2/20-2/24
Mon. Markets closed
Tues. Chicago Fed
Wed. MBA Mortgage Applications, Existing Home Sales
Thurs. Initial Jobless Claims, Continuing Claims, Kansas City Fed Manufacturing Index
Fri. University of Michigan Confidence Index, New Home Sales
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Mortgage Backed Securities are MINUS 9bps this morning.
We talked recently that the mortgage rates had hit record lows. We also suggested that the Fed's plan to keep interest rates low did not mean historic lows. We have seen the spreads on the secondary market shrink. This has caused interest rates to rise on some products and reduce the credit available for closing costs on all products. Will this trend continue?
The Treasury is auctioning off $99 billion in new debt this week. There is a $35 billion 2 year auction on Tuesday a $35 billion 5 year auction on Wednesday and $29 billion of 7 years on Thursday. We also have earnings again this week and Europe is always a concern. We will see some volatility this week I am sure.
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