It's been another volatile day for the markets. MBS markets reached a high of +6/32 and fell as low as -4/32 which was not favorable for rates. This is now two days in a row that prices fluctuations have not been linked to major economic news.
Tomorrow will be a very big day with CPI ( consumer price index ), retail sales, and the Fed's Beige Book (Primarily seen as an indicator as to how the Fed might act in its upcoming meeting) being released. Bernanke will also be testifying before congress at 10am ET.
Get ready for some big swings tomorrow!!
Thorsten Bernacki
Envoy Mortgage
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