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MBS RECAP: Bonds Surge Into August Despite Headwinds
Aug 2 2021, 3:40PM

It was an interesting juxtaposition to see a Fed speaker talking about tapering being announced as early as September while bond yields hit the 3pm close at the lowest levels since February.  Headwinds are definitely present, whether we're talking about tapering risk or simply the selling opportunity presented by such low yields at a time when the economy may soon suggest a bounce.  But tailwinds remain because that suggestion has yet to be made.  

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

  • ISM Manufacturing 59.5 vs 60.9 f'cast, 60.6 prev
    "Prices Paid" drops by most since March 2020

Market Movement Recap
08:58 AM

Slightly stronger to start after a relatively flat overnight session.  Most of the gains have come in the first 90 minutes of the domestic session.  MBS up nearly an eighth and 10yr yields down 1.4bps to 1.212%

10:21 AM

Additional gains after weaker ISM data.  10yr down 4bps at 1.184 and MBS up 6 ticks (0.19).

01:22 PM

Rally snowballed into the noon hour with 10s bottoming out at 1.151 (now up to 1.17%).  MBS are trying to hold gains with 2.0 coupons up just under a quarter point.

03:26 PM

Just a bit weaker since the last update, but 10yr still 4.4bps lower on the day at 1.182.  MBS still 5 ticks (.16) higher at 102-06. 

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
102-06 : +0-05
10 YR
1.1840 : -0.0550
Pricing as of 8/2/21 3:40PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:17PM  :  Snowball Rally Accelerates at EU Close
10:16AM  :  Additional Gains After Weaker ISM Data

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Aug 02
10:00 ISM Manufacturing PMI * Jul 59.5 60.9 60.6
10:00 ISM Mfg Prices Paid Jul 85.7 92.1
10:00 Construction spending (%) Jun 0.1 0.4 -0.3

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 3.00%
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  • 15 Yr FRM 2.45%
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  • Jumbo 30 Year Fixed 3.09%
MBS Prices:
  • 30YR FNMA 4.5 108-08 (-0-01)
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  • 30YR FNMA 5.0 109-18 (-0-06)
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  • 30YR FNMA 5.5 111-13 (-0-01)
Recent Housing Data:
  • Mortgage Apps 2.79%
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  • Refinance Index 3.16%
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  • Purchase Index 1.82%