Mortgage Rates On Staten Island Best Lev

Mortgage Rates On Staten Island

Best Levels Since Early March Amid Low Volume

Apr 1 2013

MBS Morning Market Summary

The absence of European trading and headlines makes for an extremely quiet session today in terms of volume and the pace of events that require responses from human beings. Despite the generally quiet headline ticker, this morning’s ISM data was certainly a positive influence for bond markets. Combined with a low-volume, corrective move off opening lows, it’s made for the appearance of a somewhat while swing from 102-30 to 103-10 in Fannie 3.0 MBS. Indeed, a 12 tick move is substantial, but it’s a bit misleading. If we give bond markets an extra hour or two to shake off the long weekend and get up and running on a slower-than-normal day, we essentially opened at unchanged levels. 10yr yields were getting settled for the morning a bit weaker than unchanged, but very clearly targeting the 1.87% yield level, which has recently been technically significant. From these starting points, the ISM data and fertile tradeflow environment (in that it was low-volume AND dominated by short covering) paved the way for a quick run to technical resistance. For MBS, that’s 103-09 to 103-10 and for Treasuries, the same old “1.83’s.”


About mortgagelendingstatenisland

I am a mortgage banking veteran with over 15 years of experience at every level of the mortgage arena. I am known as the "closer" because of my troubleshooting skils and ability to explain in detail to my clients and business partners "What Makes A Mortgage Approvable".
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