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MBS RECAP: Lock vs Float Considerations With Rates at All-Time Lows
Jun 29 2020, 2:59PM

Stocks and bond yields are still in holding patterns relative to early June volatility.  Meanwhile, mortgage rates are at all-time lows.  There are scenarios where rates could improve, but the base case is quite the opposite.  All of the above depends on coronavirus.

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

  • Pending Home Sales: +44.3% vs +18.9% f'cast (-21.8% prev)

Market Movement Recap
07:50 AM

No major news overnight. 10yr yields up 1.3bps to .653.  UMBS starting the day down 3 ticks (0.09).  Stocks up half a percent (futures).  

10:29 AM

Stocks slumped a bit at the 9:30am  NYSE open.  Bonds improved at the same time and are holding those gains even though stocks have bounced back.  MBS and Treasuries both now just barely positive on the day.

01:16 PM

MBS and Treasuries pulled back from slightly from the mornings modest gains.  Stocks are up on the day now and there's some correlation with bond weakness (but not as much as there has been).  10yr yields up half a bp at .645% and UMBS 2.0 are down 2 ticks (0.06) at 102-07 (102.22).

02:55 PM

Bonds have shaken off mid-day weakness and are back to unchanged (or better) levels.   Stocks are still moderately stronger on the day.  No big news or market movers.  Very sideways in the bigger picture.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.0
102-09 : +0-00
10 YR
0.6380 : +0.0000
Pricing as of 6/29/20 2:57PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:58PM  :  Some Weakness After a Morning Rally
8:26AM  :  Modestly Weaker Overnight, But Still In The Zone

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Jun 29
10:00 Pending Sales Index May 99.6 69.0
10:00 Pending Home Sales (%) May +44.3 18.9 -21.8
Tuesday, Jun 30
9:00 CaseShiller 20 yy (% ) Apr 4.0 3.9
9:45 Chicago PMI * Jun 45.0 32.3
10:00 Consumer confidence * Jun 91.8 86.6

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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