Posted August 29, 2013Tweet
Stronger than expected GDP data hurt MBS this morning, but they recovered most of their early losses. Second quarter GDP was revised higher from 1.7% to 2.5%, which was above the consensus of 2.2%. The unexpectedly large increase was mostly due to an upward revision to exports. This data favors an earlier start for the Fed's plans to taper the bond purchase program. Weekly Jobless Claims declined to 331K, which was very close to the consensus.
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 the real-time pricing shown above.
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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