Maine Mortgage Market Wrap

MARKET WRAP: MBS had a great day finishing up 66bp settling at 101.25. Unfortunately, the reason for this rally is due to bad economic news. This morning’s ADP Report was poor, ISM very weak, and also a downgrade of Greek debt caused Bonds to improve throughout the trading day. As seen on the Bond Chart, prices did get halted at resistance. Stocks had a rough go today on the aforementioned news. The Dow lost 279.65 to end at 12,290.14, the Nasdaq dropped 66.11 to 2,769.19 while the S&P 500 fell 30.65 to 1,314.55. Oil fell $2.41 to $100.29/barrel. Tomorrow’s data includes Initial Claims and Productivity. 

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