 676k vs 640k f'cast, 580k prev (+16.6%)

Market Movement Recap
08:24 AM

Bonds WERE slightly stronger as stocks weakened overnight session.  10s made it to .699, but yields bounced higher in early domestic trading, now up to .73%. MBS are hitting their first trades about 1-2 ticks (.03-.06) weaker.

09:59 AM

Yields are surging (relatively) lower as stocks slump at the 9:30am NYSE open.  10s now down 1.3bps on the day.  UMBS 2.0 turning positive, up 1 tick (0.03) on the day, trading just under 102.

11:47 AM

10yr yields are now down below the .69% floor as stocks sell-off aggressively.  MBS aren't moving nearly as much.  2.0 UMBS are up 1 tick (0.03) on the day at 101-29 (101.91).

 


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
101-31 : +0-02
Treasuries
10 YR
0.6820 : -0.0270
Pricing as of 6/24/20 3:25PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:05PM  :  Strong Demand at 5yr Auction, But Limited Impact
11:47AM  :  Decent Improvement For Bonds as Stocks Slump
8:22AM  :  Bonds Slightly Weaker to Start

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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