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MBS RECAP: 2 Different Approaches Depending on Adverse Market Fee
Sep 11 2020, 5:05PM

Without any significant volatility in the bond market, mortgage rate strategy is still all about the return of the adverse market fee.  In cases where it's already back, the outlook is more neutral, but still cautious ahead of next week's Fed announcement.

Econ Data / Events
Market Movement Recap
08:46 AM

Bonds were flat to slightly weaker overnight but have rallied back to positive territory after this morning's CPI data.  Looks like a few traders were on guard for higher inflation.  Both MBS and Treasuries are just barely on the friendly side of 'unchanged.'  Stock futures are up half a percent.

04:37 PM

Volatility and movement in general have been relatively nonexistent today.  MBS are 2 ticks (0.06) higher than they were this morning, but spent a vast majority of the day only 1 tick (0.03) higher.  10yr yields drifted gently lower and have been almost perfectly sideways around 0.67%.  

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
103-05 : +0-03
10 YR
0.6690 : -0.0150
Pricing as of 9/11/20 5:03PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:45AM  :  Bonds Turn Green After CPI Data

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Sep 11
8:30 Core CPI (Annual) (%)* Aug 1.7 1.6 1.6
Tuesday, Sep 15
8:30 NY Fed Manufacturing Sep 5.95 3.70
9:15 Industrial Production (%) Aug 1.0 3.0
Wednesday, Sep 16
7:00 MBA Purchase Index w/e 317.7
7:00 Mortgage Refinance Index w/e 3415.1
8:30 Retail Sales (%)* Aug 1.0 1.2
10:00 NAHB housing market indx Sep 78 78
10:00 Business Inventories (% ) Jul 0.2 -1.1
14:00 FOMC rate decision (%)* N/A 0.125 0.125
Thursday, Sep 17
8:30 Building permits: number (ml) Aug 1.510 1.483
8:30 Build permits: change mm (%) Aug 17.9
8:30 Housing starts number mm (ml) Aug 1.470 1.496
8:30 Philly Fed Business Index * Sep 15.5 17.2
8:30 House starts mm: change (%) Aug 22.6
Friday, Sep 18
10:00 Consumer Sentiment Sep 75.0 74.1

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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