MBS RECAP: Good Day for Greece and China; Bad Day for US Rates

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Posted To: MBS Commentary

The easiest promise to make for 2015 has been that of volatility . It's not the worst we've ever seen, but it continues at a healthy pace in terms of the size of day to day changes. Where yesterday saw rates down big, today brought them up, bigger. Motivation continued to come from overseas with China and Greece being the key players at the moment. The overnight session began poorly for Treasuries as Chinese stocks put in their first big bounce back since the faster-paced selling began. No surprise there. As we've discussed, the surprise would have been if the selling continued. Greece may have been slightly more surprising today, depending on your point of view. The surprise is that the timeline of events laid out after last weekend's referendum is proceeding according to schedule...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/486401.aspx

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