March 31st Mortgage Market Wrap-up

MBS prices are up +2/32 (FNMA 30-yr 4.0 at 100.56), above the initial price level at +1/32. Today's Chicago PMI and Consumer Confidence data came in a little weaker than expected. The Chicago PMI dropped to the lowest level since 1980. The January S&P/ Case-Shiller index of home prices in 20 major cities fell by a record 19% from January 2008. Results varied widely between different cities. The Dow rose 80 points. Tomorrow, the ISM index, Construction Spending, and Pending Home Sales will be released at 10:00 et.