by Calculated Risk on 7/19/2021 09:00:00 PM

From Matthew Graham at Mortgage News Daily: MBS RECAP: Big Bond Rally Just Got Bigger

U.S. traders fired up the screens this morning to see a substantial bond rally and stock sell-off that happened almost exclusively during European hours. Rather than push back against the move, the domestic session took things a step farther. ... the core is the fact that covid case counts are rising at their fastest pace since January. The pace of the stock sell-off added an additional source of motivation for bonds. [30 year fixed 2.89%]
emphasis added

Tuesday:
• At 8:30 AM ET, Housing Starts for June. The consensus is for 1.592 million SAAR, up from 1.572 million SAAR in May.