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In investment/trading circles, there is an expression: The trend is your friend.
I won't be posting today because the bottom just fell out of the mortgage bond market. Yesterday, there was a respite from the on-going mortgage rates increases.
Today is a different story.
As of 9:07 A.M. CT, mortgage bonds were off more than 40 basis points. This should translate to a 0.250% increase for all conforming loans securitized by Fannie Mae and Freddie Mac. I have a ton of calls to make today.
This isn't Boiler Room, it's what you need to hear. Conforming 30-year fixed, 5-year ARM, 10-year ARM, you name it -- they're all getting bludgeoned.
Update 9:54 A.M.: Markets are now down 62 basis points. Will the last one out remember to turn off the lights?
Update 11:31 A.M.: Markets are now down 78 basis points. The next support levels are another 90 basis points lower.
Update 12:01 P.M.: Markets are now down 91 basis points. This is like watching that scene in Swingers where Mikey leaves those voice mails.
Update Market Close: Markets were down 90 basis points on the day. Looks like I picked the wrong week to quit sniffing glue.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
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