Mortgage Backed Securities...Gains...

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Today's Rate Volatility: HIGH What happened yesterday? Mortgage backed securities (MBS) gained +44 basis points from last Friday's close which caused 30 year fixed rates to move lower for the day. But MBS are still down -34 BPS for the month. There were no major Treasury auctions, economic releases, or breaking news to impact pricing. MBS opened up +40BPS and effectively moved sideways for the day - testing a key technical resistance level located at our 10 day moving average. Both the stock market and bond market moved in the same direction again. The MBS and bond markets improved on speculation that there is a reduced chance that the Fed will taper on September 18th. The stock market improved on speculation that an attack on Syria is becoming less likely or if it happens would have little impact on the markets. What is on the agenda for today? Don't miss out on the mortgage industry's premiere insight and commentary. Subscribe to RateAlert Executive today and get today's lock advice, complete market commentary and forecast for today, and watch the full Morning Coffee Update video with Bryan McNee - all available only to our Executive subscribers.