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Posted To: Mortgage Rate Watch
If you were out sick on fickle Friday, congratulations! You missed quite a bit of frustration. Despite weaker than expected labor market data, we had to watch as the morning mortgage-baked securities (MBS) rally faded and an afternoon sell off ensued in the bond market .This erased the modestly optimistic loan pricing improvements that lenders were offering immediately following the report on Friday. Ah, so typical of the secondary mortgage market's recent behavior. This reaction was totally opposite to how we would have expected bond yields to behave after a weak Employment Situation Report. Thankfully, all that negativity was reversed this morning when we came back to the office. And although lenders weren't too giving on their first loan pricing runs, MBS stuck near their price highs into...(
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