Thursday, June 10, 2010

FNMA 4.0% bond lower...Mortgage Rates UP

Ouch!

FNMA 4.o% bond is DOWN 75 basis points on the session today!  The coupon closed at $99.59 at the final FNMA 4.0% bond quote that I got.  

Mortgage rates went up quite a bit.

The best consumer confidence readings since 2007 and the biggest exports increase in six years reported by China for May are among the reasons cited for the movement of money out of the bond.  

DOW was up 273 points a minute ago as investors are feeling some sense of security and seeking more risk/higher return possibility.  

Today was actually the 3rd best day of the year for the index. 

Mortgage rates tomorrow will likely stabilize as bonds recover some on the "bounce" that generally occurs after such a heavy sell-off day like today.

Cheers,

Chad



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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com