Yesterday, mortgage backed securities closed at their highest prices since early December which allowed lenders to offer the best mortgage rates seen in 2010. These improvements have extended over into today after some unexpected news from the Obama Administration. But first a recap of morning economic...
The FOMC meeting is now behind us. The bond market's initial reaction to the Fed statement was not positive, at least not initially. 10 year Treasury yields rose from 3.56% to 3.61% and MBS prices fell, however before the end of the day the "knee jerk" reaction corrected and Treasury yields...
Trading action in the rates market yesterday was similiar to the previous session: early morning weakness, followed by a move higher in the lunch hour, which was then lost heading into the close. News and events were fairly positive for the fixed income sector which helped spark the move higher in price...
The theme in the secondary mortgage market this week has been volatility. Prices of mortgage backed securities have moved around a wide range as traders attempt to balance their uncertain long term economic outlooks with optimistic short term sentiment in stocks. This ongoing struggle has mostly insulated...
It was a bumpy ride in the secondary mortgage market yesterday. At the open, MBS prices moved considerably higher, however, the gains did not last long. Most lenders issue rate sheets around 10am eastern and by that time, MBS had given back all of the early morning gains. This forced several lenders...