MBS RECAP: Bad Session Made Worse By Watching

Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary If this, by some happy chance, is the first time today that youve looked at bond market activity, congratulations! Knowing that we were heading into a hugely volatile NFP situation and seeing that MBS lost less than a quarter of point (or that lender pricing deteriorated even less than that vs Thursday) wouldnt seem like that horrible of a day. Its only those of us that made the mistake of paying attention who were subject to the pain. Fannie 3.0s eclipsed the weeks highs within minutes of NFP, We doubled them a few minutes later (meaning that we gained 12 ticks at first, bounced, and then another 12 ticks higher) before losing it all by the the close. Looked at another way, 10am to 4pm was a 24 tick (.75 points) loss, matching the high/low gap of...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.http://www.mortgagenewsdaily.com/mortgage_rates/blog/294119.aspx @ uwad.com