Treasuries opened higher this morning on speculation that Greece will be unable to avoid a debt default. Later this morning, the National Association of Home Builders will be releasing their April housing market index which is expected to be unchanged. S&P just revised the U.S. long-term outlook from a stable rating to negative…mortgage-backed bonds initially sold off approximately a quarter point from this morning’s open.
The Dow dropped over 300 points yesterday as investors are shifting their focus to Europe and the upcoming fiscal cliff. The bad news is we captured most of the benefit of mortgage backed security (MBS) prices yesterday, so today we’ll see a decline in price.
What’s Up on Wall Street?
The Dow Jones Industrial Average decreased 69.14 points (-0.53%) while the Nasdaq fell 23.91 points (-0.81%). Also, the S&P 500 dropped 9.06 points (-0.65%).
Here are some of today’s rates:
- 30-Year Fixed: 3.375% (3.638% APR)
- 15-Year Fixed: 2.875% (3.291% APR)
- 7-Year ARM: 2.625% (3.141% APR)
Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.