Though lagging the S&P 500 by about 100 basis points since the election (and the banks by a mile), the mortgage REITs are nevertheless higher since the election despite the sharp rise in interest rates.
Mortgage REITs are carry players, of course, and can expect to see boosts to income if long rates rise faster than short rates (though book value could take a hit).
The iShares FTSE Nareit Mortgage REIT ETF (REM +1.2%) today is outperforming the S&P 500's 0.35% advance. The 10-year Treasury yield is down five basis points to 2.30%.
Annaly (NLY +1%), AGNC Investment (AGNC +1.7%), Two Harbors (TWO +2.9%), Chimera (CIM +2.1%), CYS Investments (CYS +2%), Invesco (IVR +1.5%), Capstead (CMO +1.5%), Western Asset (WMC +1.5%), AG Mortgage (MITT +2.7%)