Tuesday, March 24, 2009
Market Update for March 23, 2009
This was sent to me by Jeff Doss at Bradford Mortgage (Bradford is one of our Radio Show Sponsors. Great insight into the market from today:
MBS prices are down -2/32 below the 9:45 et pricing level of unchanged, but above the low for the day of -7/32. It was a volatile session. No economic data came out today. The 2-yr Treasury auction saw strong demand, and foreign investors purchased a high 53% of the total. MBS prices moved lower after the auction, though, despite the strong results. Following Treasury markets, MBS markets reversed direction a little later when the Fed announced that it will begin buying Treasuries tomorrow, under the $300 billion program revealed last week. Treasury Secretary Geithner and Fed Chief Bernanke testified before Congress about AIG. They were seeking to establish the regulatory authority to deal with future problems at large nonbank financial institutions. The Dow fell 120 points. Tomorrow, Durable Orders and New Home Sales will be released. There will be a 5-yr Treasury auction at 1:00 et.
MBS prices are down -2/32 below the 9:45 et pricing level of unchanged, but above the low for the day of -7/32. It was a volatile session. No economic data came out today. The 2-yr Treasury auction saw strong demand, and foreign investors purchased a high 53% of the total. MBS prices moved lower after the auction, though, despite the strong results. Following Treasury markets, MBS markets reversed direction a little later when the Fed announced that it will begin buying Treasuries tomorrow, under the $300 billion program revealed last week. Treasury Secretary Geithner and Fed Chief Bernanke testified before Congress about AIG. They were seeking to establish the regulatory authority to deal with future problems at large nonbank financial institutions. The Dow fell 120 points. Tomorrow, Durable Orders and New Home Sales will be released. There will be a 5-yr Treasury auction at 1:00 et.
Labels: Charleston SC Real Estate Statistics
