December 16th Mortgage Market Wrap-up

MBS prices are up +42/32 (FNMA 30-yr 4.5 at 101.94), far above the initial price level at +1/32, and at the high for the day. Today's CPI and Housing Starts data had little impact on MBS markets. The big move today took place after the Fed announcement at about 2:25 et, as MBS and stock markets posted significant gains after its release. The Dow rose 360 points. No economic data will be released tomorrow.