See this quote of the Mortgage Backed Security quoteline.
MBS prices are up +8/32 (FNMA 30-yr 4.5 at 100.11), above the 9:45 et pricing level of +1/32, and at the high for the day. Favorable repricing was seen. No economic data came out today. Weakness in the stock market helped MBS markets. Demand for the 3-yr Treasury auction was relatively strong, but the yield was a little higher than expected. Foreign investors purchased 54% of the total. Also today, there was mounting speculation about the passage of a second round of fiscal stimulus before the end of the year. The Dow fell 160 points, to its lowest close since April 28. No economic data will be released tomorrow. There will be a 10-yr Treasury auction at 1:00 et.
What does this mean in the english simple term? We have seen a trend every time we get another stimulus package and the debt gets dumped into the economy the investors hold unto their purse strings. They dont let the rates fall. Please dont wait and miss out on rates while they are low. Today has been a good day.
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