MBS prices have continued yesterday's rally this morning. A number of Fed officials have suggested over the last couple of days that investors have overreacted to the most recent Fed announcement, which has helped MBS.
Today's economic data had little impact. May Pending Home Sales increased 7% from April to the highest level since December 2006. The May Core PCE price index, the Fed's preferred inflation indicator, rose 0.1% from April, matching the consensus. Core PCE inflation was just 1.1% higher than one year ago, well below the Fed's target of 2.0%. May Personal Income increased 0.5% from April, above the consensus of 0.2%. Weekly Jobless Claims declined to 346K, which was very close to expectations.The results from the 7-yr Treasury auction will come out around 1:00 et.
This chart shows the change in mortgage-backed securities (MBS) prices from today's market open at 8:00 AM ET and tracks how MBS prices have changed until the time of this post. The vertical-axis reflects the change in MBS pricing as measured in 32nds. Each 32nd is equal to 3.125 basis points.
Falling MBS prices result in higher mortgage rates. Rising MBS prices lead mortgage rates lower. MBS pricing provided by MBSQuoteline. Today's mortgage rates are based on real-time mortgage market pricing.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
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