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Mortgage bond yields continue their slow and steady rise helping pressure rates lower. MBS yields are currently up >+25bps on the day. So far we aren’t seeing the better yield prices fully transfer into investor rates sheets, but perhaps with today’s breakout above the higher resistance level (“R1”) this might help rates tick lower. That said, we should be concerned with the lower chart which shows that MBS yields are currently at “over-bought” levels and could see pressure to sell off for investor profit-taking or other market movement lower. The last time we were at these over-bought levels (see April 5-6 chart) yields sold off and rates were pushed higher.

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