So far in the month of May, MBS have been making much bigger day to day moves than in April. But it’s worth remembering that things can get a lot more volatile, for better or worse. While May seems fast-paced compared to April, it’s nothing compared to recent episodes of volatility in MBS prices. The chart below shows how May stacks up to the past 12 months. In addition, you might see some regularity in how volatility has decreased over that time. It’s also worth keeping in mind that while the present moment always seems like it has more at stake, we’re still inside that trend of decreasing volatility overall.