Good Economic News = Bad day for Interest Rates

MBS are down -10/32 (FNMA 30-yr 3.5 at 102.21), around 5/32 below volatile morning levels, and near the low for the day. Unfavorable repricing took place. Strong data and a stock market rally caused investors to sell MBS ahead of tomorrow’s Fed meeting. Consumer Confidence rose to 121.1, above the consensus of 117.0. Demand was stronger than average for the 2-yr Treasury auction. The Dow is up 100 points. Tomorrow, New Home Sales will be released at 10:00 et. The results from the 5-yr Treasury auction will come out around 1:00 et. The next Fed meeting will take place tomorrow at 2:00 et. No change in the federal fund’s rate is expected, but investors will be looking for guidance about future monetary policy.

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About The Mortgage Update

I am a resident of St Charles Illinois and have been in the Mortgage Industry for 24 Years. I am also be heard on WYLL 1160 AM Chhristian Radio "The Mortgage Update with Terry & Dan". With relationships with the our Countries biggest lenders, it allows me to help you find the PERFECT Mortgage for your situation. From getting Pre-Approved to purchase your first home to helping you Qualify under wth NEW HARP 2.0 Guidelines (see HARP 2.0 tab).

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