MBS RECAP: Mortgages Continue To Underperform; ADP Opportunity

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Despite being near their best historical levels compared to Treasuries in the long run, MBS are at their weakest relative levels of performance since before the QE3 announcement. We discussed this in a bit more detail this morning , and today's session was essentially more of the same. In fact, it's even a bit worse than that considering Treasuries really didn't make any overly menacing gestures higher in yield (though they were weaker). It's as if each passing moment spent with Treasuries trading above 2.11-ish sears the flesh right off MBS competitiveness. As the morning post discusses, the backdrop (the one where the Fed chairman said he'd like to get back to a predominantly Treasury portfolio, where MBS have been widening ever since QE3 lost it's...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/311320.aspx

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