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10-year yields rise after mid-morning Treasury selling pressure
Mortgage-backed securities were slightly stronger than Treasuries even as the 10-year note was at 5.227% as of 10:45am ET.
Mortgage News Daily said 10-year Treasury yields started the morning slightly stronger, then turned to gradual increases after about 5am ET as selling picked up after 10am.
The outlet reported that the 10-year yield was up a few basis points on the day, at 5.227% as of 10:45am ET, while mortgage-backed securities were marginally stronger even though they also gave up ground alongside Treasuries.
Mortgage News Daily attributed some of the MBS outperformance to the yield curve, noting that shorter-term yields remained in the green and that MBS often trade more like five-year yields than ten-year yields.
The outlet also pointed to heightened fear and uncertainty in the bond market this week, citing high-stakes upcoming economic data and the potential for added volatility around month and quarter-end trading.