Matt Graham
Founder and CEO
MBS Live

Bond-Specific Weakness

Bond-Specific Weakness

Over the past 6 months, as bonds continued to sell off, there was frequently some solace in the fact that the rate spike correlated with oil or diesel prices enough to hope that an oil price recovery would pave the way for a rate recovery. While there's likely still some benefit for bonds from a large, sustained drop in oil prices, the broader disconnect is increasingly conspicuous. Today was the latest example. Yields appeared to track with oil on the way up (for the most part). But when oil reversed course and moved back to 'unchanged' on the day, bond yields were still almost 5bps higher day-over-day. There was nothing new and specific that continued driving this narrative today. Dallas Fed data may have played a small role, and we also wouldn't rule out month/quarter-end trading at this time of year, but there's no way to confirm that. 

Latest Video Analysis

Bond-Specific Weakness

MBS & Treasury Markets
UMBS 6.0
98.71
-0.13 
10YR TREASURY
5.201
+0.041 
9/27/2026 9:05PM EST
More selling pressure after the Dallas Fed Manufacturing Survey, of all things (the second time this report has ever been mentioned by us in 20 years). Some of the charts on this page tell a similar story to last week's S&P PMI:  https://www.dallasfed.org/research/surveys/tmos/2026/2609#tab-chart This isn't the only market mover in play, to be sure, as something is also causing an uptick in oil prices (reports of explosions in several Saudi cites, perhaps?). 1...   READ MORE
Today's Mortgage Rates
30YR Fixed
7.50%
+0.07% 
15YR Fixed
7.12%
+0.02% 
9/28/2026
Despite Friday afternoon's promising bond market rally and mortgage rate improvement, today's top tier 30yr fixed rate bounced back up. The average lender is now at 7.50% for the first time since April 30, 2024.  While there's been a lot of short-term correlation between oil prices and interest rates over the last 6 months, oil does a poor job of explaining much of the recent upward momentum in rates. At times today, it seemed that the higher rates coincided with hig...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Sep 28
10:30AM Sep Dallas Fed Manufacturing Index Sep 9.8 11.6
1:30PM Fed Barkin Speech
Tuesday, Sep 29
9:00AM Jul FHFA Home Price Index m/m (%) Jul 0.1% 0%
9:00AM Jul FHFA Home Prices y/y (%) Jul 2.3%
9:00AM Jul CaseShiller 20 mm nsa (%) Jul 0.4%
9:00AM Jul Case Shiller Home Prices-20 y/y (% ) Jul 2.2% 2.1%
9:20AM NY Fed Bill Purchases 1 to 4 months (%) $3.892 billion
10:00AM Aug JOLTs Job Quits (ml) Aug 3.056M
10:00AM Aug USA JOLTS Job Openings (ml) Aug 7.24M 7.271M
10:00AM Sep CB Consumer Confidence (%) Sep 90 89.4
11:30AM 6-Week Bill Auction (%) 3.870%
1:00PM Fed Goolsbee Speech
1:30PM Fed Musalem Speech
2:00PM Fed Williams Speech
Matt Graham
Founder and CEO
MBS Live