Thursday, October 09, 2008
Price Trend: Negative
Price Volatility: Very High
Recommendation: Floating with an Eye on the Market
Current Conditions: Today's Economic Data (all times PST)
FNMA 5.5 99-23 (-15) Jobless Claims 5:30
GNMA 5.5 99-25 (-21) Wholesale Inventories 7:00
10yr Yield 3.762%
The extreme turmoil in the financial markets picked up right where it left off this morning. Stocks have been all over the place and bonds are suffering. Cash is king right now as it seems that everything is being sold.
The chart below shows FNMA 5.5 Coupon pricing since yesterday morning. The black lines represent the approximate time when most of the pricing on your rate sheets is set. That's a drop of one full point from yesterday at 7:00 to today at 7:00.
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