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Mortgage Backed Securities (MBS) prices are down -9/32 (FNMA 30-yr 3.5 at 102.23) below 9:45 et pricing around -2/32, and near the low for the day. Unfavorable repricing took place. This week, investors have become less concerned about Europe and more optimistic about the US economic outlook, so US bond markets have moved lower. Today, Jobless Claims fell to the lowest level since April 2008. The Philly Fed index came in lower than expected. The Dow is up 50 points. Tomorrow, Existing Home Sales will be released at 10:00 et.
Rich Marra has over 20 years of experience in the mortgage, finance and real estate industries. He previously worked for 6 years at First Equity Direct in Del Mar, CA. Prior to that, Rich was Vice President of Fixed Income and Currency Trading and Sales at Citibank NA and Merrill Lynch. 
