Monday, March 2, 2009

Stock Market Drops, MBS Market Pops

Agency (Fannie Mae & Freddie Mac) mortgage backed securities improved today as the stock markets saw heavy losses on the first business day in March.

FNMA 30yr 4.5 coupon

Mortgage rates improved by approximately .125 to .25% from Friday's rate sheets, ending the day up 40 basis points. The MBS market was the beneficiary of the "flight to safety" while the Dow Jones Industrial Average dropped nearly 300 points to under 6,800.

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