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MBS RECAP: Another Bad 7yr Auction Day, Even If We Can't Blame The Auction
Apr 27 2021, 3:30PM

Bonds were feeling a bit defensive ahead of today's 7yr auction, and rightfully so!  7yr auction days have been rough in 2021.  The past 3 examples were rough, in large part due to auction results themselves.  Today was a bit different.  The auction was actually decent.  Bonds ended up selling off for other reasons.  More details on those in today's video...

Econ Data / Events
  • Fed MBS Buying 10am, 1130am, 1pm

  • FHFA Home Prices 12.2 vs 12.1 prev
    Case Shiller Prices 11.9 vs 11.7 f'cast, 11.1 prev

  • Consumer Confidence 121.7 vs 113.0 f'cast, 109.0 prev

Market Movement Recap
08:31 AM

Mostly sideways but slightly weaker overnight.  Low volume/volatility.  No standout market movers.  10yr yields starting up 1.5bps at 1.583.  UMBS 2 ticks (-0.06) weaker at 103-16 (103.5).

12:11 PM

Definitely favoring weakness ahead of the 7yr auction--almost exclusively seen in Treasuries.  10yr yields are up 2.5bps at 1.593% and 2.5 UMBS are down 3 ticks (-0.09) at 103-15 (103.47).

01:05 PM

Nice, average results at 7yr auction, but only after a bit of AM bond market weakness helped soften prices.  Not much movement since then with 10yr at 1.597 and MBS staying flat in a range between 1 and 3 ticks (0.03 - 0.09) weaker on the day.

02:56 PM

Treasuries have weakened somewhat abruptly heading into the close with some traders citing a big corporate bond offering from Citi (why would that matter?).  There's also a technical consideration as 10yr yields moved quickly up to the 1.62% level.  Either way, MBS have avoided most, but not all of the drama with 2.5 coupons now down an eighth of a point on the day.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.5
103-15 : -0-03
10 YR
1.6180 : +0.0480
Pricing as of 4/27/21 3:30PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:49PM  :  ALERT ISSUED: MBS Dragged Lower By Treasuries; Negative Reprice Considerations
1:05PM  :  No Whammies in 7yr Auction
9:06AM  :  Slightly Weaker Overnight. No Drama So Far

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Apr 27
9:00 CaseShiller 20 yy (% ) Feb +11.9 11.7 11.1
9:00 Monthly Home Price yy (%) Feb +12.2 12.0
9:00 CaseShiller 20 mm SA (%) Feb +1.2 1.1 1.2
9:00 Monthly Home Price mm (%) Feb +0.9 1.0
10:00 Consumer confidence * Apr 121.7 113.0 109.7
13:00 7-Yr Note Auction (bl)* 62

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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Mortgage Rates:
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  • 15 Yr FRM 2.57%
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  • Jumbo 30 Year Fixed 3.14%
MBS Prices:
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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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  • Purchase Index 1.82%