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Mark Hemingway

Mortgage And Financial Recap for August 24th

Monday, August 24, 2015 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

A volatile session to say the least, China remains the instigator as markets fret about growth in that nation. Despite the 588 point loss for the Dow, Mortgage Backed Securities (MBS) ended with modest gains. With prices still at lofty levels, borrowers should still consider locking. If Stocks reverse, MBS could slump. MARKET WRAP:MBS traded in a wide range today as the volatility ramped up, due to the selloff in the Stock markets. The 3.5% 30-yr Fannie Mae coupon traded as high as 104.66 and as low as 104.03, closing at 104.22, up just 12bp. Stocks were led lower mainly due to the big Stock losses in China and the continued move lower in oil prices. The Dow lost 588.47 points to 15,871.28, the Nasdaq was down 179.79 points to 4,526.24, while the S&P 500 fell 77.68 points to end the session at 1,893.21. WTI oil was last seen at $38.26/barrel down $2.19. 10-yr T Note yield 2.01%. The U.S. dollar index had its worst day since March 18, down 1.69 to 93.31. Tomorrow's economic data that can influence mortgage rates includes Consumer Confidence, New Home Sales and the Case Shiller 20-city Index.

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