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MBS RECAP: Treasuries Slide Sideways as MBS Outperform
Aug 23 2021, 4:40PM

The most notable development today was the outperformance on the part of MBS.  The most obvious culprit would be the looming Treasury auction cycle logically causing more anxiety for Treasuries. There's also the distinct steepening of the yield curve, which tends to favor MBS when it's happening in moderation.  Additional factors are discussed in today's video, but ultimately don't really have a bearing on the bigger picture.  

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

  • Existing Home Sales 5.99m vs 5.83m f'cast, 5.87m prev

  • Markit Composite PMI 55.4 vs 58.3 f'cast, 59.9 prev

Market Movement Recap
08:55 AM

Slightly weaker overnight in light volume.  10yr up 1.3 bps at 1.27% and UMBS down 2 ticks (0.06).

01:20 PM

Modestly positive momentum throughout the AM hours.  Treasuries are now unchanged at 1.255 and MBS are 2 ticks higher (+0.06) at 101-10 (101.31). 

04:30 PM

MBS outperformance continued as Treasury buyers were hard to convince on the Monday of an auction week.  2.0 coupons up more than an eighth of a point while 10yr yields are merely unchanged.


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
101-13 : +0-05
Treasuries
10 YR
1.2530 : -0.0070
Pricing as of 8/23/21 4:40PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:08AM  :  Slightly Weaker Overnight, But Rallying Early

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Aug 23
9:45 Markit Manuf. PMI * Aug 61.2 62.5 63.4
9:45 Markit Composite PMI * Aug 55.4 58.3 59.9
9:45 Markit Services PMI * Aug 55.2 59.5 59.9
10:00 Exist. home sales % chg (%)* Jul +2.0 1.4
10:00 Existing home sales (ml)* Jul 5.99 5.83 5.86

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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