Yes the markets go as the feds speak!
Yesterday was proof positive that FEAR and panic can cause a very irritating market for those trying to close and haven't yet chosen to lock. Seeing nearly 100 bps lost just yesterday and closer to 250 over the last couple weeks has made it costly to chose to risk the float rather than to lock.
Today did bring some of the returns I expected them to and while it did not hit the 50-70bps range of retracement I expected, it did get very close with gains today of 46bps giving the FNMA 3.0 coupon an end on a high note of 101.406 from yesterdays close of 100.906
I expect to see more gains tomorrow and for those who were not locked I think tomorrow may be a good day to minimize any losses and get locked in.
Make it a great day and DON'T lose sleep over what you cant control markets will move and its why we advise most times its better to be safe than sorry
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