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MBS RECAP: Bond Market Modestly But Disappointingly Weak Despite Stock Sell-Off
Oct 19 2020, 3:42PM

Bonds started out weaker and looked like they might make a recovery in the afternoon thanks to a big stock sell-off. But yields refused to move back below the .76% pivot point. That's not the end of the world, but if bonds were inclined to rally or if they were feeling resilient, that would have been a good excuse to move into positive territory on the day. Failing to do so sends a somewhat ominous signal about the path ahead.

Econ Data / Events
Market Movement Recap
08:21 AM

Bonds modestly weaker overnight with almost all of the losses hitting immediately after London opened.  The culprit seems fairly conclusive: Brexit headlines.  Yes, it still matters apparently!  S&P futures up 0.7% and 10yr yields up 2.34 bps.  MBS down 2 ticks (-0.06).

12:59 PM

Decent recovery for bonds with MBS now unchanged and Treasuries down to the .76% pivot point (still one bp higher on the day).  Weakness in stocks and a rally in EU bonds both helped.

03:27 PM

Heading into the final hour of trade with MBS near their weakest levels of the day.  Treasuries are near their strongest levels but yields are still higher on the day.  That's disappointing considering the depth of the reversal in stocks.


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
103-03 : -0-03
Treasuries
10 YR
0.7623 : +0.0183
Pricing as of 10/19/20 3:40PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:00AM  :  Bonds Weaker Overnight, But Bouncing Back a Bit

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Kevin Reed  :  "One would think that a key stat we should be following is MBA's weekly "application survey". Until we see applications going down lenders are going to continue to maintain their margins."

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Oct 19
10:00 NAHB housing market indx Oct 85 83 83

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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