Not much to recap from yesterday. Mortgage backed securities prices rallied during the first part of the day before giving back all gains after lunch. Lenders left rate sheets unchanged on the day with par still holding near the lows of 2010. The economic calendar was empty today. We did have a couple Fed officials speaking today though. Anytime Federal Reserve officials speak, market participants pay close attention to their biases in an effort to hear any hints regarding the future of monetary policy. Minneapolis Federal Reserve Bank President Naranyana Kocherlakota spoke to Allied Executives Business at the Economic Outlook Symposium in Minneapolis. Federal Reserve President Kocherlakota emphasized how uncertain the road to recovery really is, he also explained that the Fed must be very…(read more)
Lenders Reprice for the Better. Mortgage Rates Level on the Day
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