GSE MBS investors were frustrated with limited communication from the Trump administration even before FHFA Director Bill Pulte was named acting director of national intelligence this week. The appointment prompted more speculation about the future of the GSEs.

A Federal Reserve economist estimates that a one-percentage-point steepening of the yield curve reduces the spread between mortgages and the 10-year Treasury yield by 40 basis points.

MBS investors are likely to charge a pay-up for securities backed by mortgages underwritten with VantageScore — at least until they’re confident prepayment speeds won’t accelerate.