01Mar2013
Joe Farr

Mortgage Rates In Motion : Weekly MBS Prices At 5-Minute Intervals

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Income Falls

mbs0301

Mixed economic caused some volatility in MBS this morning.

January Personal Income declined 3.6%, compared to a consensus of -2.0%. Knowing that taxes were going to rise in 2013, many people received extra bonus payments in December, but the dropoff in January was still even larger than expected. January Core PCE inflation rose 0.1% from December, below the consensus of 0.2%, and it was just 1.3% higher than one year ago.

ISM Manufacturing rose to 54.2, above the consensus of 52.5, and the highest level since June 2011. Consumer Sentiment came in higher than expected, while Construction Spending fell short.

This chart shows mortgage-backed securities (MBS) prices from Monday's market open until the time of this post. The vertical-axis reflects MBS prices as measured in basis points. Mortgage-backed bonds are used to formulate mortgage rates.

Falling MBS prices result in higher mortgage rates. Rising MBS prices result in lower mortgage rates. MBS pricing provided by MBSQuoteline.

About the Author

Joe Farr is a 20-year veteran of the mortgage industry. He is MBSQuoteline's Director of Sales and Marketing. For up-to-the-minute MBS prices throughout the day, go to www.mbsquoteline.com. Start a free trial.
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