Mortgage Pricing Update: 1/28/2008

Holy market roller coaster ride, batman.  This week, we are in store for a seriously volatile market with several economic reports that have the potential to swing the market either way.  In total, there are over 10 extremely significant reports to the mortgage market that are scheduled for release by the end of this week.

 

However, let’s talk about what is happening today.  The reports being released are relatively mild considering what is going to be released tomorrow.  Currently, the Mortgage Backed Securities are selling 6 bps over their ending price last week.  However, this is slightly lower than where it started this morning (9 bps over).

The 10 Year Treasury is currently down by 24 bps which is an overall insight on what the feeling is in the overall market.  The DOW is going up slightly right now from an early morning “set to fall” article.  However, they are rising primarily due to the hopes of another rate cut (you can find this at CNN Money).

My suggestion is to float for the rest of today.  However, make sure that you tune in every now and then to see if I have changed this update.  There might be a lock report in late day depending on what the anticipations are for tomorrow’s economic reports.

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