Mortgage Rates

Mortgage Rates Anthony Hood Equity Investment Capital Office: 949-891-0067 Email: tony@equityinvestmentcapital.com website: www.equityinvestmentcapital.com Mortgage backed securities (MBS) gained just +8 basis points from Wednesday's close. Which caused mortgage rates to move sideways. he FNMA Benchmark 4.0 MBS has traded in a fairly narrow range all day with only a 20BPS spread between our highs and our lows. Initial Weekly Jobless Claims came in at 336K which was higher than the consensus estimate of 322K. Plus the prior week was revised slightly higher. Still, the more closely watched four week moving average fell another 2,250. While this report did come in a little higher than expected (and that would normally be good for pricing), it was still below 340K and the prior revision wasn't as bad as some expected. The Leading Indicators were released at 10EDT and came in close to market expectations (0.6 vs est of 0.5) and did not have an impact on pricing. The continued concern over a Fed tapering in September kept pressure on MBS all day. We tested our new floor of support twice and it did hold both times which has kept MBS from selling off further.