MBS prices are down -4/32 (FNMA 30-yr 4.0 at 103.14), which is about 1/32 lower than yesterday at this time. The 30-yr fixed FNMA required net yield (60 day) is now at 3.73%, from 3.80% yesterday.
This morning, stock market gains have hurt MBS markets. The ADP estimate for Friday's Employment report was for a loss of 10K private sector jobs in August. The Dow is up 100 points. The ISM index and Construction Spending will be released at 10:00 et.
The Mortgage Bankers Association weekly purchase activity index rose 2%, while the refinancing activity index increased by 3% to the highest level since May 2009. Average reported rates for the prior week fell to 4.43% from 4.55% for 30-yr fixed mortgages.
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