Maine Mortgage Market Wrap 02.03.2011
MARKET WRAP: Mortgage Bonds fell for a 4th straight session on a better than expected reading from the ISM Services, lower Initial Claims, Treasury supply next week and the biggest fear of all, inflation, which has been fueled by rising oil and food prices. The 4% coupon fell 34bp to end the session at 98.09. Stock markets ended on the positive side after trading most of the session near unchanged. But the gains were muted by the looming jobs report that is due to be released tomorrow as traders didn’t look to add any new positions ahead of the release.