The 10-year yield is down this morning as mortgage-backed securities have gained slightly from their close yesterday. Also, German Chancellor Angela Merkel insists Germany and France will aggressively persuade Greece to make the needed changes to its economy to rectify their debt crisis, while Greek Prime Minister Antonis Samaras is in Berlin today.
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.