WTMS Blog Today = What’s up in Mortgage Today (AM) – 04/24/2026
Tech earnings and Iran peace talks are lifting sentiment across capital markets, pushing the 10-year Treasury yield down 2.1 basis points to 4.302% this morning. Intel’s blockbuster sales forecast sparked a 29% premarket surge, signaling the AI chip boom remains intact despite earlier doubts. The Nasdaq 100 is on track for a fourth consecutive weekly gain as semiconductor companies prove artificial intelligence demand cannot yet be met by supply.
Oil fell 1.2% on optimism that US-Iran negotiations could ease Middle East tensions, reducing geopolitical risk premiums. Treasuries advanced on the combined effect of tech strength and de-escalation hopes. Mortgage-backed securities participated in the broader bond rally as risk-off positioning unwound.
UMBS 5.0 gained 8 basis points intraday to 99.07, while 5.5 and 6.0 coupons each posted 4-8 basis point moves higher. GNMA securities showed similar but slightly more muted strength, with the 5.5 coupon reaching 100.85 and the 6.0 at 101.90. The across-the-curve Treasury sell-off (yields down 11-21 basis points) created favorable pricing conditions for MBS originators.
Loan lock activity likely accelerated as borrowers reacted to improved rate environments. Market volatility remains elevated despite Friday’s generally positive tone, as geopolitical headlines can shift sentiment rapidly within hours. Yesterday’s intraday reversals demonstrated how quickly bond markets can reprice on Middle East war developments and diplomatic signals.
Volatility risk is particularly pronounced heading into and out of weekends when news flow from overseas intensifies. MBS price monitoring remains essential for real-time lock decisions, while the 10-year yield ceiling and floor levels serve as macro momentum anchors. Originators should prepare for possible weekend headline whipsaws.
Economic data today includes the University of Michigan sentiment index at 10:00 AM ET, following recent jobless claims that beat expectations. Last week’s continued claims came in at 1,821K versus 1,820K forecast, while April jobless claims measured 214K against a 212K expectation. These labor market signals remain constructive for rate stability, though any deterioration could trigger sharp volatility.
Next week’s Treasury supply in the 2-year, 5-year, and 7-year tenors will test market appetite. Originators should monitor today’s sentiment print for signs of consumer confidence. \n\n
Locking vs Floating
Intraday volatility continues to reward disciplined lock policies even on days when rates improve.
The rapid repricing risk tied to Middle East developments means floating a pipeline exposes sellers to multi-basis-point swings within single trading sessions. Yesterday’s moves demonstrated how headlines can reverse intraday gains just as quickly as they appear. Despite this morning’s rally, geopolitical tail risk remains skewed to the downside for those holding rate exposure.
Consider locking rate-sensitive borrowers through the weekend given the elevated news flow and limited trading liquidity in after-hours sessions. \n\n
Today’s Events
University of Michigan Sentiment Index at 10:00 AM ET. \n\n
Bond Pricing
UMBS 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 99.07 | 0.08 |
| 5.5 | 100.84 | 0.08 |
| 6.0 | 102.26 | 0.04 |
GNMA 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 99.53 | 0.03 |
| 5.5 | 100.85 | 0.04 |
| 6.0 | 101.9 | 0.09 |
Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 3.819 | 100.108 | -0.019 |
| 3 yr | 3.834 | 99.063 | -0.014 |
| 5 yr | 3.943 | 99.694 | -0.016 |
| 7 yr | 4.117 | 100.799 | -0.014 |
| 10 yr | 4.31 | 98.513 | -0.015 |
| 30 yr | 4.901 | 97.64 | -0.011 |
