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MBS RECAP: Sideways and Still Waiting on Friday's Jobs Report
Jun 2 2021, 4:00PM

Today's trading lived up to the sideways promises discussed this morning.  And yes, while it is terribly cliche, "sideways ahead of the jobs report" is indeed actually the best way to view the week's trading so far.  10yr yields were less than 1bp lower by the 3pm CME close and 2.5 UMBS coupons were perfectly unchanged.  On a slightly bullish note, 10yr yields found support at 1.62%, but we should have no doubts about the fragility of that ceiling in the event of a super strong payrolls print on Friday.

Econ Data / Events
Market Movement Recap
08:29 AM

Bonds recover slightly in low overnight volume and light volatility.  1.62% technical level offered a supportive ceiling and 10yr yields are starting half a bp lower at 1.601.  2.5 UMBS are up 1 tick at 103-19 (103.59) 

12:15 PM

Modest additional gains for Treasuries with 10yr now down 2bps at 1.587%.  MBS have lost a bit of ground, however, now back to unchanged on the day at 103-18 (103.56).

03:49 PM

MBS remain unchanged and 10yr yields are closer to unchanged than they were a few hours ago (down just over 1bp at 1.594).  Despite several corporate bond pricings, the Fed's beige book, and a few Fed speakers, we've seen no strong correlation between events and market movement.

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
103-18 : +0-00
10 YR
1.5940 : -0.0210
Pricing as of 6/2/21 4:00PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:39AM  :  Slightly Stronger Overnight

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Jun 02
7:00 MBA Purchase Index w/e 261.4 269.8
7:00 MBA Refi Index w/e 3022.0 3168.8
Thursday, Jun 03
7:30 Challenger layoffs (k) May 22.913
8:15 ADP National Employment (k)* May 650 742
8:30 Labor Costs Revised (%) Q1 -0.4 -0.3
8:30 Productivity Revised (%) Q1 5.5 5.4
8:30 Jobless Claims (k) w/e 390 406
10:00 ISM N-Mfg Bus Act * May 67.2 62.7
10:00 ISM N-Mfg PMI * May 63.0 62.7

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:
  • 30 Yr FRM 3.27%
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  • 15 Yr FRM 2.64%
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  • Jumbo 30 Year Fixed 3.20%
MBS Prices:
  • 30YR FNMA 4.5 108-07 (0-05)
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  • 30YR FNMA 5.0 109-26 (-0-07)
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  • 30YR FNMA 5.5 111-24 (0-02)
Recent Housing Data:
  • Mortgage Apps 2.79%
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  • Refinance Index 3.16%
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  • Purchase Index 1.82%