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MBS Prices Today
The UMBS proxy, its momentum versus the moving averages, and what it means for rates. Updated 2026-07-09.
How MBS set mortgage rates
Lenders sell most mortgages into pools of mortgage-backed securities, and the price investors pay for those pools (the UMBS, at the current coupon) is what sets the rate a lender can offer. It is an inverse relationship: when MBS prices rise, mortgage rates fall; when MBS prices sell off, rates rise. Watching MBS intraday is how loan officers anticipate a reprice before the rate sheet changes.
Today's read
Rates trending up (10-Y +6bps over 5 days). Lock to stop the bleeding.
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Frequently asked questions
What are MBS prices doing today?
As of 2026-07-09, the UMBS proxy is at 93.82 with bearish momentum, below its 50-day average of 94.30.
What is UMBS and the current coupon?
UMBS (Uniform Mortgage-Backed Security) is the standardized security most conventional loans are pooled into. The current coupon is the coupon trading nearest to par, and it is the price loan officers watch to gauge today's rate.
Why do rates rise when MBS fall?
Lenders are paid by selling loans into MBS. When investors pay less for MBS (prices fall), lenders must raise the rate to keep the loan sellable, so your rate goes up.
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