WTMS Blog Today = What’s up in Mortgage Today (PM) – 01/28/2026
Fed Chair Powell delivered no surprises during today’s press conference, keeping markets in a holding pattern. MBS prices showed limited reaction throughout the session, with UMBS gaining just 1 tick by late afternoon. The 10-year Treasury yield remained virtually unchanged at 4.246%, reflecting traders’ neutral stance.
Markets gained modest ground as Powell’s presser continued, but the movement was minimal. UMBS 5.5 coupons closed at 101.47, up 6 basis points from morning levels. The subdued reaction demonstrates how well markets had already priced in Fed expectations.
Mortgage rates continue to face resistance breaking lower without significant economic deterioration. GSE MBS purchases provide some cushion against broader bond market selloffs, but this protection has limits. The current rate range established in early January appears solid for originators planning their pricing strategies.
Treasury yields showed slight improvement across the curve by session’s end. The 30-year bond dropped 3 basis points to 4.856%, while shorter-term notes posted similar declines. This modest rally may provide temporary relief for mortgage pricing tomorrow.
Locking vs Floating
Mortgage rates remain constrained within their established range despite modest afternoon gains. The lower boundary set in early January requires either substantial Treasury rallies or meaningful economic weakness to break. With no major economic releases on the horizon until February’s first week, rates face continued resistance moving significantly lower.
GSE MBS purchases help manage intraday volatility, but 10-year Treasury yield patterns drive longer-term momentum. Originators should focus on the bigger picture bond market trends rather than daily fluctuations when advising clients.
Today’s Events
No economic data releases scheduled.
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 |
| 5.0 | 100.11 | 0.06 |
| 5.5 | 101.47 | 0.06 |
| 6.0 | 102.42 | 0.04 |
GNMA 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 100.04 | 0.07 |
| 5.5 | 101.13 | 0.11 |
| 6.0 | 102.16 | 0.02 |
Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 3.569 | 99.869 | -0.007 |
| 3 yr | 3.64 | 99.606 | -0.007 |
| 5 yr | 3.827 | 99.088 | -0.003 |
| 7 yr | 4.028 | 98.32 | -0.005 |
| 10 yr | 4.242 | 98.043 | -0.003 |
| 30 yr | 4.856 | 96.378 | -0.003 |
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