Today's Market UpdateSep 16 2013
Mortgages are opening the week much higher after the Administration’s favorite to be the next Fed Chairman unexpectedly pulled his name from the hat over the weekend. With Summers out, the market seems to think that Janet Yellen will have an easier path for the nomination of Fed Chair. Yellen is thought to be more dovish on monetary policy than Summers. With that, 10yrs have rallied sharply, as yields dipped to 2.796% overnight. Mortgages begin the day with Fannie 3.5s up nearly a point to 99-24. This week we have a Tues/Wed FOMC meeting with the usual announcement and press conference – also some possible tapering on the menu.