Friday, September 20, 2013

What happened yesterday?

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Forwarded exclusively by:
Bob Rosenbaum
The Rosenbaum Lending Group
Office: (703) 879-5200
NMLS#: 649782
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Friday, September 20, 2013

What happened yesterday?

Mortgage backed securities (MBS) lost -11 basis points from Wednesday's close which caused 30 year fixed rates to move slightly higher.

Initial Jobless Claims were much lighter than expected and the prior period was not revised upward as much as the market expected.  But traders largely ignored this report because the numbers are still tainted by the potential under reporting by two states.

Existing Home Sales surprised to the upside coming in at 5.48 million units vs. market expectations of 5.25 million units.  Manufacturing in the Philly district was stronger than expected and the Leading Economic Indicators beat expectations.  The combined impact of these three reports was to pressure MBS lower.

The stock market (DOW -40.39) and the MBS market (FNMA 4.0 -11BPS) once again moved in the same direction as they both sold off.

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