Prices of Mortgage Backed Securities (MBSs) opened up in this morning trading, but reversed course by late morning and headed down. The FNMA 30 Year Mortgage Backed Securities February 4.5 coupon is currently down 14/32.
Remember, on MBS, as the price goes up, the yield goes down - and mortgage interest rates go down with it. Conversely, as the price goes down, the yield goes up - and so do mortgage interest rates. Expect mortgage rates to go up this afternoon.
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