Castles in the Sand

The last two weeks of November saw interest rates drop a little, as the pricing of mortgage backed securities steadily increased the latter half of the month, taking MBS pricing to highs not seen since May of last year.  It’s always interesting to me (read: gut-wrenching) to see prices claw and scratch upward for weeks and have interest rates drop 1/8%, only to watch pricing plummet to the prior floor in two days.

Nothing earth-shattering about today’s economic reports, so I won’t bore you with details.  Albeit benign economic date over the wires, yesterday could have been the beginning of a new round of retraction, so it’s a good time to lock.