Following several days of positive gains which brought mortgage rates close to the best levels we have seen in 2010, yesterday the prices of mortgage backed securities took a small step back. There was at least one lender that did reprice for the worse. After the big rally in MBS over the last few days, it isn’t surprising to see a pull back.

We have a busy day of activity to discuss.

At 7am, JP Morgan announced their first quarter results and they blew away expectations...

Detective Lieutenant Laurel Hester has terminal lung cancer.
She is told her State pension cannot be transferred
to her domestic partner

http://www.logotv.com/video/freeheld...playlist.jhtml

In 2010 :
Lo : 46 °
Hi : 86 °
Rainfall : 0.00 “

In 2009 :
Lo : 48 ° Normal
Hi : 71 ° Normal
Rainfall : 0.02 “

In 2008 :
Lo : 36 °
Hi : 49 °
Rainfall : 0.02 “

In 2007 :
Lo : 41 °
Hi : 52 °
Rainfall : 0.27 “

In 2006 :
Lo : 55 °
Hi : 87 ° ** Record Hottest
Rainfall : 0.00 “

In 2005 :
Lo : 49 °
Hi : 58 °
Rainfall : 0.35 “...

YES!! My Wife took me to the Doctors and she TRIED to get my butt in that Hospital, but, the Cardiologist said there was nothing he can do for me!! Apparently my carotiene (something to do with the kidney enzymes to show if they are functioning properly or not), is WAAAAY too low-->was 1.9 a week ago, now 1.8...so the numbers were 'low' instead of 'high' like the ladies led me to believe...oh well).

I reckon I will be staying home, until my darling Wife finds another way to get...

Mortgage rates rallied again yesterday. There appears to be no main reason for the rally in the fixed income sector. It may be in anticipation of bad corporate earnings season, dovish comments from Fed officials, or just a correction from falling to much… who knows but at the end of the day we’ll take the rally. Alcoa, the first to report earnings this season, disappointed the markets falling short on total revenue but matched on earnings per share. All lenders did reprice better with some...