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MBS RECAP: Bonds Break Key Levels After Fed
Jul 29 2020, 4:34PM

Both MBS and Treasuries were right on the edge of their recent ranges heading into Fed day.  MBS broke their range right out of the gate while Treasuries waited until the Fed was done before their breakout.  If this positive momentum retreats tomorrow, it will be a great lock cue.

Econ Data / Events
Market Movement Recap
08:13 AM

Very quiet overnight session ahead of Fed announcement this afternoon.  Stocks weakened slightly at first, but bounced higher in Europe.  10yr yields are up less than 1bp and MBS are starting the day unchanged.

01:13 PM

Steady gains in MBS despite modest weakness in Treasuries and gains in stocks.  Credit goes to the supply/demand landscape in MBS courtesy of the Fed.  2.0 UMBS now up an eighth will 10yr yields are up nearly 1bp.

02:07 PM

Slightly stronger after the Fed said nothing new, but that strength follows some pre-Fed weakness.  Result= Treasuries near unchanged and MBS still up an eighth.  Stocks look similarly disinterested.  

03:55 PM

Following Powell's press conference, bonds found no reason to be spooked.  Gains extended for Treasuries.  MBS are still up about an eighth, but 10yr yields are now down 1.3bps to .566%

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
103-08 : +0-03
10 YR
0.5770 : -0.0040
Pricing as of 7/29/20 4:31PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:06PM  :  Bonds Improving After Fed Announcement
10:15AM  :  Steady at Stronger Levels, Pushing Range Boundaries

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "I would also draw everyone's attention to the fact that none of this matters at all for any reason to anyone here."
Matthew Graham  :  "Once you're quoting c30's at 2.25% with all lender paid costs and comp, then maybe"

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Jul 29
7:00 Mortgage Refinance Index w/e 3955.9 3973.3
7:00 MBA Purchase Index w/e 306.1 310.9
10:00 Pending Sales Index Jun 116.1 99.6
10:00 Pending Home Sales (%) Jun +16.6 15.0 44.3
14:00 FOMC rate decision (%)* N/A 0 - 0.25 0.125 0.125
14:30 Powell Press Conference *

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:
  • 30 Yr FRM 3.13%
  • |
  • 15 Yr FRM 2.55%
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  • Jumbo 30 Year Fixed 3.18%
MBS Prices:
  • 30YR FNMA 4.5 107-28 (-0-02)
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  • 30YR FNMA 5.0 109-25 (0-01)
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  • 30YR FNMA 5.5 111-14 (0-10)
Recent Housing Data:
  • Mortgage Apps 2.79%
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  • Refinance Index 3.16%
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  • Purchase Index 1.82%