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Bond prices ended the days at their session highs amidst volatile equity markets. After bouncing around for most of the sessions, the 10-year closed to yield 1.98%. Maturities 5 years and longer had the best performance, which runs counter to recent experience, where the 5-year has been unable to gain much traction. The MBS coupon curve continued to respond to rumors and speculation of a major enforced refi effort coming from Washington, although no specifics were contained in Obama's speech last night. The 30--year Freddie Mac survey rate posted a new all-time low of 4.12% last week.
9/8/11 MBS Closes
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