MBS RECAP: Fitting End To Worst Month in Modern MBS History

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary If we consider the worst 5-week batches of time for production MBS, and even if we allow late 2010 to combine the worst 5 weeks spanning November and December, May 2013 is still 12 ticks worse, give or take. That's insane! Is it just me or do the past 5 weeks not feel as abusively awful as late 2010? If May seemed any more tolerable, maybe it had to do with the fact that rates began the month within spitting distance of all-time lows and at their worst just ebbed into the 4% zone. Too, perhaps the fact that we got a starkly contrasting Jobs Report on May 3rd helped start the month off with a cautionary bias. Whatever the case, today was a fitting end. It had all the key ingredients... Seemingly serene morning leading to a massive mid-day sell-off and...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/310922.aspx

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