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

Different Week, Same Selling

Different Week, Same Selling

Selling continues to be the path of least resistance for the bond market. Open interest data from Treasury futures suggests Friday's "short-covering" assessment may not be the only story. Reason being: open interest moved HIGHER (it would be much easier to conclude short-covering drove the move if open interest was lower). The counterpoint is that new short positions in the afternoon could have merely offset the AM short-covering. Heading into the current week, bonds did their best to hold flat overnight but have been increasingly pressured by fuel prices and technicals. Oil is up about $4 from Friday and there was additional technical selling when 10yr yields hit 5%. Bigger decisions will be made after Wednesday's Fed announcement--for better or worse. 

Latest Video Analysis

AM Rally Completely Erased By The Close

MBS & Treasury Markets
UMBS 5.5
97.34
0.00 
10YR TREASURY
4.952
-0.018 
9/14/2026 11:35AM EST
Several headlines have contributed to a reversal in the AM weakness. These included Trump saying Iran wanted to make a deal and Iran saying the U.S. is seeking a step-by-step agreement with Iran. Based on 10yr yields hitting 5% and stocks flirtingly with multi-week lows, this has some pundits speculating that market conditions have gotten weak enough to force the hands of diplomacy.  10yr yields are quickly down 3.4bps at 4.936 and MBS are up 2 ticks (.06). Negativ...   READ MORE
Today's Mortgage Rates
30YR Fixed
7.17%
+0.05% 
15YR Fixed
6.70%
+0.05% 
9/14/2026
Looked at in a vacuum, and up until the last few hours of the day, Friday was no better or worse than the average day over the past several months. Compared to yesterday morning's levels, the average lender was 0.01% higher--a small enough move to be effectively considered "unchanged."  This expanded to 0.05% in the last few hours as multiple lenders increased rates. In terms of big-picture benchmarks, the increase officially brings rates to their highest levels since ...   READ MORE
Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Sep 14
Tuesday, Sep 15
8:15AM ADP Employment Change Weekly 12K
8:30AM Sep NY Fed Manufacturing Sep 14.75 20.60
11:30AM 6-Week Bill Auction (%) 3.740%
12:00PM NOPA Crush Report (%)
1:00PM 20-Yr Bond Auction (bl) 13
Chris Munson
SVP and Managing Director US Sales and Operations
The Money House