Well I said it would be a crazy ride today and it surely has been !!
MBS prices are down -5/32 below 9:45 et pricing of +2/32. Unfavorable repricing has been seen. Early in the session, MBS markets rallied from a low of -4/32 to a high of +4/32 on low CPI inflation data. This occurred in spite of a stronger than expected Retail Sales number for March. MBS prices remained in a fairly narrow range until 2:00 et when the Fed Beige Book was released. This reported indicated improving economic conditions in all but one of the twelve Fed regions, an improvement from the last Beige Book report. The Dow gained over 100 points. The latter news had a slight worsening on mortgage pricing.
MBS are currently at -7/32 4:13 pm ET
Tomorrow, Industrial Production, the Empire State index, Philly Fed, and Jobless Claims will be released.
In testimony to Congress, Fed Chief Bernanke made no mention of monetary policy or interest rates. He suggested that the economy has emerged from the crisis, but that the job market will recover very gradually. On mortgage markets, he stated that he has seen little impact on mortgage rates from the end of the Fed's MBS purchase program. -- Lets hope it stays that way
Thorsten Bernacki
Envoy Mortgage
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