Today we saw gains (that ultimately retracted) that brought us into new territory this year saw the MBS market rallied hard on Greece's misfortune. As investors scrambled to protect and shore up any losses their portfolios were exposed to, the long term markets were swan among ducks... and the Mortgage Backed Securities market was singing a beautiful song.
Currently up 9 ticks on the day, at one point in time today saw gains as high as 22 ticks. Ultimately it was the treasury yield rising that grounded our market, regardless, by no means is anything resolved as of now so this roller coaster will be returning to the station and departing tomorrow morning early - 5am Pacific Standard time...
Can't say I will be up for opening bell, but I do plan on keeping a firm eye on the markets.
For those of you looking for the bottom line... currently the 30 year fixed mortgage rate is around 4.625% here in CA for prime borrowers with an solid equity position looking to borrow on their primary residence. Anyone that missed the refinance train last year and has been waiting for rates to drop, now would be the time. Carpe diem.
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