Mortgage Prices are Worsening

Volatility has jumped as sellers press the market lower.  Could be hedging for tomorrow’s 30 year bond auction or just a distribution trade for the new issue 10’s but nonetheless, prices are worsening.  Current 10 year notes are now off 20/32’s and MBS down 9/32’s.  We’ll need to see the 21 day MA hold.  Currently, the battle is being fought (bulls and bears) right at that level.  Hang in there.

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