Mortgages struggled last week as the market continued to sell off.

Since the end of February, the 10-year Treasury has increased nearly 20 basis points, which has led to an uptick in volatility and duration shedding from servicers. So far in March, the MBS Index has lost 36 basis points in excess return, according to Lehman Brothers, leaving year-to-date performance at 49 basis points over Treasurys. At the end of February, the MBS Index had recorded 85 basis points in excess return versus Treasurys.

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