Wednesday, March 12, 2014

A weaker open in the stock market is improving the bond and mortgage markets this morning. The DJIA opened down 60, NASDAQ -20 and the S&P -8. The bellwether 10 yr note found support at 2.80% but still driven by the stock market. At 9:30 the 10 +10/32 at 2.73% -4 bps and 30 yr MBS price +15 bps from yesterday’s close. Most all global stock markets were lower setting up the weak US open.
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