MBS RECAP: Worst Day of Losses Since Black Wednesday

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary An adapted excerpt from tonight's ratewatch post : If we had been fighting a battle for low rates, morale was high heading into the end of April. We were storming the castle--rushing headlong through the front gates, feeling optimistic about our chances of victory, or at least willing to put up a good fight. Then "May 3rd" would be like a sudden realization that the occupants of the castle were invincible robots from the future . That's scary enough in itself, but now imagine the robots had pet robot dragons (also invincible) and that those dragons started spitting out some pretty gnarly fireballs in our general direction. Whatever era of warfare this fantastical metaphor might belong to, the implication is the same: RUN! Bond markets--especially MBS...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/310386.aspx

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