I guess this is what happens when the Federal Reserve announces a plan to purchase $500b MBS from Fannie Mae and Freddie Mac. Here's today's Bloomberg article about the plan.
And here's the Treasury's announcement to purchase $200b in additional asset backed securities.
Looks like the Administration is directly targeting mortgage rates.
I expect rates to be ~.25% better this morning, and wouldn't be surprised to see the 30yr fixed in the low to mid 5% range this week.
FNMA 30yr 5.5 coupon
up 130bps at 10:15am
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