MBS RECAP: Mortgage Struggle Back To Yesterday’s Weakest Levels
Thursday, November 29, 2012 4:05 PM
It was an exceedingly tepid and flavorless session for broader bond markets, but especially for MBS. Fannie 3.0’s began the session chopping around unchanged levels vs yesterday’s close. Considering yesterday went out at the lows, that wasn’t an especially positive development and lenders first round of rate sheets mostly reflected that. Movement in markets beyond MBS continues shouting at any old dogs left to toss out previous assumptions about economic data. The stock market’s reaction to Fiscal Cliff comments was four times bigger than whatever you’d call the barely detectable amount of movement following the release of GDP and Jobless Claims. Hint: that wasn’t because of some balanced struggle between the bulls and the bears as they hashed out a meaningful response to economic fundamentals! Markets really didn’t care about the morning data, preferring instead to sit and wait for whatever might be said about the Fiscal Cliff and subsequently react. Even then, the movements are small in the context of recent weeks and months and despite the frustrating and lifeless session, MBS are still in their best territory since 11/9 with the exception of yesterday. Hard to be too frustrated about that.
More from MND:
- Mortgage Rate Watch: Mortgage Rates Mixed Depending On Lender, Sideways Overall
- MND NewsWire: Conforming Loan Limits Remain at 2012 Levels
- MBS Commentary: MBS MID-DAY: Boehner Comments Shake Things Up On Otherwise Slow Morning
- MND NewsWire: Pending Home Sales Surge in October, Clear Regional Patterns Noted
- MND NewsWire: HARP Share of Refinancing Slipped in September
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