rates going up doesn't mean less dividends, less dividends comes when there is more competition for the existing MBS market which pushes spreads down. ARR can hedge and repurchase with new funds in cycles and maintain effective margins.
Europe is in a recession and the US at best is barely growing. How do you figure rates will be going up? The FED will do everything in its power to keep rates low. It`s the only way we can get away with a $16 trillion debt. We`re paying minuscule interest on it and that must not change. If it does, we`re goners.
The day is young, and more weak hands may be out there. There is absolutely no reason for the price fall IMO other than cheap shares available to insty's and other big shareholders. In spite of QEs, etc the company is doing great.