Mortgage-Backed Securities and Collateralized Mortgage Obligations
MBS trade relative to a "par" value of $100. If you buy an MBS for $101 (at a premium), your actual yield will be lower than the coupon rate. If you buy at $99 (at a discount), your yield will be higher than the coupon.
When you "buy a coupon," you are choosing a specific interest rate level.
Investing in mortgage-backed securities (MBS) allows you to act as the "bank" by earning interest on pools of residential or commercial mortgages. The is the stated interest rate paid to the security holder, which is "passed through" from the interest borrowers pay on their underlying loans . How to Buy MBS
Individual investors can access the MBS market in two primary ways:
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