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MBS RECAP: Bonds Surprisingly Resilient After Last Week's Scare
Jul 14 2020, 3:36PM

After last week's somewhat scary move higher in rates, the bond market has shown a decent amount of resilience so far this week as the jury remains out in the case of covid vs the economy.

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

  • Consumer Price Index 0.6 vs 0.5 f'cast, -0.1 prev

  • Core Annual CPI 1.2 vs 1.1 f'cast, 1.2 prev

Market Movement Recap
08:22 AM

Stocks and bonds both mostly flat overnight, like yesterday.  Slight edge toward "risk-on" with stocks just barely stronger and bonds just barely weaker.  2.0 UMBS starting the day down a hair at 102-22 (102.69).

10:32 AM

MBS have bounced back nicely after opening slightly weaker.  Both Treasuries and MBS improved at 8:30, but MBS have kept the good times rolling, now up nearly a quarter of a point.

02:12 PM

MBS prices have come off the boil from mid-day highs.  2.0 coupons are down nearly an eighth from those highs at 102-29 (102.91).  They were briefly as high as 103.  10yr yields are holding sideways in slightly stronger territory despite stocks up more than half a percent.


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
102-26 : +0-04
Treasuries
10 YR
0.6200 : -0.0200
Pricing as of 7/14/20 3:34PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:31PM  :  ALERT ISSUED: Some Lenders Could Consider Reprices
11:44AM  :  Positive Reprice Potential Increasing as MBS Outperform
9:07AM  :  Slight Weakness Becomes Modest Strength After CPI

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Jul 14
8:30 Consumer Price Index (CPI) (%)* Jun 0.6 0.5 -0.1
8:30 Core CPI (Annual) (%)* Jun 1.2 1.1 1.2
Wednesday, Jul 15
7:00 MBA Purchase Index w/e 325.2
7:00 Mortgage Refinance Index w/e 3373.9
8:30 NY Fed Manufacturing Jul 10.00 -0.20
9:15 Industrial Production (%) Jun 4.3 1.4

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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