Chris Munson
SVP and Managing Director US Sales and Operations
The Money House

Slightly Stronger Start Despite Higher Oil Prices

Slightly Stronger Start Despite Higher Oil Prices

Let's not get too excited. After all, today's yields are the second highest in 19 years, but still... this morning's price action is better than a sharp stick in the eye. Bonds held almost perfectly flat in the overnight session and Fed rate expectations tempered yesterday's exuberance a bit (hence, 2yr yields are down 3-4bps more than 10yr yields). The refreshing part is that we're seeing modest gains despite oil prices being a few bucks higher. In other words, oil gave bonds an excuse to keep losing ground this morning, but instead, we're modestly stronger. None of today's data has the same "shoot the moon" potential as did yesterday's PMIs, and the market would hesitate to draw overly dire conclusions even if today's 7yr Treasury auction is bumpy. For the most part, we're waiting for next week's econ data.

Latest Video Analysis

Why Bonds Sold Off So Severely Today

MBS & Treasury Markets
UMBS 6.0
99.08
+0.17 
10YR TREASURY
5.095
-0.017 
9/24/2026 9:44AM EST
Bonds are losing ground quickly in a move that's tracing a spike in oil prices. 10yr yields are up 1.5bps on the day at 5.127 and MBS are down an eighth of a point.  Compared to the highs of the day (when most lenders published rates), MBS are down a quarter point. As such negative reprices are becoming likely.    READ MORE
Today's Mortgage Rates
30YR Fixed
7.26%
+0.09% 
15YR Fixed
6.87%
+0.04% 
9/23/2026
The day began like many others over the past several weeks. Bonds hadn't moved much overnight, but were paying some attention to slightly higher oil prices. 10yr Treasury yields were still in the familiar September range between 4.93% and 5.01%, and there was limited economic data on tap that threatened to upset the apple cart. Now let's talk about tail risk. It refers to a distribution of potential outcomes for something that can be reasonably forecasted with a margin of e...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Sep 24
4:10AM Fed Williams Speech
8:00AM Aug Building Permits (ml) Aug 1.403M 1.394M 1.433M
8:00AM Fed Barkin Speech
8:30AM Sep/12 Continued Claims (k) Sep/12 1719K 1750K 1730K
8:30AM Sep/19 Jobless Claims (k) Sep/19 197K 201K 196K
8:50AM Fed Hammack Speech
8:50AM Fed Hammack Speech
9:20AM NY Fed Bill Purchases 4 to 12 months (%) $1.946 billion
10:00AM Aug New Home Sales (ml) Aug 0.684M 0.62M 0.607M
10:00AM Aug New Home Sales (%) (%) Aug 6.4% -10.5%
10:10AM Fed Paulson Speech
1:00PM 7-Yr Note Auction (bl) 44
8:00PM UN General Assembly (%)
Friday, Sep 25
5:15AM Fed Williams Speech
8:30AM Aug Durable goods (%) Aug -0.4% 1.1%
8:30AM Aug Core CapEx (%) Aug 0.5% 0.2%
10:00AM Sep Consumer Sentiment (ip) Sep 47.6 51.7
10:00AM Sep U Mich conditions Sep 49.5 51.9
10:00AM Sep Sentiment: 1y Inflation (%) Sep 4.6% 4%
10:00AM Sep Sentiment: 5y Inflation (%) Sep 3.4% 3.3%
2:00PM Fed Hammack Speech
Chris Munson
SVP and Managing Director US Sales and Operations
The Money House