MBS Annihilated After Fed Confirms The Hype

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Today was among the worst on record for MBS since the carnage that was late 2010. We still have yet to see anything rival Black Wednesday's, but almost exactly 4 years after that 2+ point evisceration (5/27/2009), today's loss of just over a point--in the midst of what was already an unpleasant downtrend--conjured up the same sort of gut-wrenching feelings. At least in the current case, there's some measure of logic involved, not to mention much more advanced notice. It might not prove to be the 4-month game changer that Black Wednesday was, but the problem is that it could be part of confirming that an already possible game-change is in progress--that being the ongoing long-term uptrend in rates that began after Treasuries hit all-time lows in mid 2012...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/309825.aspx

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