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MBS RECAP: Rising Rate Trend Changing Course or Just Leveling Off?
Oct 26 2020, 3:36PM

After a modest day of gains on Friday, bonds covered some more serious ground today.  10yr yields were more than 4bps lower at the 3pm CME close, and roughly 8bps lower versus Friday's highs.  Does this mean the prevailing negative trend is reversing?  Or are we simply taking a break while bonds wait for more info?

Econ Data / Events
Market Movement Recap
08:19 AM

Bonds were stronger out of the gate in Asia, largely following weakness in the stock market.  Similar correlation hit once again at the start of the European session where 10yr yields (and stocks) hit their lows together shortly after the European open.  Both have been inching back toward higher levels since then, but S&P futures are still down 1% on the day and 10yr yields are down 2.85bps at .812.  MBS are starting the day up almost an eighth of a point.

01:32 PM

Rallying fairly well into the PM hours, mostly following a rather large selling spree in stocks (S&P futures down 2.55% on the day).  10yr yields are down 4.5bps to .796 and 2.0 UMBS are up 5 ticks (.16) now at 103-04 (103.125).

03:22 PM

Stocks lost almost 1% between 11:15am and the lows of the day at 1:30pm.  Contrast that with the bond market where 10yr yields were .79% on both occasions.  That builds a case for today's resilience meeting resistance at the .79% technical level.  MBS are up an eighth of a point, just a bit off their mid-day highs, but by no means in distress. 


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 : +0-04
Treasuries
10 YR
0.8027 : -0.0383
Pricing as of 10/26/20 3:34PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:18AM  :  Bond Buyers Lined Up At CME Open, Adding to Overnight Gains

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Oct 26
10:00 New home sales-units mm (ml)* Sep 0.959 1.025 1.011
10:00 New home sales chg mm (%)* Sep -3.5 2.8 4.8

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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