Bonds Scratch Out a Win Amid Dueling Headlines

Bonds Scratch Out a Win Amid Dueling Headlines

Bonds remain surprisingly willing to react to the most seemingly insignificant war-related headlines. Today it was the much-debated geographical location of Pakistan's lead negotiator, Asim Munir, that set the tone. Bonds rallied on early accounts that he was en route to Tehran and pulled back when other headlines suggested he never left Pakistan. Ultimately, yields trickled just barely into positive territory by the end of the holiday-shortened session. Monday is fully closed for Memorial Day and we're back to watching the news feed on Tuesday.

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Bonds Scratch Out a Win Amid Dueling Headlines

MBS & Treasury Markets
UMBS 5.0
97.58
+0.08 
10YR TREASURY
4.559
-0.009 
5/22/2026 2:34PM EST
5.0 MBS coupons are down 7 ticks (.22) from 9:30am levels. Lenders who priced before 10am are seeing at least an eighth of a point of that weakness.  Negative reprices are relatively rare in these scenarios, but they do happen on occasion. The losses correspond with push-back on this morning's war-related headlines. In not so many words, the push-back says that diplomatic visits to Tehran are either not real or simply not a sign of an imminent deal.   READ MORE
Today's Mortgage Rates
30YR Fixed
6.65%
+0.00% 
15YR Fixed
6.23%
+0.01% 
5/22/2026
Mortgage lenders rely on the bond market to generate mortgage rates . In addition to being fully closed on Monday for Memorial Day, bonds also close 3 hours earlier than normal on the preceding Friday (i.e. today). The abbreviated trading session was fairly uneventful for rates despite some back-and-forth volatility in response to diplomacy headlines surrounding Iran/US peace negotiations. The flow of news resulted in better bond market levels early in the day and a pull-b...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Friday, May 22
10:00AM May Consumer Sentiment (ip) May 44.8 48.2 49.8
10:00AM May U Mich conditions May 45.8 47.9 52.5
10:00AM May Sentiment: 5y Inflation (%) May 3.9% 3.4% 3.5%
10:00AM May Sentiment: 1y Inflation (%) May 4.8% 4.5% 4.7%
10:00AM Apr CB Leading Index MoM (%) Apr 0.1% -0.2% -0.6%
11:00AM Fed Waller Speech
2:00PM Memorial Day Weekend
Monday, May 25
12:00AM Memorial Day