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MBS RECAP: Sideways to Slightly Weaker After Another Long-Term High
Oct 20 2021, 4:24PM

10yr yields hit a 5-month high early in the overnight session and then managed to claw their way back to modestly stronger levels by the start of domestic trading.  Amid a dearth of data and actionable headlines, bonds were left to "trade it out."  That seemed to go fairly well at first, but yields adjusted back toward the highs of the day after the 20yr bond auction at 1pm ET.  Perhaps the more relevant detail is that 10yr yields were never able to make it below 1.62%, even at their best.  1.62% had been a ceiling 3 days ago before becoming a floor yesterday afternoon.  

Econ Data / Events
Market Movement Recap
08:39 AM

Weaker to start the overnight session with yields hitting multi-month highs of 1.673, but steady improvement since then, now back to 1.624.  MBS up nearly an eighth of a point.

01:06 PM

Flat since the morning, but losing some ground now after the 20yr Treasury auction.  10yr yields up .7bps at 1.649.  MBS still up 1 tick on the day at 102-14 (102.54).

03:40 PM

Bonds drifting mostly sideways, but near the weakest levels of the day.  10yr yields are up .3bps at 1.645 and 2.5 UMBS are now unchanged at 102-13 (102.41).


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 2.5
102-12 : -0-01
Treasuries
10 YR
1.6540 : +0.0200
Pricing as of 10/20/21 4:24PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:01AM  :  Slightly Stronger After Yields Hit Long-Term Highs Overnight

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Oct 20
7:00 MBA Purchase Index w/e 266.2 279.8
7:00 MBA Refi Index w/e 2807.9 3023.0
10:30 Crude Oil Inventory (ml) w/e -0.431 1.857 6.088
Thursday, Oct 21
8:30 Philly Fed Business Index * Oct 25.0 30.7
8:30 Continued Claims (ml) w/e 2.550 2.593
8:30 Jobless Claims (k) w/e 300 293
10:00 Exist. home sales % chg (%)* Sep -2.0
10:00 Existing home sales (ml)* Sep 6.09 5.88
10:00 Leading index chg mm (%) Sep 0.4 0.9

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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