Concerns over the deficit and debt levels in Greece are once again in play, forcing European markets lower and then spilling over to stateside equity markets. Social security funds, hospital arrears, and transactions between the Greek government and private enterprise are on the EU finance minister’s radar. The news rallied European bonds and has given a lift to treasuries and MBS, pushing the 10 year note above the 21 day moving average. If we can hold these levels, the chart will turn to neutral from bearish and should work its way into better mortgage pricing.
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