WTMS Blog Today = What’s up in Mortgage Today (PM) – 02/05/2026
Bond markets delivered a surprisingly powerful rally today despite mixed economic signals. UMBS securities posted solid gains with the 5.0 coupon jumping 32 basis points to 100.04. This movement creates immediate opportunities for mortgage originators who haven’t locked deals closing in the next two weeks.
The 10-year Treasury yield dropped a significant 9.7 basis points to 4.18%, marking the best levels of the day. When Treasury yields fall this dramatically, mortgage-backed securities typically follow with improved pricing. Today’s action suggests underlying strength in the bond market that could persist into tomorrow’s session.
Labor market data provided the catalyst for today’s movement. Initial jobless claims came in higher than expected at 231K versus the 212K forecast, while continued claims showed modest improvement. These mixed signals created enough uncertainty to drive investors toward the safety of bonds.
Locking vs Floating
Thursday’s labor market data created serious momentum in bond markets that mortgage originators should pay attention to. With no major economic releases remaining this week, all eyes turn to next Wednesday’s jobs report as the key catalyst. If you’re floating with a lender who didn’t offer noticeable improvement today, you have more protection than usual going into tomorrow’s session.
Today’s Events
– Continued Claims (Jan 24): 1,844K vs 1,850K forecast, 1,827K previous
– Jobless Claims (Jan 31): 231K vs 212K forecast, 209K previous
Bond Pricing
UMBS 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 100.04 | 0.32 |
| 5.5 | 101.45 | 0.19 |
| 6.0 | 102.49 | 0.08 |
GNMA 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 100.07 | 0.25 |
| 5.5 | 101.24 | 0.1 |
| 6.0 | 102.32 | 0.07 |
Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 3.452 | 100.093 | -0.104 |
| 3 yr | 3.52 | 99.944 | -0.114 |
| 5 yr | 3.717 | 100.152 | -0.115 |
| 7 yr | 3.939 | 100.369 | -0.109 |
| 10 yr | 4.18 | 98.54 | -0.097 |
| 30 yr | 4.845 | 96.542 | -0.075 |
