Rate Changes and Volatility

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Today's Rate Volatility: HIGH What happened yesterday? Mortgage backed securities (MBS) gained +22 basis points from Tuesday's close.  On Tuesday, we lost -32 BPS so, Wednesday's gain simply got us back to close to par for the week. Once again, the benchmark FNMA 3.5 October coupon traded in a very narrow range.  ADP Private Payrolls came in with an increase of 166K new jobs vs market expectations of 178k.  Plus, August was revised downward (worse than originally thought).  Yesterday's jobs data certainly will not give traders reason to think that the Fed would have what it needs to start Tapering and therefore, was slightly positive for your pricing. The European Central Bank left their key rate alone which matched market expectations and had no impact on pricing. 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.