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MBS RECAP: Strong Start to a Slow Week
Jul 6 2021, 4:00PM

Bonds rallied today, both before and after the weak ISM Non-Manufacturing data.  "Weak" is a relative term considering 60.1 is one of the 10 best results for this report in 16 years.  Notably, most of the day's rally was intact BEFORE the data came out.  That's a reassuring start to a holiday-shortened week that ran the risk of being distorted by lighter volumes and a potential push back against Friday's post-payrolls gains.

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

  • ISM Non-Manufacturing 60.1 vs 63.5 f'cast, 64.0 prev

Market Movement Recap
08:25 AM

Little changed from Friday's close after starting slightly weaker overnight and rallying back to 'unchanged' by the domestic open.  10yr down to 1.425 and 2.0 UMBS up 2 ticks at 101-07 (101.22).

10:04 AM

Tradeflows were bond-friendly following the 9:30am NYSE open and gains kicked into higher gear after weaker ISM Services data.  10yr down under the 1.38% (1.367%) technical level and MBS up a quarter point.

03:18 PM

MBS have been underperforming since noon, but are still up more than a quarter of a point.  The 10yr rally bottomed out at 1.351 and has retraced to 1.365% currently.  No major market movers in play.


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
101-15 : +0-10
Treasuries
10 YR
1.3580 : -0.0740
Pricing as of 7/6/21 4:00PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:03AM  :  Rally Accelerates After Weak ISM Data
8:39AM  :  Starting Out Slightly Stronger

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Jul 06
10:00 ISM N-Mfg PMI * Jun 60.1 63.5 64.0
10:00 ISM N-Mfg Bus Act * Jun 60.4 66.4 66.2
Wednesday, Jul 07
7:00 MBA Purchase Index w/e 255.2
7:00 MBA Refi Index w/e 2856.6

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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