The morning safe-haven bid in Treasuries has partially unwound at midday. 10-year yield at 4.545%, up about 2.5 basis points from this morning's open, as the early risk-off demand fades. UMBS 5.0 is holding at 97-23 — unchanged from morning — so rate sheets haven't moved.

10yr Treasury: 4.54%(-0.01)By David Burson

The Treasury backup is modest and MBS is absorbing it cleanly. Nothing has changed the picture from this morning: 6.68% is still where rate sheets sit, the summer ceiling break from earlier in the week is intact, and the next real input is next week's data calendar. Today looks like it closes where it opened.

— David Burson, NetRate Mortgage

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Market commentary is for informational purposes only and does not constitute financial advice. Rates shown are par rates from lender pricing sheets and are subject to change. NMLS #1111861.