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MBS RECAP: Record High MBS Prices, Record Low Rates. What Next?
Jul 7 2020, 4:28PM

Bonds and rates clearly aren't looking at economic data as a key source of motivation, nor are they playing by the normal set of rules.  Coronavirus has rewritten those rules.  How long can this all-time-low rate environment last and how do we approach it from a lock/float standpoint?

Econ Data / Events
Market Movement Recap
08:13 AM

Bonds generally improved in the overnight session as stocks lost ground.  10yr yields were as low as .661, but are now back up to .671 in quiet trading.  MBS are roughly unchanged to start.

10:02 AM

Initial strength in bonds remains, but MBS are outperforming.  Last night's prepayment speed report could have something to do with that.  UMBS 2.0 coupons are up 6 ticks (.19).  10yr yields down half a bp at .674

01:17 PM

Treasuries have caught up to MBS a bit in terms of day-over-day performance.  Very decent 3yr auction.  10yr yields now down 2bps to .658.  UMBS 2.0 coupons up a quarter point.  

04:24 PM

Bonds surged into the close as stocks ultimately swooned (S&P futures down more than 1%).  10yr yields down more than 4bps at .635.  UMBS 2.0 up 31bps (10 ticks). 


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
102-27 : +0-10
Treasuries
10 YR
0.6350 : -0.0490
Pricing as of 7/7/20 4:26PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:27PM  :  Bonds Rally Even More, But May Be Cooling Off
12:06PM  :  MBS Up a Quarter Point, Outperforming Treasuries
8:26AM  :  Bonds Slightly Stronger To Start

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "FED'S CLARIDA SAYS FED CAN DO MORE, WILL DO MORE IF NEEDED :CNN INTERNATIONAL INTERVIEW"
Matthew Graham  :  "FED'S CLARIDA SAYS THERE IS NO LIMIT ON HOW MUCH MBS, TREASURIES THE FED CAN BUY"

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Jul 07
11:30 26-Week Bill Auction (bl) 35
Wednesday, Jul 08
7:00 MBA Purchase Index w/e 308.7
7:00 Mortgage Refinance Index w/e 3359.2
13:00 10-yr Note Auction (bl)* 29

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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More From MND

Mortgage Rates:
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  • 15 Yr FRM 2.55%
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  • Jumbo 30 Year Fixed 3.65%
MBS Prices:
  • 30YR FNMA 4.5 107-29 (0-00)
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  • 30YR FNMA 5.0 109-18 (-0-03)
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  • 30YR FNMA 5.5 110-17 (-0-02)
Recent Housing Data:
  • Mortgage Apps 6.76%
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  • Refinance Index 9.13%
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  • Purchase Index 1.96%