WTMS Blog Today = What’s up in Mortgage Today (AM) – 02/25/2026
Mortgage markets are calmly holding in super strong territory this morning as bonds maintain favorable pricing. The 10-year Treasury yield sits at 4.054%, showing modest weakness of just 19 basis points overnight. Trade-related uncertainty continues to provide underlying support for bond prices, keeping rate sheets attractive for originators.
UMBS securities show minimal pressure with the 4.5 coupon down only 9 ticks to 98.65, while the 5.0 coupon held steady at 100.31. This stability means your rate sheets should remain largely unchanged from yesterday’s close. GNMA bonds are equally calm, with the 5.0 coupon virtually flat at 100.22.
The MBA released its weekly mortgage application data showing mixed signals for the industry. Purchase applications declined to 149.7 from last week’s 157.1, indicating some softness in homebuying demand. However, the refinance index climbed to 1,432.9 from 1,375.9, suggesting borrowers are actively seeking better rates in this improved environment.
Market participants face a quiet data calendar today, which means rates should hold relatively steady barring unexpected news. The bond market continues to benefit from the same dynamic observed three weeks ago when trade tensions provided insulation from upward rate pressure. However, originators should remain aware that any major trade announcement could quickly shift sentiment and eliminate this protective buffer.
Locking vs Floating
Bonds are maintaining a stronger posture within their prevailing range to start the week, primarily due to ongoing trade-related uncertainty. While the market appears somewhat insulated from rate increases, strong economic data could still push yields meaningfully higher. Any significant trade policy announcement could cause this insulation to vanish instantly, as such announcements don’t follow predictable schedules like economic reports.
Given the stability and favorable territory, floating remains reasonable for longer-term locks, but borrowers closing within 15-20 days should consider locking to protect against sudden trade-related volatility.
Today’s Events
– MBA Purchase Index (Feb 20): 149.7 vs 157.1 previous
– MBA Refi Index (Feb 20): 1,432.9 vs 1,375.9 previous
Bond Pricing
UMBS 30 yr
| Coupon | Price | Intra-Day Change |
GNMA 30 yr
| Coupon | Price | Intra-Day Change |
Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
UMBS 30 yr
| Coupon | Price | Intra-Day Change |
| 4.5 | 98.65 | -0.09 |
| 5.0 | 100.31 | -0.05 |
| 5.5 | 101.53 | 0.02 |
GNMA 30 yr
| Coupon | Price | Intra-Day Change |
| 4.5 | 98.61 | -0.05 |
| 5.0 | 100.22 | -0.02 |
| 5.5 | 101.13 | -0.04 |
Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 3.479 | 100.04 | 0.031 |
| 3 yr | 3.491 | 100.025 | 0.027 |
| 5 yr | 3.624 | 100.572 | 0.03 |
| 7 yr | 3.817 | 101.114 | 0.028 |
| 10 yr | 4.054 | 99.561 | 0.019 |
| 30 yr | 4.701 | 98.792 | 0.01 |
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