Volatile mortgage price action as stocks are off 52 points on the big board and bonds trade like a Six Flags ride

Bonds, notes and mortgage backs had a nice start to the day, rallying as Consumer Confidence painted a bleak view going forward.  Just out, the 2 year auction results are taking a little wind out of our sails.  Indirect bidders took only 20.5 billion versus last month’s 37.2 billion.  The bid to cover was ok at 2.75 to 1.0 but the issue produced a 2.5 bps tail.  Ok auction results at best.  Given the print, the 10 year has shed 10/32’s in a nano second and I’m afraid the reprice for the better will go away as well.  Volatile mortgage price action as stocks are off 52 points on the big board and bonds trade like a Six Flags ride.  Proceed with caution.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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