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Largely strong credit qualities were offset because by loans on single-family homes in the pool dropping by 0.5%, and that the percentage of loans that received due diligence decreased by 0.4%.

The positions in 10-year options could move closer to being in the money by the end of this week, with an array of labor-market releases ahead, culminating in Friday's government employment figures for December.

American Banker research highlights growing concerns about an economic downturn, regulatory volatility and open-banking risks.

With limited seasoning and primarily a clean payment history, OBX 2026-NQM1 had a seasoned probability of default of 33.3% among the AAA stresses and 11.4% among the B.

Federal Reserve Bank of Richmond President Tom Barkin said economic uncertainty should ease in the coming year as businesses gain confidence in sustained demand and adapt to the new policy environment.

Late last year, commercial bank holdings of mortgage paper reached the highest level since 2023 as these depositories are flush with deposits.

Keefe, Bruyette & Woods attributes Fannie Mae and Freddie Mac portfolio growth for the narrower spreads, but other reasons include lower volatility.

Yields gravitated back toward session lows — down three to four basis points on the day — after the December ISM manufacturing gauge unexpectedly dropped.

Initially, all the class A notes will benefit from total hard credit enhancement that represents 6.10% of the note balance, and the components give the notes a strong credit boost.

Minneapolis Federal Reserve President Neel Kashkari said on CNBC that both sides of the central bank's dual mandate show signs of imbalance, with the labor market appearing more vulnerable.