Posted To: MBS Commentary
Defensive Until Further Notice Bonds sold off early and often to begin the new week. Selling pressure ramped up around 8:50am ET on a glut of corporate bond issuance. The 9:30am NYSE open then brought more liquidity into the market, and more bond sellers. Comments from central bankers kept the pressure on (or, at the very least, didn't provide any rate-friendly inspiration). 10yr yields were more than 5bps higher by the 3pm CME close and MBS were nearly a quarter of a point lower. All of the above suggests a defensive stance until further notice when it comes to rate lock decisions. Econ Data / Events Fed MBS Buying 10am & 1130am NY Fed Manufacturing 30.9 vs 21.2 f'cast, 19.8 prev Market Movement Recap 08:50 AM Modestly stronger overnight amid light volume. No reaction to Empire…(read more)
Source: Mortgage News Daily
