MBS RECAP: Token Gains, But Mostly For Treasuries; Volatility Risks Remain

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Posted To: MBS Commentary

Open up MBS Live today and you'll be greeted with plenty of reassuring green numbers and positive reprice notifications. Unfortunately, those reprices were taking mortgage rates from moderately higher to slightly higher. The only substantial gains were seen in the Treasury market, and it's debatable whether they could be referred to as 'substantial' in the first place. 10yr yields were down 2.3bps at 2.504%. That equates to nearly a quarter point in terms of PRICE . Meanwhile, Fannie 3.5 MBS only managed 2 ticks (0.06). Early weakness came courtesy of stronger German economic data, but it was soon offset by domestic data with Chicago PMI leading the charge at 9:42AM. There was also a fair amount of organic bond buying at the 9:30am NYSE open, and again heading into the European...(read more)

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