What happened yesterday?
The
benchmark FNMA 3.5% August coupon lost -99 BPS from Wednesday's close.We received more jobs data yesterday. Initial Jobless Claims were much lower than expected and dropped 19K from the previous week. The more closely watched 4 week moving average dropped 4,250. This coupled with Wednesday's strong ADP Private Payroll report once again had traders thinking that Friday's Non-Farm Payroll Report will be stronger than previously expected. As a result, MBS sold off (worse pricing for you). ISM Manufacturing was much stronger than expected (55.4 vs est of 52.0). This added fuel to the fire as traders speculated that Friday's employment data would improve. Construction Spending was down and that would have normally pressured MBS and helped mortgage rates but the prior reading was revised upward and so it was a wash. |
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Friday, August 2, 2013
August Coupon Lost...
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