Mortgage Back Securities take another major hit today. We had a price change for the worse before 9am. I hope that you advised your clients to lock in their interest rates yesterday when I suggested.
We are now below the 200 day moving average which is our last level of support. When this happens, we can see rates go on a tear for the worse. We will not know how long rates will get worse since we don't have a floor any more. Last time this happened, rates didn't recover for four weeks. Put your seat belts on and keep checking in.
Adam
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