MBS RECAP: Mortgages Outperform As Headlines Batter Treasuries

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Today's headlines generally erred on the site of optimism for some sort of stop-gap Fiscal Cliff agreement and Treasuries began taking their lumps early and often. 10yr yields came in the door just under 1.7 but went out in the mid 1.75's. In terms of price, that was a 16 tick loss for 10yr Treasuries. Contrast this to Fannie 3.0 MBS, which hit the 2pm early close a scant 3 ticks lower at 104-25 and the outpeformance is clear. There was no relevant economic data released during today's shortened session, and as-expected, the market was exclusively focused on the on-again/off-again Fiscal Cliff hijinks that played out in various speeches from political leaders. This ultimately ended with the news that the House isn't likely to vote on a mini-deal by midnight...(read more)

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Source: www.mortgagenewsdaily.com

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