Mortgage Market Update for Feb 27th
Good day for stocks and bonds, with mortgages dragging behind. Right now the Dow is trading a hair over 13,000 and cash 10yr notes are up 15+/32nds. Mortgages are putting in a less impressive session with Fannie 3.5s up just 5+ on the day. 10yr yields are at 1.92 and tracking pretty closely to the recent 10yr trading range. Light data today, but a few releases that affect our market. Pending Home Sales MoM, climbed to +2.0% after a holiday-season reading of -1.9% last month. Year-over-year, that number has climbed to 10.3% from 4.4%. Fannie Mae announced today a pilot program to bulk sell REO properties in harder-hit areas.