10yr Treasury ~4.24–4.26% widened MBS spreads hit originator costs/GSE buys low + Rocket non-agency lead
Key Questions
What are current 10-year Treasury yields and their impact on MBS?
10-year Treasury yields are around 4.24–4.26%, recently hiking to 4.345% amid oil/Iran hedging. Widened MBS spreads of 7% are increasing originator costs.
How are GSEs like Fannie and Freddie performing in MBS purchases?
Fannie/Freddie bought $11.3B in Feb, a low, with a $200B nudge from Ackman. This affects market dynamics amid low volumes.
What is Rocket's role in non-agency MBS?
Rocket leads non-agency MBS, with Redwood issuing $744M prime deals backed by Rocket Mortgage. Margin risks persist for Rocket in this space.
Yields 4.345% hike hedging oil/Iran/spreads 7%; Fannie/Freddie $11.3B Feb low/$200B nudge/Ackman; MCT GPU aids peers; Rocket leads non-agency MBS (Redwood $744M prime); margin risks Rocket.
Sources (2)
Updated Apr 8, 2026