It seems very unlikely.
Once the fed starts to taper there will not be an artificial source to ram MBS prices up to new highs.
The other thing working against it is there is rotation going on out of bonds and into stocks and cash.
It will be hard to MBS to have a hard bounce up if money is flowing out of bond funds.
I hate to break the bad news, but some book value will be permanently lost.
That was the downside of having to buy MBS while the fed was also buying MBS and driving up the prices.
Mainly because of a reits leverage so it compounded the loss and it has to pay out 90% of it's taxable income so it cannot keep income to re-build the book.
It can only achieve book value changes via asset value changes or doing secondaries.
The problem with the Fed using interest rates to stimulate is the pain they cause to bond holders when they unwind. They know this going in and they know that many bond holders will be hurt in the future because of it. As they say ... there is no free lunch. Basically what happens is that bond holders end up financing the stimulus. It is the bond holders that buy at the lower rates that eat it. That would probably not be the rich guys on wall street because they know this game well and exit when they see the writing on the wall. .
I doubt it.
It did go to 36 before, but that was short lived.
BV dropped and will drop some more.
Interest rates may be starting to drop back again. (looked a bankrate, they are about .1 lower then last week).
They will help BV in July.
I would low 30's would be a possibility.
All this may not happen quickly, I will sit and collect my Dividend, and enjoy.
Because they still lost money in Q1 and their BV is down again in Q2. That is why it won't go back above $30. It will no longer trade well below book value, once we find out what BV is then it will trade near book again...until Tapering fear begins when/if employment comes back.