Tuesday, September 8, 2009

FLOAT or LOCK? Daily Phoenix Interest Rate Update and Recommendation - Sept 8th, 2009

Current Pricing of FNMA 30 Year 4.5% Bond: $100.66
+16 bps (Prior Close – $100.50)

Market Update: The Mortgage Backed Security (MBS) pricing is moving higher this morning after a long holiday weekend. Stocks initially opened higher this morning but have since pulled back, strengthening Bond prices.

Economic News: There are no economic reports being released today. But the action promises to pick up today with the start of the three big Treasury auctions. A total of $70B in Treasuries will be auctioned this week.

Recommendation: FLOAT

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