MBS RECAP: Key Technical Ends Up Providing Support

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Posted To: MBS Commentary

If you are an MBS Live member, today's recap has already been written in this update and in The Huddle . Non-MBS Live members can get a pretty solid idea from the free mortgage rate article HERE . For those who don't like to click links, suffice it to say that the upper range boundary that we've been paying so much attention to ended up being the key ingredient in today's movement. Technical ceilings in rates can either serve to motivate follow-through selling when broken, or they can serve as a cue for buyers to get back in the market and push rates back into the range. Today saw the former. 10yr yields were as high as 2.897% just after the Philly Fed data (much stronger than expected). But buyers were waiting and had already made their presence known after overnight highs…(read more)

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