Mortgage Backed Securities (MBSs) opened lower after the release of January employment report showed that another 598,000 jobs were lost, and the jobless rate rose to 7.6%.
Bond traders are now returning their focus to the $67 billion of new debt scheduled to be sold next week. Meanwhile, the Fed purchased $22.28 billion of MBS this past week, with little emphasis in 4.0% coupons. The bulk of their buying was in the 4.5% through 6.0% coupons with 30 year maturities.
FNMA has announced an expanded eligibility guideline for limited cash out refinances, allowing more borrowers to take advantage of today's lower rates.
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Lew Corcoran |
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