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Mortgage market slides as bond selloff persists

Mortgage-backed securities fell multiple ticks while the 10-year Treasury yield moved between about 5.296% and 5.334 during the session.

Reported · Written up by our desk · Mortgages

Mortgage News Daily said the bond market continued to sell off without a clear, matching explanation from the day’s data and headlines, leaving investors to point to broad themes tied to daily lock and float considerations.

The outlet noted that some parts of the yield curve rallied at the front end, but it said that under 3-year moves were too short-term to matter for the mortgage market.

Mortgage News Daily reported that mortgage-backed securities weakened, including a move of 10 ticks (about 0.31) alongside the 10-year Treasury yield rising as high as about 5.334%.

It also said the session began modestly weaker but held ground after ISM, with the 10-year yield at roughly 5.296% at one point and MBS down about one tick (about 0.03), before easing off the weakest levels later.

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