MBS Day Ahead: Nostalgia not Without Painful Memories for Bond Markets

By Matthew Graham

Posted To: MBS Commentary

Yesterday was the most exciting day in bond markets in a long time. 10yr yields made it into the 1.7’s, which had an altogether different feel than the 1.8’s. Reason being: we hit 1.8’s quickly and effectively in October, so revisiting them on Tuesday wasn’t nearly as meaningful. Not only did Treasuries get a big dose of nostalgia, but MBS similarly surpassed October’s highs and were also able to rifle through the 2013 time capsule when it came to rate sheets . 3.5% was available for 30yr fixed best-ex at more than a few lenders, and 3.625% became widespread. These rates are consistent with the upper limits of the “golden era” of mid 2012 to mid 2013–a period of time with the lowest, most stable rates in history. Back to Treasuries now (because they’re our…(read more)

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