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MBS Day Ahead: MBS Less and Less Willing to Keep Pace

Posted To: MBS Commentary

Given that yields are in an extremely low range with no past precedent, it's easy to glance at the chart, shrug one's shoulders, and conclude "oh well, just another day with the 10yr under 1.0%." In other words, when we've spent our entire lives watching yields well over 1.0%, the difference between .55% and .65% isn't as meaningful as the simple fact that both numbers are well under 1.0%. We've been lulled into complacent Treasury rally watching, perhaps (in a good way), but silently and gradually, yields have trickled down to their 2nd lowest levels of all-time . Only March 9th (when we hit all-time lows of .32%) was any better. And what do we know about super low Treasury yields as it concerns MBS and the mortgage market? Let's put it this way, on March…(read more)

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