Mortgage Market Commentary
Mortgage backed securities (MBS) prices are trading near the high of the session; FNMA 4.5% coupon 101.19bps, +21bps. Treasuries and MBS rose (rates fell) after results from 30yr bond auction showed stronger demand than expected. Stock markets are also higher by 3%, indicating "new" money has entered the market. The Fed purchased $61 billion MBS, mostly 4.5% coupons, and sold $34 billion MBS, mostly higher coupons.
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