Daily Market Update 5/11/09

Mortgage rates eased Monday following last week’s brief run-up. The recent rise in yields has led several of the world’s largest investors to conclude the Fed will increase purchases of Treasuries and mortgage-backed securities (MBS) to keep long-term rates low. Treasuries have been hit harder than MBS, with the 10-year yield having risen 83 basis points, from 2.46% on March 19 to 3.29% last Friday. MBS yields have increased 33 basis points over the same period. No economic data will be released today.

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