Mortgage Market Commentary
Mortgage backed securities (MBS) prices continue to trade higher (rates lower) in front of the employment report due out Friday, FNMA 4.5% coupon 101.16bps, +53bps and the high of the session. If you have been floating and received favorable repricing this afternoon, strongly consider locking your short term closings. With the recent rally in price, a not completely devastating jobs number will likely lead to a good old fashioned Friday sell-off.
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