The Mortgage Update

The only thing we know for certain is that investors still don’t know how to react to the Fed’s press conference last week. The market opened down significantly from where we priced, but we were able to make up most of the loss over the course of the day. But something strange is happening this morning…there is a rally in the bond market. Investors sought safer assets amid speculation a credit squeeze in China will slow growth in the world’s second-largest economy.