Daily Market Update 6/19/09

Rates were little changed Friday after having risen late Thursday. Treasurys and mortgage-backed securities (MBS) came under pressure following yesterday’s announcement of a larger than expected, $107 billion auction of 2-, 5-, and 7-year Treasury notes slated for next week. Supply concerns and improved economic growth prospects have been the major factors behind the recent rise in mortgage rates. The MBS market is likely to remain volatile through next week given the size of the Treasury auction and Wednesday’s FOMC meeting of the Federal Reserve. No economic data will be released today.

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