WTMS Blog Today = What’s up in Mortgage Today (AM) – 01/28/2026

Bond markets are stuck in neutral this morning as traders await Fed guidance later this week. MBS prices show minimal movement with UMBS 5.5 coupons unchanged at 101.41 and 6.0 coupons gaining just 3 basis points. The 10-year Treasury yield hovers at 4.248%, effectively unchanged from Monday’s close.

Markets rejected yesterday’s attempt to break back into lower rate territory. The headline “Re-Entry Rejected” captures the current frustration among bond buyers who hoped for a meaningful rally. Without fresh economic weakness or a Treasury market surge, mortgage rates appear locked in their current range.

GSE MBS purchases continue providing some insulation against broader bond market selloffs. However, this protective cushion has limits when Treasury yields remain elevated. The lower boundary of the mortgage rate range was established in early January, and breaking below it requires either significant selling to create buyer entry points or deteriorating economic data.

Locking vs Floating

Mortgage rates face resistance moving lower without major economic shifts. The current range established in early January appears solid, with no meaningful economic data releases expected until February’s first week. MBS pricing helps manage intraday risk, but 10-year Treasury yield patterns drive longer-term momentum for rate direction.

Today’s Events

No economic data releases scheduled for today.

Bond Pricing

UMBS 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 100.01 | -0.04 |
| 5.5 | 101.41 | 0 |
| 6.0 | 102.42 | 0.03 |

GNMA 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 99.98 | 0.01 |
| 5.5 | 101.01 | -0.01 |
| 6.0 | 102.15 | 0.02 |

Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 3.58 | 99.848 | 0.002 |
| 3 yr | 3.651 | 99.574 | 0.006 |
| 5 yr | 3.838 | 99.038 | 0.009 |
| 7 yr | 4.038 | 98.261 | 0.004 |
| 10 yr | 4.25 | 97.983 | 0.004 |
| 30 yr | 4.861 | 96.3 | -0.001 |