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MBS RECAP: MBS Underperforming Treasuries, But Broader Trends Are Decent
Aug 20 2020, 4:49PM

The mortgage market continues coping with the combination of last week's LLPA news and a generally high level of supply.  One hurts bond prices relative to Treasuries.  The other hurts mortgage rates relative to bonds.  

Econ Data / Events
  • 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)

  • Jobless Claims 1.106m vs 925k f'cast, 963k prev

  • Philly Fed Index 17.2 vs 21.0 f'cast, 24.1 prev

Market Movement Recap
08:11 AM

Bonds improved nicely overnight with Treasury yields pulled lower by an ongoing rally in European yields.  The 10yr is 4bps lower at .644 and 2.0 UMBS are opening up by more than an eighth of a point.

10:38 AM

Treasuries holding gains.  MBS underperforming significantly with 2.0 coupons down roughly an eighth of a point from AM highs.  

04:10 PM

MBS underperforming after Fed buying operation (lots of supply offered from sellers).  This brought MBS back to unchanged levels even as Treasuries remain in moderately stronger territory.  Other potential issues discussed in today's huddle video.

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 : +0-01
10 YR
0.6525 : -0.0225
Pricing as of 8/20/20 4:47PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:34AM  :  ALERT ISSUED: Negative Reprice Risk Increasing
8:41AM  :  No Major Reaction to Weaker Econ Data

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Aug 20
8:30 Philly Fed Business Index * Aug 17.2 21.0 24.1
8:30 Continued jobless claims (ml) w/e 14.844 15.000 15.486
8:30 Jobless Claims (k) w/e 1106 925 963
Friday, Aug 21
9:45 PMI-Composite (source:Markit) * Aug 50.3
10:00 Existing home sales (ml)* Jul 5.38 4.72
10:00 Exist. home sales % chg (%)* Jul 14.7 20.7

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 3.01%
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  • 15 Yr FRM 2.45%
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  • Jumbo 30 Year Fixed 3.09%
MBS Prices:
  • 30YR FNMA 4.5 107-28 (-0-10)
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  • 30YR FNMA 5.0 109-24 (-0-01)
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  • 30YR FNMA 5.5 111-12 (-0-01)
Recent Housing Data:
  • Mortgage Apps 2.79%
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  • Refinance Index 3.16%
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  • Purchase Index 1.82%