The Mortgage Update

Yesterday it looked like the MBS market was going to another rough day prior to the FOMC minutes being released; let’s call it the ‘Bernanke effect.” However, when he took the stage later in the day, he appeared to be bullish on the bond market. He stated the unemployment rate overstated the health of the economy and asset purchases are not having a significant impact on supply and demand of safe assets. Did you hear that bond market? Calm down. Today is another jobless day, with Initial Jobless Claims released at 8:30. Let’s see if we can sustain this nice little rally we have going on…