Why Would Rates Care About a One-Party Sweep?
Wed, Oct 23 2024, 4:35 PM
Our morning commentary resulted in widespread questions regarding the “red sweep” being associated with higher rates. Half of those were born of genuine curiosity. Half were incredulous. As ever, our goal is to convey what’s moving markets and why, and it would be nearly impossible for anyone to be less interested in bringing politics into that endeavor, but alas, sometimes it’s a thing. Today’s recap video has a thorough analysis of the topic and should help clear up any questions created by the AM commentary.
- MBA Refi App Index
- Existing Home Sales
- 3.84m vs 3.90m f’cast, 3.88m prev
08:50 AM
Moderately weaker overnight. 10yr up 3.3bps at 4.243 and MBS down an eighth.
12:18 PM
Additional losses into 10am and bouncing back a bit now. MBS down an eighth and 10yr up 1.6bps at 4.226
01:56 PM
Back near weakest levels with MBS down nearly a quarter point and 10yr up 4bps at 4.25
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