The European Central Bank released its quantative easing details which caused only modest volatility this morning. The selling that proceeded stopped before pushing rates into weaker levels, leaving us near unchanged levels heading into the afternoon. Rates have stayed relatively stable since yesterday. After the official jobs report is released tomorrow, expect rates to increase. The intial job report today showed that private job creation grew less than expected in February.
Wednesday: Rates have been volatile over the past couple of days and today there has finally been some relief. MBS have been slowly stabilizing since this morning. The slightly weaker ADP reading made for modest, but immediate gains.
For more potential mortgage market movers, check back tomorrow for February's big jobs report.
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