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MBS RECAP: Bonds Improve, Led by Treasuries as Corporate Pipeline Clears
Nov 17 2021, 4:40PM

One of the key sources of motivation for rising rates in the past 2 days has been an active slate of new corporate bond issuance.  As the new deals are brought to market, one option for the banks that run the books is to sell Treasuries to hedge against rising rates during the issuance process.  Once the bonds are finally launched, that can result in those hedges being bought back.  This is one of the reasons Treasuries are rallying and outperforming MBS today.

Econ Data / Events
  • Fed MBS Buying 10am, 11:30am, 1pm

  • Housing Starts 1.52m vs 1.575m f'cast
    Building Permits 1.65m vs 1.638m f'cast

Market Movement Recap
08:39 AM

Calm, uneventful overnight session.  Light volume.  10yr unchanged at 1.64 and MBS unchanged at 102-05 (102.16).

12:57 PM

10yr yields now down 2.7bps on the day and MBS up just over an eighth of a point.  Corporate hedge buybacks are helping (what's this?)

03:47 PM

New lows for the day in Treasuries with 10yr yields down 4.6bos at 1.594.  MBS are lagging, but still up more than an eighths at 102-10 (102.31).

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
102-10 : +0-05
10 YR
1.5870 : -0.0470
Pricing as of 11/17/21 4:40PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:57PM  :  Slow, Steady Buying Brings Bonds to Best Levels

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Nov 17
7:00 MBA Purchase Index w/e 282.5 278.4
7:00 MBA Refi Index w/e 2695.0 2841.0
8:30 House starts mm: change (%) Oct -0.7 -1.6
8:30 Housing starts number mm (ml) Oct 1.520 1.576 1.555
8:30 Building permits: number (ml) Oct 1.650 1.638 1.586
8:30 Build permits: change mm (%) Oct 4.0 -7.8

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 3.25%
  • |
  • 15 Yr FRM 2.59%
  • |
  • Jumbo 30 Year Fixed 3.15%
MBS Prices:
  • 30YR FNMA 4.5 107-04 (-0-01)
  • |
  • 30YR FNMA 5.0 108-31 (-0-01)
  • |
  • 30YR FNMA 5.5 109-07 (-1-07)
Recent Housing Data:
  • Mortgage Apps 2.79%
  • |
  • Refinance Index 3.16%
  • |
  • Purchase Index 1.82%