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MBS RECAP: Bonds Improve After Treasury Auction; Why MBS Are Lagging
Oct 12 2021, 4:15PM

Bonds began the day weaker, but improved steadily after the 10yr Treasury auction.  MBS underperformed--partly because the Treasury auction brings more direct benefit for Treasuries, but for a few other reasons as well.  We'll discuss those (and whether or not they're important) in today's recap video.

Econ Data / Events
Market Movement Recap
08:26 AM

Bonds are unchanged despite weakness in EU bond market.  Yields were as high as 1.631 (now 1.608).  MBS are 1 tick weaker (0.03) at 102.59 (2.5 coupons). 

11:44 AM

Slightly weaker into the 9am hour, then stronger after the 9:30am NYSE open.  Levels are back in line with the first update (i.e. close to unchanged).

01:06 PM

More gains after solid 10yr auction.  Now at best levels down almost 3bps at 1.584.  MBS are unchanged.

03:29 PM

MBS at best levels now, up 9 ticks (0.03) at 102-22 (102.69).  10yr yields are down 3.5bps at 1.577.  Gains generally continued after the 10yr auction (no new market movers)

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.5
102-22 : +0-03
10 YR
1.5720 : -0.0330
Pricing as of 10/12/21 4:15PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:06PM  :  Strong 10yr Auction Pushes Yields to Today's Lows
8:41AM  :  Unchanged After Holiday and Modest Overnight Volatility

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Oct 12
11:30 3-Yr Note Auction (bl) 58
13:00 10-yr Note Auction (bl)* 38
Wednesday, Oct 13
0:00 Roll Date - UMBS 30YR
7:00 MBA Purchase Index w/e 275.7
7:00 MBA Refi Index w/e 3037.6
8:30 Consumer Price Index (CPI) (%)* Sep 0.3 0.3
8:30 Core CPI (Annual) (%)* Sep 4.0 4.0
13:00 30-Yr Bond Auction (bl) 24

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 3.23%
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  • 15 Yr FRM 2.60%
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  • Jumbo 30 Year Fixed 3.15%
MBS Prices:
  • 30YR FNMA 4.5 108-02 (-0-06)
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  • 30YR FNMA 5.0 110-01 (-0-01)
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  • 30YR FNMA 5.5 111-22 (-0-02)
Recent Housing Data:
  • Mortgage Apps 2.79%
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  • Refinance Index 3.16%
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  • Purchase Index 1.82%