Mortgage backed securities (MBS) closed down 28 basis points today at 100.97 today having experienced a rare down day after three consecutive advances. Hotter than expected inflation results from the Personal Consumption Expenditure Survey, the Fed's favorite measure of inflation, sent MBS bonds sliding this morning. When the Treasury auction went poorly, the bonds increased their slide. The 30 year fixed was still available at 4.50% when markets came to a close.
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