MBS Day Ahead: NFP Day: All You Can Do Is Watch And React

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Posted To: MBS Commentary

NFP day is fun. It's one of those days where things can change so much and so quickly in its immediate wake, that it really doesn't make much sense to lay out specific strategy or assess the lay of the land ahead of time. That said, let's discuss the lay of the land and some specific strategy. We'll do this in 10yr yields, as is the custom for lo these many years. As a reminder for folks who may be newer to the commentary, this isn't because 10yr Treasuries dictate mortgage rates. Rather, they are simply the best barometer we have for the broader bond market. And it's the long-term trends in the broader bond market that are of the most importance to broader trends in MBS. The other major problem is the roll. If we lose 8-12 ticks in prices on the chart once a month,...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/497023.aspx

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