The Range is the Range Until the Range is Broken. Waiting Game Continues in Rates Market

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Posted To: MBS Commentary

"After failing to confirm a break of the broader 3.27 to 3.56% range, benchmark 10 year TSY yields shot 13bps higher in an aggressive manner this morning, releasing stored energy in an originator unfriendly direction. This has led production MBS coupon prices sharply lower in just a matter of minutes, which [led] to reprices for the worse." That paragraph is from this morning's MBS commentary , with the small exception being that "may lead" was changed to past tense as we did indeed see reprices for the worse. But if lenders didn't get sheets out before the initial high-volume selling this morning, they generally did not reprice as bonds held firm after a strong support bounce near the midpoint of the range. That midpoint was well illustrated even before the bounce was seen in AQ's morning...(read more)

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