Wildest Day in Years for Mortgage Rates

Mortgage rates went on a truly epic ride today. From the opening bell to the closing bell, the mortgage-backed-securities (MBS) that underlie mortgage rates covered more ground than any other day since at least mid 2011. Direct comparison is an imperfect science in this case because MBS are stratified in different coupons. The stuff that’s in fashion at the moment is different than the stuff that was in fashion during past examples of extreme volatility. That’s neither here nor there though. The important part is that today was unique and very few days have ever or will ever come close in terms of the big swing back and forth

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