6/2/09

Volatility is the name of the game again today for Mortgage Bonds, as they continue to fluctuate in a wide range. Stocks, on the other hand, had a good day yesterday and may be set for more gains today.
In the news, Pending Home Sales came in far above forecasts, rising for a third straight month. With home affordability levels at the second highest level ever on record, that means now is the time to act--while rates are still low and affordability is still high.
Currently, Mortgage Bonds are off their best levels from earlier this morning. There is a chance they will bounce off an important floor of support and eventually make some gains. But, there's also a risk they'll deteriorate more.