Posted To: MBS Commentary
A Week of Reassurance For The Bond Market Last week saw the first major break higher after a calm, sustained moved toward lower rates that began in mid-June. This week had a chance to confirm the drama or push back against it. Thankfully, it was the latter, even though the mortgage market had some of its own specific drama to cope with. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Markit Composite PMI 54.7 vs 50.3 prev Services PMI 54.8 vs 51.0 f'cast Manufacturing PMI 53.6 vs 51.9 f'cast Existing Home Sales 5.86m vs 5.38m f'cast , 4.70m prev Market Movement Recap 08:28 AM Bonds were modestly stronger overnight in a move that lines up very well with outflows in the stock market. 10yr yields are down 2.75bps at .625 and 2.0 UMBS are up 3 ticks…(read more)
Source: Mortgage News Daily
