Yesterday’s trading action in the mortgage backed securities market was pretty similar to what we had the day before. Early morning weakness, followed by a move higher mid day only to move back lower by the close. The economic data yesterday was fairly positive for the fixed income sector which helped spark the move higher but profit takers stepped in which kept mortgage rates unchanged on the day. With the year end fast approaching, market participants will look to cash in profits at any opportunity...

In 2009 :
Lo : 42 °
Hi : 47 °
Rainfall : 0.01 “ : Rainfell during the 1 a.m. hour.

In 2008 :
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Hi : 41 °
Rainfall : 0.00 ”

In 2007 :
Lo : 43 °
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Rainfall : 0.00 “

In 2006 :
Lo : 37 °
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Rainfall : 0.00 “

In 2005 :
Lo : 20 °
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Rainfall : 0.00 ”

In 2004 :
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" Dishonesty, cowardice and duplicity are never impulsive. " - George A. Knight


" To know what is right and not to do it is the worst cowardice." - Confucius


" Cowards can never be moral." -
Gandhi


" Conscience is but a word that cowards use, Devised at first to keep the strong in awe." - William Shakespeare



" The people to fear are not those...

Palins in the Kitchen: Cougar Town!

Sarah: Todd!!!
Todd: Yea babe?
Sarah: Well, Obamaprah's show was a smashing success!
Todd: Yea, looks like it hun!
Sarah: I really showed everyone who was boss! That perky one! Ha!!!! mess with sarah Barracuda ... ha!
Todd: yea, that was a good one!
Sarah: I mean, I'm so much smarter than her ... what did she think she was doing?
Todd: Well, she was interviewing you.
Sarah: No! She was trying...

Following weaker than expected Industrial Production and another tame inflation report, the prices of mortgage backed securities continued to rally yesterday. However, as the day progressed profit takers stepped in and sold resulting in a move lower late in the day. The early morning move higher resulted in a few reprices for the better but the price gains were quickly taken away when MBS moved lower. On the day, rates remained unchanged.

The Mortgage Bankers’ Association released...