Mortgage Rates Sideways to Higher

Don't Expect Salvation From CPI Bonds lost a bit of ground on Wednesday with Treasuries having a far rougher go of it than MBS, but not by much, ultimately.  If one had to guess at reasons for the MBS Outperformance on a Treasury auction week, blaming the Treasury auction cycle is the easiest solution.  In so doing, we're also planning on the next rally being better for Treasuries than it would be for MBS.  The present weakness doesn't have any good, immediate justifications.  This is how the choppy, sideways drift is playing out after the initial rate spike that followed Friday's jobs report.  The worst may be over, but that doe