- The massive U.S. bond market rally has not been a boon for all types of fixed-income securities.
In the first four trading days in August, MBS have only managed 0.46% in total return, while all U.S. investment-grade bonds have already delivered a 1.27% gain, according to indexes compiled by Bloomberg and Barclays. Treasury yields have tumbled since last week in the wake of the escalation in trade tensions between China and the United States. U.S. benchmark 10-year Treasury note yields US10YT=RR have fallen 0.30 percentage point in a week.
Anxiety about a flood of refinancing was stoked by data released by the Mortgage Bankers Association on Wednesday that showed loan applications for home refinancing hitting their highest level since November 2006 as some 30-year home borrowing costs fell to their lowest levels in the same time frame.
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