Today's Agenda

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Today's Rate Volatility: HIGH

What happened yesterday?

Mortgage backed securities (MBS) lost -37 basis points (BPS) from Monday's close (Wednesday the market was closed) which caused 30 year fixed rates to move upward.
Tale of the tape: MBS have dropped -159 BPS in December so far.
Since we moved into a long-term locking bias on November 1st, MBS have dropped -255 BPS.
Durable Goods Orders were much stronger than expected and prior period was revised upward significantly.  The headline number grew at 3.5%, which is very robust and handily beat the market expectations of 2.0%.  The core number came in at double the consensus estimates (1.2% vs 0.6%).
This stronger than expected economic strength is generally negative for MBS. 
New Home Sales wee released at 10EST and came in higher than expected (464K vs 445K), plus the prior period was revised upward.  This provided a little added pressure on MBS.

What is on the agenda for today?

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