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Mark Hemingway

Mortgage Market Update for March 9th

Saturday, March 9, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

On Friday Mortgage Bonds closed near unchanged in price and mixed on spread vs Treasuries following the big downside miss for February payrolls. If you have a loan closing within 30 to 45 days, then by all means lock at what is the best pricing in a year. At the same time, if you are starting a brand new loan process and you have more time, try floating your lock and see how mortgage rate prices behave as they test 2019 highs.Mortgage Bonds closed near unchanged on Friday but did recover this week on weak global growth concerns. The Fannie Mae 30-yr 4% coupon closed at 102.25, +3bp. Stocks closed lower but well above worst levels. The Dow lost 22.99 points to 25,450.24, the S&P 500 fell by 5.86 points to 2,743.07 while the NASDAQ lost 13.32 points to end at 7,408.14. WTI oil settled at $56.14/barrel, -$0.52. 10-yr yield 2.63%. Economic data next week includes Retail Sales and CPI. The Treasury will offer $78B in Notes and Bonds.

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