14% discount to BV seems way overdone to me. Go look at municipal bond funds and see if they are discounted to this extent, because in my opinion NLY has diversified substantially with Crexus, and the bond funds are a much more pure interest rate play.
I am at a loss on the "rising interest rates". I just had a $100K one year cd mature that was paying .6% interest. The bank wanted to renew for one year at .4%. That does not look like rising interest rates to me.