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MBS RECAP: Bonds Finally Have a Boring Day
Aug 19 2021, 4:31PM

10yr yields traded in a range of less than 3bps during the domestic session today.  From 10:30am on, that range narrowed to only 1bp.  We haven't had a day like this in a while--3+ weeks at the very least.  When things are flat and boring, there's not much to say that hasn't already been said this morning.  

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

  • Jobless Claims 348k vs 363k f'cast, 377k prev

  • Philly Fed Index 19.4 vs 23.0 f'cast, 21.9 prev

Market Movement Recap
09:33 AM

Stronger in Europe after opening flat in Asia.  Domestic hours have gone to sellers.  Data didn't have an impact.  Technical resistance in play at 1.22+ in 10yr.  Currently up to 1.252%, but still 1bp lower on the day.  MBS are effectively unchanged at 101.34 (101-11).

01:07 PM

Treasuries stabilized after 10am and MBS have been recovering slowly.  Everything has taken place inside a broader, narrow, sideways range.  Very quiet, range-bound session.  MBS up an eighth of a point.  10yr yields down 2bps at 1.24%

03:23 PM

MBS dialing back from best levels a bit, but 2.0 coupons are still 0.06 higher (+2 ticks) on the day at 101.41 (101-13).  10yr yields are up 1.3bps at 1.247%.  Not reading too much into anything in the past 30 minutes.


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
101-12 : +0-01
Treasuries
10 YR
1.2420 : -0.0310
Pricing as of 8/19/21 4:31PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:32AM  :  Stronger Overnight, But Seeing Some Push-Back

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matt Graham  :  "New Flash!!!! "A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantially between 2019 and 2020." -https://www.consumerfinance.gov/about-us/newsroom/..."

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Aug 19
8:30 Philly Fed Business Index * Aug 19.4 23.0 21.9
8:30 Continued Claims (ml) w/e 2.820 2.800 2.866
8:30 Jobless Claims (k) w/e 348 363 375
10:00 Leading index chg mm (%) Jul +0.9 0.8 0.7

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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