Maine Mortgage Market Wrap

MARKET WRAP: Mortgage finished near unchanged levels but were able to pare losses after news that a new earthquake hit Japan, which drew money out of Stocks and into the Bond markets. The 4% coupon finished at 97.78 up 6bp. The only economic report today showed that Initial Jobless Claims fell 10,000 in the latest week but the news didn’t have much of an impact on trading. Stocks suffered moderate losses after the Japan news as the Dow lost 17.26 to 12,409.49, the S&P 500 lost 2.03 to 1,333.51 while the Nasdaq dropped 3.68 to 2,796.14. Oil settled at $110.30 up $1.47. There are no economic reports set for tomorrow.

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