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MBS RECAP: Not a Bad Day, But We Need More Convincing
Mar 22 2021, 4:24PM

Rates have tried to convince us that the worst is over on several occasions in the past few months.  First it was 1.18%, then 1.38%, and most recently 1.63% (all in terms of 10yr yields), but all of those would-be ceilings quickly gave way to more weakness.  1.75% is now singing the same tune.  While it's true that odds improve slightly with each new ceiling, it's also true that we'd need to see better and more sustained gains before getting too optimistic about a more significant reprieve. 

Econ Data / Events
Market Movement Recap
08:39 AM

Bonds moderately stronger out of the gate during Asian hours with some buzz over Turkey's Erdogan firing the country's central bank chief.  10yr yields were down roughly 4bps by midnight and have held those gains through the start of the domestic session.  UMBS 2.5 starting out up roughly 6bps (+.19).

01:24 PM

Bonds are holding moderate AM gains and Treasuries have extended the rally just a bit with 10yr yields down 5bps to 1.682%.  2.5 UMBS are underperforming slightly, but still up more than an eighth of a point.  

02:41 PM

MBS getting caught up with Treasuries after earlier underperformance.  2.5 coupons now at best levels, up more than a quarter point on the day at 102-17 (102.53).  No specific motivations.  Treasuries have been flat for more than 2 hours at 1.68%.

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:
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  • 15 Yr FRM 2.57%
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  • Jumbo 30 Year Fixed 3.14%
MBS Prices:
  • 30YR FNMA 4.5 108-02 (-0-05)
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  • 30YR FNMA 5.0 109-26 (-0-10)
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  • 30YR FNMA 5.5 111-24 (-0-05)
Recent Housing Data:
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  • Refinance Index 3.16%
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  • Purchase Index 1.82%