A First Texas Homes Inc. "Sold" sign is displayed in front of a new home at the Creeks of Legacy development in Prosper, Texas, on Saturday, Nov. 17, 2018. Photographer: Laura Buckman/Bloomberg

In terms of excess return versus Treasuries, the performance of mortgage securities since September provided fixed-income investors little to brag about over the holiday dinner table. All of this begs the question — have mortgages cheapened enough for a turnaround?

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