This week, Kirill Krylov covers the emergence of digital behavior in MBS demand and the early signs of a foreign buyer rebound in U.S. housing. He also discussing the new VA partial claim framework and its market implications for Ginnie Mae MBS. 

This week, Kirill welcomes back Baird MBS strategist, Steven Scheerer. After highlighting a few of last week’s mortgage performance surprises, they discuss some of the factors leading to higher delinquencies and faster Out-of-the-money speeds in certain MBS cohorts. They provide macro thoughts on the latest CPI print and take a look at liquidity through the prism of the Strategas composite.

This week, in addition to a brief MBS Market update, Kirill discusses how the housing market seems to simultaneously be in two conflicting states. From the MBS perspective, he highlights the potential return of GSE portfolio buying, which could be an important source of MBS demand.

This week, Kirill welcomes Baird MBS strategist, Steven Scheerer, to the show. They begin with a quick overview of index sector performance during the first half of 2025, and how the securitization rates have climbed across different loan types. For investors seeking strong call protection in premium MBS, they highlight the small, but growing, cohort of 2-4 unit loans with High LTV. 

In the latest edition of our Fixed Income Insights podcast, Kirill Krylov discusses the evolving housing market of 2025 and the shift from the post-pandemic seller’s market to a buyer’s market in many areas of the country.

In the latest edition of our Fixed Income Insights podcast, Kirill Krylov discusses our MBS market supply and demand outlook and highlights two key subsets of Low FICO loans that add convexity enhancements under different rate environments.