MBS prices are up +11/32 above 9:45 et pricing of +4/32, and at the high for the day.
The big economic news today was that the SEC charged Goldman Sachs with fraud regarding subprime mortgages. After the announcement, the stock market declined and MBS markets moved higher improving rates. Today's economic data had little impact. The Dow is down 120 points. For the week, MBS prices rose about +13/32 which is a good win for rates.
Next week, the economic data will be stacked at the end of the week. The Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products and will come out on Thursday. Existing Home Sales also will be released on Thursday. Durable Orders, an important indicator of economic activity, will come out on Friday, along with New Home Sales. Leading Indicators will round out the schedule on Monday.
Everyone have a great weekend.
Thorsten Bernacki
Envoy Mortgage
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