MBS OPEN: Rates Higher. Price Action Choppy
Posted To:MBS Commentary
In the week that was, mortgages traded in a narrowing range as 10yr TSY notes bounced back and forth between positional resistance and support. While the range bound behavior of our benchmarks contained MBS price directionality, lock desks were busy as originators took profits on peaking MBS prices and consumers pulled the trigger on six month low mortgage rates Last week the market was, for the most part, stuck in wait and see mode. While this week's schedule is jammed packed with data, auctions, and month end events, one has to wonder how the absent minds of thankful market participants will react to the confluence of data and events that fill the economic calendar this week. That said, the extent to which we are able to place indicative values on reactive price action may be limited…(read more)
This mortgage update is brought to you by: Adam Quinones – You can read the full article at MBS OPEN: Rates Higher. Price Action Choppy
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