September 14th Mortgage Market Wrap-up 2

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Mortgage and Lending with Annie Mac Home Mortgage

Mortgage backed securities (MBS) closed down 62 basis points today at 103.97 having remained in rairified air but not nearly at the lofty levels reached in response to the QE3 announcement yesterday.  MBS bonds which hisortically rally on the announcement of quantitative easing and sell off on the implementation, received a big surprise this morning.  The easing had already begun.  So in typical fashion the bonds lost nearly half of yesterday's gains this morning.  I was still able to quote a 30 year high balance conforming loan at 3.375% today.  Wow!

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