No bid on mortgage backed securities

[Jack Jones]

https://notoriousrob.com/2022/06/finally-no-bid-on-mbs/

Mortgage rates heading higher. Not much demand for bonds that yield negative in real terms.

[Vil]

https://notoriousrob.com/2022/06/finally-no-bid-on-mbs/

Mortgage rates heading higher. Not much demand for bonds that yield negative in real terms.

Days like today one can think that the time has come for the whole market to go no-bid.

[glennds]

So this presages a housing market crash, yes?
Mortgage rates = cap rates = prices. When prices drop below replacement cost, we have a crash.
What am I missing?