When the price of Mortgage Backed Securities (MBS) on the above chart above goes up mortgage rates come down.  When the price goes down mortgage rates go up.

Chart above posted at 1:11 pm et.  MBS improved after the BREXIT vote while stocks declined.  Stocks are now back to pre-brexit vote levels, and MBS have not only stayed at improved levels, they have gotten better.  Stay tuned to see what happens next.

Below is the news when it happened and market reaction.  All of the times below are Eastern Standard Time

10:55 AM New Rates have been posted


Thu, Jun 30 10:50 AM - MBS continue to show resilience pushing higher today in the face of rising Stock prices. The NY Fed will be purchasing up to $2.125B in 30-yr Fannie/Freddie 3s and 3.5s beginning at 11:15 a.m.m ET.

Thu, Jun 30 10:24 AM - Freddie Mac reports that the 30-year fixed conventional mortgage rate ($417K or less) fell to 3.48% this week with 0.5 in points and fees.
Thu, Jun 30 9:46 AM - June Chicago PMI surges to 56.8, above the 50.8 expected and up from the 49.3 recorded in May.
Thu, Jun 30 9:37 AM - Stocks open modestly higher - Dow +46 points.
Thu, Jun 30 8:31 AM - Weekly Initial Jobless Claims +10K to 268K vs the the 265K expected.
Thu, Jun 30 8:24 AM - Initial Jobless Claims (8:30) and Chicago PMI (9:45) this morning.
Thu, Jun 30 8:23 AM - U.S. dollar index 95.80, near unchanged.
Thu, Jun 30 8:22 AM - WTI oil at $48.97/barrel, -$0.90.
Thu, Jun 30 8:21 AM - S&P futures now edge into positive territory as Brexit nerves settle.
Thu, Jun 30 8:17 AM - S&P futures near unchanged as Stocks take a breather after the 2-day rally.
Thu, Jun 30 8:16 AM - MBS flat to slightly higher though Treasury prices are edging lower.


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