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MBS RECAP: Nice Recovery But Resistance Remains
Jul 28 2020, 3:42PM

Rates were under pressure overnight with 10yr hitting the highest yields in more than 2 weeks.  Since then, bonds have surged back into stronger territory but remain more or less blocked by the same old floor. 

Econ Data / Events
Market Movement Recap
08:16 AM

Bond weakness continued during Asian hours, but reversed course in the European session.  Domestic trading is starting out just barely stronger for bonds and weaker for stocks.

09:16 AM

8:20am CME open brought buyers, plain and simple.  It wasn't huge, but it was enough for a few bps of strength in Treasuries and nearly an eighth of a point of gains in MBS.  Stocks aren't doing anything interesting yet.  No other market movers in play.  

01:02 PM

MBS were already at best levels, but Treasuries are heading back in that direction after a strong 7yr auction.  MBS up a quarter point.  10yr yield down nearly 3bps.  Stocks have been rising, but still a hair weaker on the day.

03:37 PM

Best levels of the day now, potentially benefiting from stock market losses.  10yr yields challenging the .58% floor (but not clearly breaking it).  2.0 UMBS up a quarter point at 103.125.  


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
103-04 : +0-08
Treasuries
10 YR
0.5770 : -0.0320
Pricing as of 7/28/20 3:40PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:16AM  :  Classic Case of 8:20am CME Open Bringing Buyers For Bonds

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Jul 28
9:00 CaseShiller 20 yy (% ) May 3.7 4.0 4.0
10:00 Consumer confidence * Jul 92.6 94.5 98.1
13:00 7-Yr Note Auction (bl)* 44
Wednesday, Jul 29
7:00 Mortgage Refinance Index w/e 3973.3
7:00 MBA Purchase Index w/e 310.9
10:00 Pending Home Sales (%) Jun 15.0 44.3
14:00 FOMC rate decision (%)* N/A 0.125 0.125

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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Mortgage Rates:
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