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Posted To: MBS Commentary
As has been the case since liquidity began to dry up in earnest two weeks ago...the bond market has made a directional move after the Fed completed their latest QEII open market operation . Profit takers and short sellers are making their presence known following the Fed's latest POMO in the long end of the yield curve. Flows have gone negative in a hurry and the 2s.10s curve has steepened aggressively. Again, trading volumes are very low and this behavior is exaggerated by a lack of liquidity, unfortunately that offers little concession to lenders. Rate sheet influential MBS prices are falling...and fast. The benchmark 10 year TSY note yield is now -9/32 at 93-24 yielding 3.373%. This is almost 8bps above the morning yield lows, most of which hit screens in one sharp spike over the past few...(
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