# 📉📈 Market commentary for Tuesday July 21, 2026.

By Brian Cavanaugh (@briancavanaugh) · Published 2026-07-21

Canonical: https://voce.com/@briancavanaugh/market-commentary-tuesday-july-2026-mn2m4f

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**Recap**

Despite nothing on the economic calendar and no real change in the headlines, bonds started slipping as lenders were setting morning rate sheets, and just kept selling. Mortgage bonds found a floor around 12pm ET, but by then it was too late as lender reprices worse started to pour in. Mortgage bonds ended the day down about -21bps, about -10bps worse than when morning rate sheets came out.