Great start to the month for Mortgage Backed Securities, which equates to better Mortgage Rates, See Real Time Mortgage Rates.  The FNMA 30 YR 4.0% MBS posted a 31pb gain.

Economic numbers didn’t fare as well as the MBS that is the normal give and take with our economy. The start of the day was heavy with Economic Reports, which continue throughout the week.  Friday looks to be the heaviest weighted day, with the release of January’s jobs report on the Economic Calendar.  Employment data is always market-mover and with the media (see Stim City)  giving so much attention to layoffs lately, expect Wall Street to be extra jittery. We could see further improvement in Mortgage Rates by week end.

Watch today’s Market analysis.

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