The Mortgage Update

Annihilated. The Fed has spoken and it wasn’t pretty. Bonds and Treasuries tumbled around the world following Big Ben’s press conference. The MBS market was sent into a tailspin losing over a point causing multiple re-prices late into the evening. The 30-year MBS best execution rate has risen to 4.25%, a rate not seen since 2011. We could rebound today or tumble more. Policy makers expect the jobless rate has fallen to 7.2 percent, down .1 percent from March. Hold on to your hats this could get exciting.