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What happened yesterday?
The benchmark
FNMA 3.5% August coupon lost -16 basis points from Friday's
close which was negative for mortgage rates. MBS traded in a
narrow range that was only -25BPS wide from our highs to our lows. We had a fairly boring day which was very welcome after all of last week's volatility. MBS opened the day downward, retreating from Friday's rally which was clearly overbought. MBS received additional downward pressure from the much better than expected ISM Non-Manufacturing report (56.0 vs est of 53.0). A reading above 50 shows economic expansion. From a technical perspective, MBS have now traded below our proprietary ceiling of resistance for the ninth consecutive trading session. |
Global Home Finance Inc is saving Texas One Home Owner At a Time. We offer Conventional, FHA, VA, Jumbo, and USDA Rural Development products to help refinance or purchase a home. Visit us online: http://globalhomefinance.com
Tuesday, August 6, 2013
Benchmark
http://globalhomefinance.com
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