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Mortgage market is currently down 12 bps this morning, and equity markets are picking up the losses from last week. Existing Home Sales report came in around 16% lower in December at 5.45M, a lot lower than the 6M expected. The main thing in the news today is Ben Bernanke and his chances of a second term. [...] MBS very volatile today due to all the reports. The New Home sales dropped 11.3% in November to 355K as opposed to the 438K that was expected, and while this helped MBS, the Treasury is now going to auction off $122B instead of the $118B that was expected, so this brought them back down. If you have [...] Currently up 22 bps for the morning session, we’re seeing a little bounce back from yesterday’s losses. It’s still early so, I wouldn’t expect mortgage rates to open lower today, however, today is JAM PACKED with reports, and that could sway MBS in several directions. Here’s what’s on the menu for today: Personal Consumption Expenditures and Core [...] Down 25 bp already this morning (meaning rates have opened higher this morning). Stock market has opened up higher as well which proves ONE of the factors that lead to mortgage rates increases. This proves a very interesting point, and creates a general “rule-of-thumb” that shows the correlation between stocks and bonds. To sum it up, mortgage [...] |
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