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MBS RECAP: Slightly Weaker Today, But Still In The Recent Range
Jul 29 2021, 3:56PM

Thursday proved to be a very forgettable session for the bond market with trading levels technically weaker on the day, but right in line with most of Wednesday's trading.  MBS were actually a bit better than that with prices ultimately making it back to 'unchanged' levels even as 10yr yields remained 2-3bps higher.  In the bigger picture, the new, lower rate range persists.  Weaker GDP data and a weaker 7yr auction did nothing to challenge it.

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

  • GDP 6.5 vs 8.5 f'cast, 6.3 prev

  • Jobless Claims 400k vs 380k f'cast, 424k prev

  • Pending Sales -1.9 vs +0.3 f'cast, +8.3 prev

Market Movement Recap
08:16 AM

flat to slightly weaker overnight.  EU econ data added to weakness around 4am, but we're still in the recent range.  10yr up 2.3bps at 1.261%.  MBS down less than an eighth.

08:42 AM

Initial reaction to data was modestly stronger, but both MBS and Treasuries have now returned to pre-data levels (same as the last update).

03:42 PM

Sideways to slightly stronger all day. Modest rally at 11am in Treasuries mainly (chalked up to month-end and corporate bond hedging flows). Then more weakness into (and out of) the 7yr auction.  Net effect=MBS and TSYs still in the same range set in the first hour of trading.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.0
101-28 : +0-00
10 YR
1.2610 : -0.0020
Pricing as of 7/29/21 3:56PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:07PM  :  Slightly Weaker After 7yr Auction
8:59AM  :  ALERT ISSUED: Gains Flip to Losses Shortly After Data
8:39AM  :  Modestly Stronger (But Still In The Red) After GDP Miss

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Jul 29
8:30 GDP Advance (%)* Q2 6.5 8.5 6.4
8:30 Continued Claims (ml) w/e 3.269 3.196 3.236
8:30 Jobless Claims (k) w/e 400 380 419
10:00 Pending Sales Index Jun 112.8 114.7
10:00 Pending Home Sales (%) Jun -1.9 0.3 8.0
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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