Ultimately, the price the investors are willing to pay for HMBS pools determines the pricing available. The inherent difference between LIBOR and CMT or SOFR, i.e., LIBOR's higher coupon for the same margin, results in greater interest accrual to investors, reflected by higher HMBS pricing for LIBOR loans.  However, some investors have been avoiding LIBOR investments because it is due to be retired. Increased demand from these investors would improve the relative pricing of CMT/ SOFR HECMs.